Update: Visa to Bar Transactions by Processor
Eric Dash writes in The New York Times (obnoxious, but free, registration required):
Visa USA said yesterday that it would stop allowing the payment processor CardSystems Solutions to handle its transactions, months after the processor left the records of millions of cardholders at risk for fraud.
"CardSystems has not corrected, and cannot at this point correct, the failure to provide proper data security for those accounts," said Tim Murphy, Visa's senior vice president for operations in a memorandum sent to several banks. "Visa USA has decided that CardSystems should not continue to participate as an agent in the Visa system."
Cardholders and merchants should not be affected by the change.
Visa said its decision to remove CardSystems came after a review and an independent investigation found that the payment processor had improperly stored cardholder data and did not have the proper controls in place.
Update: Apparently, AMEX has also dumped CardSystems, as well. Good.
posted by Fergie @ 7/19/2005 03:49:00 PM
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