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Discussion Paper
The electronification of transit fare payments: Examining the case for partnership the case for partnerships between payments firms and transit agencies
Several of the nation?s largest payment-card-issuing banks are working with public transit agencies to enable consumers to pay fares by using payment cards, and more such partnerships may be on the horizon. On April 23, 2009, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop to discuss the potential adoption of electronic payments by transit agencies from the perspectives of several subject matter experts from J.P. Morgan Chase & Co. James Lock, vice president and senior advisor, Treasury Services Global Advisory Solutions group; Jameson Troutman, strategy ...
Discussion Paper
Conference summary: federal regulation of the prepaid card industry: costs, benefits, and changing industry dynamics
On April 8-9, 2010, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a conference that brought together leaders in the prepaid card industry, regulators, consumer groups, law enforcement agents, and industry researchers to discuss the economics of prepaid cards and the benefits and costs of their regulation from the standpoint of several different product categories. In particular, the conference examined ways in which prepaid card products can differ, how the industry has developed over time, ongoing industry dynamics, ways in which the usefulness of prepaid ...
Discussion Paper
The electronification of transit fare payments: a look at the Southeastern Pennsylvania Transportation Authority's New Payment Technologies Project
Over the past decade many of the nation's largest public transit providers have gone from fare-payment systems based on cash and coin to more modern electronic systems that implement payment cards, including agency-issued prepaid cards, credit cards, and debit cards. On September 16, 2008, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop to discuss the challenges and opportunities facing the Southeastern Pennsylvania Transportation Authority (SEPTA) as it attempts to redesign its transit-fare payment system to accept payment cards. Jerry Kane, manager of ...
Discussion Paper
Legislative responses to data breaches and information security failures
On July 23, 2008, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop to discuss federal and state legislative responses to data breaches. The workshop addressed several laws and legislative initiatives designed to create greater safeguards for personal consumer information frequently targeted by data thieves and often subject to the failures of information security protocols. Diane Slifer, J.D., M.B.A., who has frequently presented at forums on data security and has represented clients in matters related to data breaches, led the workshop. Slifer examined ...
Discussion Paper
The Credit CARD act of 2009 and prepaid cards
Recently enacted federal legislation contains a number of provisions that will affect the prepaid card industry. This note highlights some of these provisions, discusses how they might shape the prepaid card industry, and outlines the debate over whether prepaid cards should be defined as "monetary instruments" under federal law.
Discussion Paper
A prepaid case study: Ready Credit’s general-purpose & transit-fare programs
Today, prepaid cards are used in dozens of payment applications. To examine the most recent developments, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop on August 22, 2011. Leading the workshop was Tim Walsh, president and chief executive officer of Ready Credit Corporation, a firm that developed network-branded prepaid cards for use in transit-fare systems and also markets general-purpose, reloadable prepaid cards to consumers. Walsh discussed the unique opportunities and challenges associated with using prepaid cards for transit purposes. He described ...
Discussion Paper
Insolvency risk in the network-branded prepaid-card value chain
The value chain for network-branded prepaid cards involves more parties than those commonly present in credit- or debit-card issuing arrangements: the merchant acquirer, processors, a payment network, and a card-issuing bank. These additional participants may include a program manager, a distributor, and a seller. Since a number of independent businesses make up the chain, each one, as well as cardholding consumers, could be exposed to losses resulting from the insolvency of another party in the value chain. This risk is both real and manageable, as illustrated by two recent incidents ...
Discussion Paper
Consumer testing informs policy: overdraft regulation as a case study
In November 2009, the Board of Governors of the Federal Reserve System issued regulations that protect consumers from being charged certain fees when, under a discretionary overdraft service, financial institutions pay transactions from a deposit account that contains insufficient funds. Under the regulations, consumers must receive notices that explain any discretionary overdraft services offered to them by their bank. In addition, consumers may not be charged overdraft fees for ATM or one-time debit transactions unless they have opted in to this service. During the rulemaking process, the ...
Discussion Paper
The laws, regulations, guidelines, and industry practices that protect consumers who use gift cards
This paper discusses consumer protections available to gift-card users. Specifically, it examines the ways in which value loaded at the time of purchase is protected for future card use or returned to consumers when the card is not used or has expired. The consumer protection information included in this paper is derived from a number of sources, including several types of state statutes, Federal Trade Commission decisions, financial industry regulatory agency guidelines, and previous interviews with payments industry experts regarding practices concerning network-branded gift cards. This ...