DOCSLIB.ORG

Durbin Amendment Update Industry Responds to Fed’S Final Debit Card Rules

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Durbin Amendment Update Industry Responds to Fed’S Final Debit Card Rules Jul/Aug 2011 pulsationsThe Debit News MagazineSM Durbin Amendment Update Industry Responds to Fed’s Final Debit Card Rules fter a delay of more than two months, on June 29 the The final rules, known as Regulation II, incorporate some Federal Reserve Board released its final interchange, trans- significant adjustments to the proposal released by the FRB last Aaction routing and network exclusivity rules, as required by December – most notably, an increase in the regulated inter- the Durbin Amendment. Originally slated to be issued on April change cap from the $0.12 originally proposed to $0.21, plus an 21, 2011, the rules were delayed as Federal Reserve staff reviewed ad valorem component of 5 basis points (bps) of the transaction the more than 11,000 official comments it received on the pro- value to cover fraud losses. In addition, an interim final rule, when posed rules. implemented, will enable financial institutions that meet certain (continued on page 10) PULSE Participant Survey Financial institutions rate the network on transaction switching, fraud prevention, acceptance ULSE periodically commissions surveys of its financial institution participants through independent research firms to learn more about the challenges debit card issuers are facing, and to better understand participants’ satisfaction with PULSE Pproducts and services. Earlier this year, Analytica, Inc. conducted a survey of 160 PULSE participants representing a wide range of financial institution types, sizes and geographical locations. (continued on page 8) PULSE Platform The Impact of 2011 PULSE Upgrade Change on Fraud Conference: Page 4 Detection The Changing Page 5 Nature of the Debit Industry Page 6 VIEW FROM THE TOP Dear PULSE Participant, n June 29, 2011, the Federal Reserve Board issued its final rules for implementation of the Durbin Amendment, which became law as part of the Dodd-Frank Wall Street OReform and Consumer Protection Act. The final rules include significant adjustments to the proposal released by the FRB last December, as outlined in the lead story in this issue. Based on initial reaction to the Federal Reserve’s final debit interchange rules, it appears none of the stakeholders in this issue is happy with the regulation. Merchants are displeased that the regulated interchange rate is nearly twice the Fed’s original Dave Schneider proposal. Regulated issuers and networks are concerned that the rate is a substantial reduction to the current average interchange, and less than the 27 cents identified in a comment to the Fed by a group of eight banking and credit union associations as the actual cost of a debit transaction. Even “Regardless of the Board of Governors seemed dissatisfied when they cast their votes on the final rule on June 29. Governor Daniel Tarullo said, “I’m positive there are many merchants, issuers, consumers and how any of us networks which would want to change much of what has been proposed, just as some of us at the Board may want to do … [But] we have to act in accordance with the language of the statute.” feels about the Governor Sarah Bloom Raskin added, “I want to underscore my colleagues’ unease with this kind of regulatory intervention. Indeed, when a regulator has to intervene in a market to better align regulation, it’s a pricing with costs, that market must be working somehow less than competitively. We didn’t create this market. We didn’t craft the Durbin Amendment. We’re only doing what Congress has directed.” fact, and PULSE is Governor Elizabeth Duke voted against the rule altogether, her primary concern being the effectiveness of the small issuer exemption. here to help guide Regardless of how any of us feels about the regulation, it’s a fact, and PULSE is here to help you through the guide you through the changes that lie ahead. We have identified work we need to do as a network to comply. In particular, we will be making changes to our rules to ensure compliance with the regu- changes that lie lation’s requirement for merchant-directed routing. We also are working with issuers that have agreements with PULSE for PIN debit network exclusivity to design solutions that comply with the ahead.” new requirements. Finally, we will be implementing a pricing structure that reflects the regulated interchange rate for issuers subject to that regulation and utilizes the interchange exemption for small issuers. Further details about the network rules revisions and pricing changes have been communi- cated to network participants’ primary PULSE contacts. Please contact your PULSE account manager if you have any questions about the changes that are outlined in these communications. As always, thank you for your continued support of PULSE. Sincerely, Dave Schneider President All debit all the timeSM 2 PROFESSIONAL DEVELOPMENT On-Demand Chargeback Webinars Available, Fall eForum Scheduled ULSE participants looking for updates on current chargeback Insights & Solutions eForum issues and trends found an abundance when they attended PULSE will host its third eForum in October. This moderated, Pthe recent PULSE Debit Performance Webinar Series, interactive webcast will focus on current fraud trends and provide Understanding Chargebacks Results in Decreased Fraud. The webinars strategies to help mitigate loss. An opportunity for live Q&A will be were among PULSE’s highest rated in recent memory. To learn available throughout the webcast. Further details will be distributed more about these sessions, see the article on page 4. to network participants soon. All three webinars in the series are now available on-demand in the Professional Development section of the PULSE website. Both the archived recordings and printable presentations are accessible for Insights & Solutions replay or download at no charge. As with all PULSE webinars, these sessions can be used for in-house training at your institution to further develop employees’ knowledge of the payments industry. Connect with Us On-demand replays www.pulsenetwork.com/DPWS www.pulsenetwork.com/eForum Professional Development information www.pulsenetwork.com/pd [email protected] PULSE 30-Year Evolution: Value Through Innovation ore than 30 years ago, the New Payments Products founders of PULSE established Strategic Business Initiatives Ma network designed to serve the PULSE established as Regional ATM Switch 1981 best interests of the entire financial com- PULSE PAY® PIN POS Debit launched 1985 munity. This forward-thinking business Automated adjustment system 1988 approach resulted in the introduction of numerous products and services over PINless bill payment 1995 the years. Signature debit support 1996 1997 Acquired GulfNet Connect with Us 2001 Acquired Money Station PULSE Products & Services www.pulsenetwork.com/public/about.html 2002 Acquired TYME PULSE Durbin Amendment Resource Center In-house processing platform 2003 www.pulsenetwork.com/debitregs Stored value 2004 Discover Financial Services acquired PULSE 2005 China UnionPay acceptance JCB interchange agreement Discover® Debit signature debit 2006 LINK interchange agreement DebitProtect® fraud detection system Recurring PINless bill payment Perks Everyday® debit rewards 2007 2008 Discover Financial Services acquired Diners Club Intl PULSE Select® Surcharge-free ATM Network PULSE Global Cash Access Network 2009 PULSE® Internet PIN Debit BC Card (South Korea) interchange agreement PULSE PAY® Choice 2010 DinaCard (Serbia) agreement 2011 3 p u l s e n e t w o r k . c o m PULSE Completes Major Platform Upgrade ULSE completed a significant upgrade minor but important changes before all of its processing platform in May. The processors were moved on May 16. When Pnetwork transitioned its online switch the day came, all processors were transi- transaction processing environment to new tioned to the new environment in a very Blade servers at the Riverwoods and Ohio short time frame, with 94 percent of con- data centers, and built a state-of-the-art nections being restored within 12 minutes. testing and development platform. This was an enormous technological These new platforms represent a achievement. considerable investment in supporting the PULSE has a number of other major future growth of PULSE and its participants. They enable the technology projects under way, including an integrated process- network to deliver improved transaction processing performance, ing platform. This project includes new data warehouse/analytics, as well as significantly increased processing capacity. fee billing, settlement and dispute processing platforms, which “The transition was a success, due not only to the efforts of will be implemented in stages over the next few years. These sys- many employees but also to the cooperation and assistance of tems will provide network participants with a more informative network processors,” said Tony Zeis, PULSE Senior Vice President presentation of the data they receive from PULSE today, as well as of Switch Services. “Countless hours were spent preparing for and enhanced visibility into the details of their PULSE participation. completing the migration, and it paid off.” These technology investments – which participants will hear A “dress rehearsal” was conducted beforehand with four more about in the coming months – will give PULSE the flexibility processors, allowing us to test our migration protocol and make to provide a wide variety of future service enhancements. Understanding Chargebacks = Decreased Fraud 2011 PULSE Debit Performance Webinar Series Gives Solid Pointers he PULSE Professional Development provided a detailed update of Visa and Part 3: Manage and Measure Program is designed to provide our MasterCard reason codes, including The third installment of the series T network participants with guidance new international codes. concentrated on the value of tightening and insights they can use daily, as well as The presenters emphasized the up back-office management and tracking in developing long-term strategies. importance of documentation, as well as fraud metrics, as well as the latest trends “When we talk to our participants resisting “tunnel vision” for the top four in data breaches. While studies show a about where they need support, the reason categories in use.
Load more

Recommended publications
  • Enabling Commerce in the World's Most Under Penetrated Payments
    Enabling Commerce In The World’s Most Under Penetrated Payments Market Network International Holdings Plc Annual Report and Accounts 2019 Network International Holdings Plc 01 Annual Report and Accounts 2019 We are Network International, the leading payment solutions provider in the Middle East and Africa. Our innovative solutions drive revenue and profitability for our customers. To read our Annual Report online go to www.network.ae Market opportunity Under penetrated payments markets R Read more on page 10 Business model A unique We are enabling and leading the transition from cash proposition to digital payments across the Middle East and Africa, one of the fastest growing payments markets in the world. R Read more on page 14 Strategic Report Governance Financial Statements 2019 Highlights 02 Corporate Governance Report 72 Independent Auditor’s Report 138 Our Industry 04 Board of Directors 74 Consolidated Statement Strategy in action Our Business at a Glance 06 Executive Management Team 76 of Financial Position 144 Chairman’s Statement 08 Audit and Risk Committee Report 88 Consolidated Statement of Profit or Loss 145 Market Overview 10 Nomination Committee Report 100 Market leading Consolidated Statement of Our Track Record 12 Directors’ Remuneration Report 102 other Comprehensive Income 146 Our Business Model 14 Directors’ Report 130 Consolidated Statement technology Chief Executive Officer’s Review 16 Going Concern Statement of Changes in Equity 147 Our Strategic Framework 20 and Viability Statement 136 Group Statement of Cash Flows
    [Show full text]
  • Announcing Changes to Our Surcharge Free Networks Santa
    Post Office Box 206 • Moncks Corner, South Carolina 29461 • Phone (843) 761-8298 • FAX (843) 761-2013 • Teller-Mate Audio Response (866) 810-6119 www.berkcofcu.com Your Place for... Financial Services with a Personal Touch July 2018 Announcing Changes to Our Santa Loan Christmas Helper Surcharge Free Networks Effective immediately: Allpoint branded automated teller machines We will again offer the (ATMs) are no longer a part of the Star Surcharge Free (Starsf) Network. promotional Santa Helper holiday loans Allpoint ATMs are featured prominently across the low country at such beginning Monday, No- locations as CVS pharmacy and Murphy gas stations. To enhance their vember 12th through offerings, Star has added MoneyPass ATMs to its surcharge free net- Monday, November 26th. As has been the work. MoneyPass ATMs can be found at most 7Eleven stores through- case in previous years, out the low country. As in the past, members may continue to utilize due to anticipated heavy COOP branded ATMs at many local credit unions and at retail locations loan demand, application processing could take up to three weeks. The loan terms such as Circle K and Publix stores. Lastly, please remember that point- are as follows: $1,200 for 12 months at of-sale (POS) transactions with cash back options can always be con- 17.99%. Please find below the special ducted surcharge free at a host of retailers throughout the area. features and requirements associated with this loan promotion: (1) Members must be in good standing with the credit union. Find Missing Money in Forgotten (2) A direct deposit relationship must be 401(k)s established twelve months prior to the loan being originated i.e., prior to November 12th of last year.
    [Show full text]
  • Home Sweet Business Market in Acquiring State of Mind
    News June 11, 2007 • Issue 07:06:01 Industry Update .....................................14 New Arkansas law caps early termination fees ..................54 Home sweet business Market in acquiring state of mind ............ 56 amily albums typically contain scenes of togetherness: Thanksgiving 2007 calendar of events ................ 112 meals, special events, vacations. The albums of many payments industry Features leaders show these familiar scenes − and business milestones, too. Surcharge-free ATMs abuzz F Why? The freedom that makes this industry fertile for people seeking financial By Tracy Kitten, abundance also provides an excellent opportunity for families who want to work ATMmarketplace.com .......................... 24 together. This includes husband-wife, parent-child and extended family teams. AgenTalkSM: Chuck Saden "We are not only a family business, we are a family conglomerate," said George One small offi ce, one giant reach .........30 Sarantopoulos, Director of Marketing for Access One ATM Inc. "My fiancée, Heidi Views Chan, is Vice President, and she runs the office and daily operations. Debunking wireless myths "My father, Nicholas Sarantopoulos, helps out in the ATM technical department, and Heidi's sister, HeiHei Chan, does compliance and some bookkeeping." By Bulent Ozayaz, VeriFone ................ 38 No more margin compression blues Jared Isaacman has also lured family members into the fold. "I was in the basement By Ken Musante, no more than a month working on UBC [United Bank Card Inc.] before my father came on to join me full-time as my partner," Isaacman said. "We actually made an Humboldt Merchant Services ................ 42 incredible tag-team sales force. My mother [joined] the team shortly after as the Recession may roil acquiring risk company bookkeeper." By Charles Marc Abbey et al., Isaacman's mother is no longer active in the company, but she attends industry First Annapolis Consulting ...................
    [Show full text]
  • (2019). Bank X, the New Banks
    BANK X The New New Banks Citi GPS: Global Perspectives & Solutions March 2019 Citi is one of the world’s largest financial institutions, operating in all major established and emerging markets. Across these world markets, our employees conduct an ongoing multi-disciplinary conversation – accessing information, analyzing data, developing insights, and formulating advice. As our premier thought leadership product, Citi GPS is designed to help our readers navigate the global economy’s most demanding challenges and to anticipate future themes and trends in a fast-changing and interconnected world. Citi GPS accesses the best elements of our global conversation and harvests the thought leadership of a wide range of senior professionals across our firm. This is not a research report and does not constitute advice on investments or a solicitations to buy or sell any financial instruments. For more information on Citi GPS, please visit our website at www.citi.com/citigps. Citi Authors Ronit Ghose, CFA Kaiwan Master Rahul Bajaj, CFA Global Head of Banks Global Banks Team GCC Banks Research Research +44-20-7986-4028 +44-20-7986-0241 +966-112246450 [email protected] [email protected] [email protected] Charles Russell Robert P Kong, CFA Yafei Tian, CFA South Africa Banks Asia Banks, Specialty Finance Hong Kong & Taiwan Banks Research & Insurance Research & Insurance Research +27-11-944-0814 +65-6657-1165 +852-2501-2743 [email protected] [email protected] [email protected] Judy Zhang China Banks & Brokers Research +852-2501-2798
    [Show full text]
  • Fidelity® Total Market Index Fund
    Quarterly Holdings Report for Fidelity® Total Market Index Fund May 31, 2021 STI-QTLY-0721 1.816022.116 Schedule of Investments May 31, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks – 99.3% Shares Value Shares Value COMMUNICATION SERVICES – 10.1% World Wrestling Entertainment, Inc. Class A (b) 76,178 $ 4,253,780 Diversified Telecommunication Services – 1.1% Zynga, Inc. (a) 1,573,367 17,055,298 Alaska Communication Systems Group, Inc. 95,774 $ 317,970 1,211,987,366 Anterix, Inc. (a) (b) 16,962 838,941 Interactive Media & Services – 5.6% AT&T, Inc. 11,060,871 325,521,434 Alphabet, Inc.: ATN International, Inc. 17,036 805,292 Class A (a) 466,301 1,099,001,512 Bandwidth, Inc. (a) (b) 34,033 4,025,764 Class C (a) 446,972 1,077,899,796 Cincinnati Bell, Inc. (a) 84,225 1,297,065 ANGI Homeservices, Inc. Class A (a) 120,975 1,715,426 Cogent Communications Group, Inc. (b) 66,520 5,028,912 Autoweb, Inc. (a) (b) 6,653 19,028 Consolidated Communications Holdings, Inc. (a) 110,609 1,035,300 Bumble, Inc. 77,109 3,679,641 Globalstar, Inc. (a) (b) 1,067,098 1,707,357 CarGurus, Inc. Class A (a) 136,717 3,858,154 IDT Corp. Class B (a) (b) 31,682 914,343 Cars.com, Inc. (a) 110,752 1,618,087 Iridium Communications, Inc. (a) 186,035 7,108,397 DHI Group, Inc. (a) (b) 99,689 319,005 Liberty Global PLC: Eventbrite, Inc. (a) 114,588 2,326,136 Class A (a) 196,087 5,355,136 EverQuote, Inc.
    [Show full text]
  • Terms and Conditions of Merchant Service Agreement
    TERMS AND CONDITIONS OF MERCHANT SERVICE AGREEMENT 1. INTRODUCTION AND DEFINITIONS. This document, “Terms and Conditions of Merchant Service Agreement” (“Terms and Conditions”) accompanies the document “Global Payments Merchant Application” (“Merchant Application”). The Merchant Service Agreement (“Agreement” or “Card Services Agreement”) includes these Terms and Conditions and the terms and conditions of the Merchant Application. The Member bank identified in such Merchant Application (“Member”) is a member of Visa USA, Inc. (“Visa”) and MasterCard International, Inc.(“MasterCard”). Global Payments Direct, Inc.(“Global”) is a registered independent sales organization of Visa, a member service provider of MasterCard and a registered acquirer for Discover Financial Services LLC (“Discover”). Merchant and Global Direct agree that the rights and obligations contained in these Terms and Conditions of Merchant Service Agreement do not apply to the Member with respect to Discover transactions and Switched Transactions (as defined below). To the extent Merchant accepts Discover cards, the provisions in this Agreement with respect to Discover apply if Merchant does not have a separate agreement with Discover. To the extent Merchant accepts Discover cards and has a separate agreement with Discover, Discover card transactions shall be processed as Switched Transactions (as defined below) . Any references to the Debit Sponsor shall refer to the debit sponsor identified below. The Agreement is between Global Direct, the Member and the merchant identified in the Merchant Application (“Merchant”). Under the terms of the Agreement, Merchant will be furnished with the services and products described herein and in the Merchant Application, and selected by Merchant therein (collectively and individually, as applicable, the “Services”).
    [Show full text]
  • Tri Counties Bank Consumer Debit Card Agreement and Disclosure
    Tri Counties Bank Consumer Debit Card Agreement and Disclosure Effective December 1, 2020 ATM-41-BR (Rev. 12/20) 1 Member FDIC TABLE OF CONTENTS ELECTRONIC FUNDS TRANSFERS ....................................................................... 3 ELECTRONIC WITHDRAWALS ............................................................................ 3 COMMUNICATION WITH US ............................................................................. 3 DEBIT CARD SERVICES ...................................................................................... 3 CARD CONTROL FEATURES ............................................................................... 5 CONSUMER LIABILITY ....................................................................................... 6 BUSINESS DAYS ............................................................................................... 8 ATM DEPOSIT CUT-OFF TIMES ........................................................................... 8 TRANSFER TYPES AND LIMITATIONS ................................................................... 8 AUTHORIZATION HOLDS FOR CARD TRANSACTIONS.......................................... 9 FEES...............................................................................................................10 CONFIDENTIALITY ........................................................................................... 11 DOCUMENTATION .......................................................................................... 11 PREAUTHORIZED PAYMENTS ...........................................................................
    [Show full text]
  • The Securities and Exchange Commission Has Not Necessarily Reviewed the Information in This Filing and Has Not Determined If It Is Accurate and Complete
    The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete. UNITED STATES SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL Washington, D.C. 20549 OMB Number: 3235-0006 FORM 13F Expires: July 31, 2015 Estimated average burden FORM 13F COVER PAGE hours per response: 23.8 Report for the Calendar Year or Quarter Ended: 03-31-2019 Check here if Amendment Amendment Number: This Amendment (Check only one.): is a restatement. adds new holdings entries. Institutional Investment Manager Filing this Report: Name: AMALGAMATED BANK Address: 275 SEVENTH AVENUE 9TH FLOOR NEW YORK, NY 10001 Form 13F File 028-04148 Number: The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: GREGORY W SPOCK VICE PRESIDENT - TRUST COMPLIANCE Title: OFFICER Phone: 212-895-4836 Signature, Place, and Date of Signing: GREGORY W SPOCK NEW YORK, NY 05-15-2019 [Signature] [City, State] [Date] Report Type (Check only one.): X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) 13F COMBINATION REPORT.
    [Show full text]
  • Payment Cards 12 Debit Cards, EBT and Broadband 13 Payment Card Industry/Data Security Payment Card Standard (PCI DSS) 15 Loyalty Programs 16
    SECTION 2 Proprietary CITGO Payment Cards 12 Debit Cards, EBT and Broadband 13 Payment Card Industry/Data Security Payment Card Standard (PCI DSS) 15 Loyalty Programs 16 For Good Measure Because plastic has long ago overtaken paper as the preferred method of payment, it is important that CITGO offer a host of payment card options to fit the needs and lifestyles of its customers. This year’s payment card line-up features enhancements and tools guaranteed to keep your custom- ers reaching for their CITGO Cards: • The Business Select MasterCard® provides the same benefits as the CITGO Business Select Card and can be used at ALL sites, including non-CITGO locations! • Our partnership with Heartland and SPRINT brings you a turnkey, competitively priced solution for your broadband needs. • The CITGO PCI e-Learning Center provides a single-source destination to help you with your PCI and information security training needs. • Preferred vendor Centego can help you create a customized loyalty program perfect for your busi- ness model. 10 Section 2: Payment Card PROPRIETARY CITGO PAYMENT CARDS Now that the new Centennial Image is available and the CITGO logo has broken free of its box, we’re updating our payment card suite to match. While some cards All CITGO customers are important to the success of your business. However, those wielding CITGO will receive a complete make-over, others will keep their current look, and feature proprietary payment cards are the most valuable only a refreshed CITGO logo. But, no matter how drastic or minimal the change the of all. Research shows that proprietary gasoline benefits of each card remain the same.
    [Show full text]
  • Visa Inc. V. Stoumbos
    No. 15-____ IN THE Supreme Court of the United States VISA INC., ET AL., Petitioners, v. MARY STOUMBOS, ET AL., Respondents. On Petition for a Writ of Certiorari to the United States Court of Appeals for the District of Columbia Circuit PETITION FOR A WRIT OF CERTIORARI KENNETH A. GALLO ANTHONY J. FRANZE PAUL, WEISS, RIFKIND, Counsel of Record WHARTON & MARK R. MERLEY GARRISON LLP MATTHEW A. EISENSTEIN 2001 K STREET, NW ARNOLD & PORTER LLP WASHINGTON, DC 20006 601 MASSACHUSETTS AVENUE, (202) 223-7300 NW [email protected] WASHINGTON, DC 20001 (202) 942-5000 Counsel for Petitioners [email protected] MasterCard Incorporated and MasterCard International Counsel for Petitioners Visa Inc., Incorporated Visa U.S.A. Inc., Visa Interna- tional Service Association, and Plus System, Inc. i QUESTION PRESENTED Whether allegations that members of a business as- sociation agreed to adhere to the association’s rules and possess governance rights in the association, without more, are sufficient to plead the element of conspiracy in violation of Section 1 of the Sherman Act, 15 U.S.C. § 1, as the Court of Appeals held below, or are insufficient, as the Third, Fourth, and Ninth Circuits have held. ii PARTIES TO THE PROCEEDINGS Pursuant to Rule 14.1(b), the following list identi- fies all of the parties appearing here and before the United States Court of Appeals for the D.C. Circuit. The petitioners here and appellees below in both Stoumbos v. Visa Inc., et al., No. 1:11-cv-01882 (D.D.C.) (“Stoumbos”) and National ATM Council, et al.
    [Show full text]
  • Company Profile and Experience 4.2.6.1 Corporate and Organization Structure
    Florida EBT Proposal Presented to 5 Company Profile and Experience 4.2.6.1 Corporate and Organization Structure 5 Company Profile and Experience ITN Section 4.2.6 4.2.6.1 Corporate and Organization Structure The Respondent shall provide a description of its corporate organization. In addition, the Respondent shall confirm that all customer service call center staff performing services under the terms and conditions of this award will be located within the United States. FIS confirms that all customer service call center staff performing services under the terms and conditions of this ITN will be based within the United States. FIS, a Fortune 500 company, is the leading provider of financial institution core processing; EBT processing for state government agencies; prepaid card solutions; card issuer and transaction processing services; and providing services for financial institutions and retailers throughout the world. Headquartered in Jacksonville, Florida, FIS has a strong global presence, serving more than 14,000 financial institutions in more than 100 countries worldwide. FIS has processing and technology relationships with 40 of the top 50 global banks, including eight of the top 10. FIS is a member of Standard & Poor‘s (S&P) 500® Index, and were named the number one overall financial technology provider in the world by American Banker and Financial Insights (FinTech100). We are also pleased to have been recognized by numerous industry experts for our strong market presence, service excellence, financial performance, and product
    [Show full text]
  • 21-0459 Agenda Item Report
    Walton County Board of County Commissioners 21-0459 AGENDA ITEM REPORT Meeting: Board of County Commissioners - Mar 23 2021 Department: Clerk Submitted by: Jed Sconiers Staff Contact: Mary King, Admin Services Coord. ☒ Consent Agenda ☐ Regular Agenda ☐ Public Hearing TITLE/REQUESTED ACTION: Request to approve and authorize the Chairman to sign the addendum and ratify the agreement with Openedge for card processing for the new Energov software ATTACHMENTS: County Department Agenda Request Form (002) OpenEdge_Addendum AGENDA SUBMISSION FORM BOARD OF COUNTY COMMISSIONERS WALTON COUNTY, FLORIDA ☒ CONSENT AGENDA MEETING DATE: March 23, 2021 ☐ REGULAR AGENDA MEETING LOCATION: South Walton Annex ☐ PUBLIC HEARING SUBMISSION DEADLINE: March 16, 2021 DEPARTMENT: SUBMITTED BY: TITLE / REQUESTED ACTION: Request approval for addendum and ratify agreement between Walton County and Openedge PURPOSE / SUMMARY EXPLANATION OR HISTORY: Openedge will be the credit card processor for the new Energov software. This addendum changes the credit card fees from a variable rate to a flat fee. IF THIS ITEM HAS A CURRENT IF REQUIRED, HAS THIS ITEM BEEN FINANCIAL IMPACT, HAS IT BEEN REVIEWED BY LEGAL AS TO FORM: REVIEWED BY THE FINANCE ☒Yes ☐No DIRECTOR: ☒Yes ☐No LIST DOCUMENTS FOR EXECUTION: TOTAL COST ASSOCIATED WITH REQUEST: ☒ AGREEMENT/ CONTRACT ☐ ORDINANCE ☐ RESOLUTION ☐ FINAL ORDER ☐ OTHER: IS THIS BUDGETED? ☐Yes ☐No OTHER MATERIAL/EXHIBITS ACCOUNT DESCRIPTION: ATTACHED: FUNDING TYPE: SUBMIT COMPLETED FORM TO: Mary King, Administrative Services Coordinator Phone: 850-892-8155 Email: [email protected] 76 North 6th Street, DeFuniak Springs, FL 32433 Page 2 of 33 DocuSign Envelope ID: 6ED26FBC-BAD2-42A2-9C7D-5187E89A45C1 Merchant Application Business Information Merchant's DBA Name/Outlet Name: Merchant's Legal Name: Walton County Board of County Commissioners Walton County Board of County Commissioners Physical Street Address (No P.O.
    [Show full text]