Proposed rule making by the US Federal Reserve on December 16, 2010 will have an impact on the processing of payments using debit cards. Nelnet Business Solutions participated in the Web meeting where the announcement was made and we are monitoring the overall process so we can take the appropriate action and activate the necessary changes called for by these new rules.

When a government agency such as The Federal Reserve proposes rules of this nature, they allow for a comment period. In this situation, which would limit the amount which could be charged for a debit card transaction, the comment period will run through the end of February. After the comments are received, the Federal Reserve will take one to two months to review and then post a final draft of the proposed rules.  We expect that any changes will be finalized and implemented in mid-2011 at the earliest. The proposed rules only impact debit card transactions and do not address credit card transactions or ACH transactions. As the proposed rules become clarified and finalized, we will endeavor to keep you informed about how we will respond.

Just as some of the early adopters are starting to get comfortable with the basics of PCI compliance (hopefully), and even before many merchants have addressed the issue at all, we’re now looking at a new version of the PCI-DSS and PA-DSS standards to be released this October. Plenty of time to get prepared right?

Not to worry, overall, it’s not a huge change, but the revision is something you need to be aware of.

All merchants will have until January 11, 2011 to become compliant with the new standards. The new standard (being referred to as PCI V2.0) includes clarification of requirements as well as a few new requirements. This is a good thing as it is indicative that the standard is maturing.

Additionally, the Security Standards Council (SSC) has moved the PCI-DSS product life cycle from two years to three years, meaning that instead of seeing a new version of PCI every two years, we’ll now get a bit of a breather, seeing revision only every three years.

So, what’s involved in moving to PCI V2.0? We’ve reprinted an overview of the SSC document outlining the new PCI 2.0 requirements in our Security and Compliance section. We’ve also posted the PDF there for your convenience.

Kevin Wiley
COO
Nelnet Business Solutions

We recently had our regional sales representatives in for our annual summer team meeting. There’s lots going on right now in the world of campus commerce and in our company as we serve our client schools, innovate around our core payment processing capabilities, and seek to maintain the level of service that helps define Nelnet Business Solutions.

One thing we try to make time for each summer is team building.  This year, the team came up with the wonderful idea of working with Habitat for Humanity on a home build here in Lincoln, NE, Nelnet’s home base. Giving back is an important part of our culture, and I believe an important part of what businesses ought to be doing in this country -- giving back to the community. Working with the Habitat for Humanity team allowed us to do just that.

The team spent an entire day swinging hammers, cutting lumber, and connecting with each other as they helped construct a home that will soon be occupied by a family in need. I’m not sure who benefited more from our service project – Habitat for Humanity or NBS.  The team building atmosphere was great, even in 100 degree heat!

It’s important to remember in the midst of business and a busy semester that there is greater need in our community than what we might imagine or see every day. I believe when we as individuals, teams, and companies step up to help in some small way, it not only enriches our community, but also our business and our lives.

Kevin Wiley
COO
Nelnet Business Solutions