Report: VISA May Drop ICC-Cal

LOS ANGELES — Israel Discount Bank subsidiary Israel Credit Cards-Cal Ltd. has been levied a fine of nearly $13.5 million dollars and according to some reports, may have its international clearing permit revoked by VISA Europe — and could even be ousted from the card association itself.

The news may be of particular interest to adult operators who rely on ICC-Cal at some point in their transaction chain, as the company and its subsidiary, Cal International, specialize in clearing transactions from hi-risk markets including online adult and gaming websites.

According to Israeli newspaper Haaretz, a large portion of ICC-Cal's success came from international transaction clearing, with an emphasis on adult websites and offers for Viagra, among other drugs.

"ICC-Cal is the only Israeli company that engages in international clearing in these sectors," Haaretz reported. "The higher risk associated with them has two main sources: Customers are more likely to regret, and deny, such transactions on the one hand, while on the other hand the businesses that engage in them are less likely to be legitimate."

The company's problems, however, seem to stem from its processing of transactions for nutritional supplements — a market segment which exceeded the two percent chargeback rate set by VISA Europe. Haaretz cites a VISA Europe report, which claims that 90 percent of the problem transactions were for nutritional supplements.

The card association is demanding immediate action to bring down the high number of canceled transactions, including a three-month risk-reduction plan. If these demands are not met, ICC-Cal's international payment clearing plan may be revoked.

ICC-Cal is said to be taking such steps.

The news comes amidst rumors of a stock offering — plans that some analysts believe may have to go on hold, given the controversy now surrounding the company.

Related:  

Copyright © 2024 Adnet Media. All Rights Reserved. XBIZ is a trademark of Adnet Media.
Reproduction in whole or in part in any form or medium without express written permission is prohibited.

More News

Utherverse to Host 8th Annual VirtualCon in September

Virtual reality and metaverse technology company Utherverse will hold the eighth edition of its annual virtual conference, VirtualCon, in September.

Pornhub Shuts Down Access in Nebraska Over Age Verification

Aylo has blocked access to Pornhub in Nebraska as of last Monday, days before the state’s new age verification law — one of many such bills promoted by religious conservatives around the country — is scheduled to go into effect Thursday.

FeelMe AI Launches 3 New Subscription Tiers

FeelMe AI has launched three new subscription levels, allowing users to connect compatible Kiiroo sex toys to their videos for interactive solo play.

CamSoda Launches AI Girlfriend Builder

CamSoda has debuted a personalized "AI girlfriend" feature allowing users to create their very own AI companion at no charge, including free NSFW role-play and chat.

Free Speech Organization Comes Out in Support of Wisconsin Professor Who Posted on OnlyFans

After a University of Wisconsin-La Crosse faculty tribunal recommended stripping veteran professor of communications Joe Gow of tenure last week due to Gow having unremorsefully created and appeared in adult content, a major free speech organization has come out in his support.

MojoHost Unveils Public Cloud Service MojoCompute

MojoHost has launched MojoCompute, a new public cloud service, as the central component of its MojoCloud product offerings.

BranditScan Now Offering Anti-Piracy Solutions to Creator Agencies

BranditScan is expanding the range of its anti-piracy services by now offering tailored DMCA solutions to creator agencies.

Eva AI Launches Video Content Feature

Eva AI has debuted a new feature enabling users to enjoy exclusive video content created from digital duplicates of their favorite models.

MyMember.site Partners With Sharesome

Website creation service MyMember.site has partnered with adult social media platform Sharesome.

Valentina Fox Wins LoyalFans' Las Vegas Billboard Contest

LoyalFans has announced content creator Valentina Fox as the winner of its Las Vegas Billboard Contest.

Show More