News from Finextra

European Card Acquiring Forum. Authorization: The financial institution that issued the card or “issuer”, provides an authorization code verifying the credit card is valid and credit is available for the sale amount. A temp hold on funds or “soft charge” will automatically fall off the cardholder’s card after 4-5 business days if the merchant does not capture or settle the authorized transaction. The gateway then passes on credit card information to the acquiring bank, when a customer makes a purchase. The acquiring bank approves the transaction and credits the company’s merchant account. Some small merchants are unable to find an acquiring bank that is willing to set up a merchant account for them. This is often the case if the merchant doesn’t have a long trading history. In such cases, merchants may use a third-party biller instead of an account with an acquiring bank. This cuts down on red tape and allows a merchant to process payments immediately. A credit card processor offers merchants online services for accepting payment online including credit card, debit card, direct debit, bank transfer and real-time bank transfers.

News from Finextra

Card news

02/02/12 Trustwave simplifies PCI compliance for small merchants

02/02/12 Microsoft launches Kinect for Windows; Amex on board

02/02/12 Collis signs North American distribution deal with B2PS

02/02/12 MasterCard posts Q4 results

02/02/12 Collis launches Visa Mobile Payment Specification test suite

31/01/12 Citi adds credit card account analysis tools to iPad app

31/01/12 Obama and Romney tap Square for donations

31/01/12 MasterCard joins push for US EMV switch

27/01/12 Austria's RBI preps mobile NFC roll out

24/01/12 MasterCard mobile app lets Aussie movie-goers order food from their seat

Payments

02/02/12 US lawmakers bid to shut Iranian banks out of Swift network

02/02/12 Bank of Montreal signs for Dovetail payments hub

02/02/12 ACI hires Sergey Lukyanov as head of Russia and CIS

02/02/12 Collis signs North American distribution deal with B2PS

02/02/12 MasterCard posts Q4 results

02/02/12 Facebook IPO: Payments biz 2011 revenues hit $557m

31/01/12 Visa joins $40m TrialPay funding round

31/01/12 Citi adds credit card account analysis tools to iPad app

31/01/12 Obama and Romney tap Square for donations

31/01/12 MasterCard joins push for US EMV switch

Security

02/02/12 Trustwave simplifies PCI compliance for small merchants

02/02/12 Huntington Bank protects online customers with Trusteer

02/02/12 MPs call for government cybercrime awareness campaign

02/02/12 Gemalto supports Diners Club Spain EMV migration

31/01/12 Terremark clouds win PCI compliance

31/01/12 MasterCard joins push for US EMV switch

27/01/12 Austria's RBI preps mobile NFC roll out

27/01/12 South African banks warn customers off new PFM site

27/01/12 SEC charges Latvian trader with account hijacking; Finra warns of e-mail hack attacks

24/01/12 EU data protection overhaul to impose new burdens on banks

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