Debits and credits

Cornerstone Advisors Research Illustrates How Durbin Amendment Negatively Impacted Financial Institutions and Consumers

Retrieved on: 
Monday, July 10, 2023

SCOTTSDALE, Ariz., July 10, 2023 /PRNewswire/ -- New research from Cornerstone Advisors, a leading management and technology consultancy for banks, credit unions and fintech firms, reveals how legislation that mandated debit card payment routing and interchange price caps has negatively impacted the nation's banking system and consumers. The study also indicates that newly proposed credit card routing legislation will produce similar negative effects.

Key Points: 
  • The study also indicates that newly proposed credit card routing legislation will produce similar negative effects.
  • "Think of it as regulatory 'whack-a-mole,' where a reduction in revenue from government regulation in one category forces multiple fee-generating categories to rise," said Glenn Grossman, director of research for Cornerstone Advisors and author of the report.
  • "Debit and credit card price controls harm both consumers and the banking system," Grossman said.
  • "Given their much more limited resources, community financial institutions and the customers they serve will suffer disproportionately from these rules."

US Payments Forum Resource Explores Impacts of Regulation II on Payments System Stakeholders

Retrieved on: 
Wednesday, July 5, 2023

Today the U.S. Payments Forum announces a new resource, published June 30th, 2023, that explores the technical and operational impacts of the July Reg II update on various industry stakeholders, including merchants, acquirers, processors, payment networks and issuers.

Key Points: 
  • Today the U.S. Payments Forum announces a new resource, published June 30th, 2023, that explores the technical and operational impacts of the July Reg II update on various industry stakeholders, including merchants, acquirers, processors, payment networks and issuers.
  • The white paper, “ Regulation II Clarification for Debit Routing ” is available to interested parties free of charge on the Forum’s website.
  • The resource was created through the collaborative efforts of payments industry professionals to benefit stakeholders within the U.S. market.
  • Reg II only applies to the U.S. and its territories, and only U.S.-issued debit cards that are within the scope of the regulation.

Netspend and Leagues Cup Announce Multi-Year Partnership

Retrieved on: 
Thursday, June 29, 2023

Netspend and Leagues Cup announced today a multi-year partnership that makes Netspend the official Debit, Prepaid Cards and Remittance Partner of Leagues Cup – the official Concacaf competition featuring every team from Major League Soccer (MLS) and LIGA MX.

Key Points: 
  • Netspend and Leagues Cup announced today a multi-year partnership that makes Netspend the official Debit, Prepaid Cards and Remittance Partner of Leagues Cup – the official Concacaf competition featuring every team from Major League Soccer (MLS) and LIGA MX.
  • As an official sponsor, Netspend extends its footprint within the global game of soccer through Leagues Cup.
  • "It is our privilege to officially announce Netspend as the latest official partner of Leagues Cup, an unprecedented event in the history of soccer,” said Carter Ladd, EVP of Soccer United Marketing (SUM).
  • Soccer United Marketing (SUM), the commercial arm of MLS, supported Leagues Cup and tournament organizers in the delivery of this important partnership.

A first in Quebec: Interac Debit contactless payment now accepted on all STL buses

Retrieved on: 
Wednesday, June 14, 2023

The second phase, which started in 2020 with funding from the ARTM, equipped the entire STL bus fleet with the new-generation payment terminals.

Key Points: 
  • The second phase, which started in 2020 with funding from the ARTM, equipped the entire STL bus fleet with the new-generation payment terminals.
  • These terminals accept payment by credit and debit card, are compatible with digital wallets on smartphones and smartwatches, and include the automatic bus transfer function.
  • The STL is the first public transit agency in Quebec to offer this new payment option and among the first in Canada.
  • The group's mandate was to:
    Develop the Interac Debit payment solution and roll out Interac Debit as a contactless payment option on STL buses (official announcement June 14, 2023).

Tax Tip - Looking for the fastest and easiest way to manage your business taxes online? Use our digital services!

Retrieved on: 
Wednesday, May 17, 2023

My Account is a secure online portal that lets you see your personal income tax and benefit information and manage your tax affairs online.

Key Points: 
  • My Account is a secure online portal that lets you see your personal income tax and benefit information and manage your tax affairs online.
  • For information specific to payments of fees for services, go to: Calculate payroll deductions and contributions - Payments of fees for services .
  • The GST/HST calculator is used to find out the amount of tax that applies to sales in Canada.
  • This page outlines options to make it easier to file a tax return and get your benefits and credits.

CPI Card Group Inc. Reports First Quarter 2023 Results

Retrieved on: 
Tuesday, May 9, 2023

CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit, and prepaid solutions, today reported financial results for the first quarter ended March 31, 2023 and affirmed its financial outlook for 2023.

Key Points: 
  • CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit, and prepaid solutions, today reported financial results for the first quarter ended March 31, 2023 and affirmed its financial outlook for 2023.
  • CPI is a top payment solutions provider in the U.S. serving thousands of banks, credit unions and fintechs.
  • “The first quarter results demonstrate continued progress for CPI, including strong cash flow improvement from our focus on working capital management,” said Amintore Schenkel, Chief Financial Officer of CPI.
  • “We are excited to have Jeff join the CPI team,” said Scott Scheirman, President and Chief Executive Officer of CPI.

CPI Card Group Inc. Reports Fourth Quarter and Full Year 2022 Results

Retrieved on: 
Wednesday, March 8, 2023

CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit, and prepaid solutions, today reported financial results for the fourth quarter and full year ended December 31, 2022 and provided its initial financial outlook for 2023.

Key Points: 
  • CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a payment technology company and leading provider of credit, debit, and prepaid solutions, today reported financial results for the fourth quarter and full year ended December 31, 2022 and provided its initial financial outlook for 2023.
  • Net sales increased 36% year-over-year to $126.4 million in the fourth quarter of 2022.
  • Fourth quarter gross profit increased 54% to $47.5 million and gross profit margin was 37.6%, which compared to 33.2% in the prior year fourth quarter.
  • “We delivered record results in 2022 and further strengthened our financial position,” said Amintore Schenkel, Chief Financial Officer of CPI.

OnlineCheckWriter.com Crosses $50 Billion in Transactions

Retrieved on: 
Thursday, March 2, 2023

TYLER, Texas, March 2, 2023 /PRNewswire-PRWeb/ -- B2B payments platform OnlineCheckWriter.com crosses $50 billion in transaction value, its parent company Zil Money Corporation announced today.

Key Points: 
  • OnlineCheckWriter.com Crosses $50 Billion in Transactions, adds 20,000 registered users every month
    TYLER, Texas, March 2, 2023 /PRNewswire-PRWeb/ -- B2B payments platform OnlineCheckWriter.com crosses $50 billion in transaction value, its parent company Zil Money Corporation announced today.
  • Since its establishment, OnlineCheckWriter.com has experienced remarkable growth, adding over 20,000 registered users every month.
  • Companies opt for this platform due to the ease of payments and simplified accounting integrations.
  • The $50 billion transaction milestone is significant for OnlineCheckWriter.com and highlights users' trust and confidence in the platform.

Bankers Helping Bankers Names PULSE® Exclusive Debit Partner

Retrieved on: 
Thursday, January 26, 2023

Bankers Helping Bankers, an online platform that promotes innovation among community banks, has named Discover® Financial Services’ PULSE® debit network its exclusive debit partner.

Key Points: 
  • Bankers Helping Bankers, an online platform that promotes innovation among community banks, has named Discover® Financial Services’ PULSE® debit network its exclusive debit partner.
  • The agreement builds upon PULSE’s longstanding support of community banks and the Independent Bankers Association of Texas (IBAT), which co-founded Bankers Helping Bankers in partnership with FedFis.
  • View the full release here: https://www.businesswire.com/news/home/20230126005861/en/
    As the exclusive debit partner of Bankers Helping Bankers, PULSE will provide debit expertise, insights and thought leadership to help community financial institutions improve their debit programs, strengthen operations, mitigate fraud risks and engage account holders.
  • Bankers Helping Bankers also provides an online forum, along with online networking events, through which community bankers share information, expand their knowledge base and build relationships.

BMO Makes Public Transit Rides Fee-Free Across Canada

Retrieved on: 
Wednesday, February 15, 2023

BMO is the first financial institution in Canada to remove transit authority transaction counts for all debit card holders, including retail and commercial accounts

Key Points: 
  • BMO is the first financial institution in Canada to remove transit authority transaction counts for all debit card holders, including retail and commercial accounts
    TORONTO, Feb. 15, 2023 /CNW/ - BMO is easing customers' commutes by making all debit transactions free of transaction charges at transit authorities across Canada.
  • Retail and Commercial customers with transaction count limits on their account can now use their debit card at any transit authority terminal in Canada, without the payment counting toward their monthly transaction count limit.
  • "BMO is the first financial institution to offer both retail and commercial debit card holders unlimited transit authority transactions and help simplify their public transit experience," said Gayle Ramsay, Head of Everyday Banking, Segments & Customer Growth, BMO.
  • BMO customers' evolving needs and expectations have guided the bank's efforts through other features such as BMO's Pre-Authorized Payments Manager , Same Day Grace feature , BMO Insights , BMO CashTrack and Selfie ID .