FNDS3000 Secures $.5mm Financing

FNDS3000 international prepaid processing company currently introducing electronic payment solutions to the South African market, has closed on a $500,000 private placement. This represented the second scheduled tranche of the $2.5 million, non-brokered equity financing agreement entered into in October 2010. This financing, led by Sherington Holdings, brings the total amount of capital received to date under the October commitment agreement to $1.5 million. The final two tranches of $500,000 each are expected to be closed on or before April 1, 2011 and July 1, 2011. Proceeds from the private placements are intended to be used as working capital to support continued growth of FNDS3000’s South African prepaid card business.

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Cardlytics Named Red Herring Global 100 Winner

Cardlytics transaction marketing has been named among the Red Herring Global 100, honoring private technology ventures. The nominees are evaluated on both quantitative and qualitative criteria, such as financial performance, technology innovation, quality of management, execution of strategy, and integration into their respective industries. Cardlytics’ selection as a Red Herring Global winner and a Red Herring North America 100 winner is credited to its transaction marketing platform, which unites banks and merchants to provide rich rewards to customers based on their individual purchase behavior.

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eWise launches mPayment Application

eWise has launched its “payo mobile” smartphone app, letting users initiate secure payments for goods, services, or bills online or face-to-face, without having to provide personal financial information to any third parties. This after having recently introducing the “payo” Online Banking ePayments (OBeP) solution in partnership with VocaLink specialist payments. The eWise mobile app brings a consistent, intuitive, fast and safe way to pay whether online or face-to-face. It lets users pay from any of their accounts with existing funds to conduct mobile ecommerce transactions, P2P payments, bill payments and T-Commerce2.

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Citi Named Best Payments Bank, Latin America

Citi has been ranked the number one Treasury and Cash Management provider by Global Finance magazine and named best Treasury and Cash Management provider in Latin America for the third consecutive year. Citi was also ranked number one in Best Bank for Liquidity Management – Latin America; Best Bank for Risk Management – Africa, Asia, Latin America, Middle East; Best Bank for Payments and Collections – Latin America; and Best Treasury Management Systems & Services Providers – Citi for Payroll Services.

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Scope of Responsibilities Expanding for CFOs

Given the current economic state, 80% of senior finance executives have taken on more responsibilities, overseeing programs in other departments. Among these, 43% of the execs take on more responsibility in IT; 41% in strategy and business development; and 39% in human resources. They also mentioned having program responsibilities in risk and customer service (37 percent each), procurement (35 percent), marketing and sales (33 percent), research and development (30 percent), and supply chain management (25 percent). This, according to Accenture research, also shows 79% of the more than 1,000 senior finance executives surveyed across Asia, Europe and North and South America, said they need more flexibility in their operations to more readily respond to ongoing market changes, and 58% of them said this increased flexibility would be needed across their operations for the next six to 18 months.

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KORE Telematics to Speak at M2M Conference

IT Expo East 2011/M2M Evolution-KORE Telematics digital wireless services provider in machine-to-machine (M2M) communications will lead a presentation titled “Top Considerations when Making an M2M Network Services Partnering Decision,” at IT Expo East’s M2M Evolution conference, being held February 2-4. The presentation will address factors considered when making an M2M network services decision. Whether developing a wireless solution for mHealth, utilities, mobile payments, security or any other vertical, certain basic principles can be followed to create an efficient and effective M2M strategy and ensure your network service partner selection criteria are met for the short and long term.

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Visa Defends Consumer Protection Policies

Visa disclosed it is committed to preserving its pro competitive and pro consumer policies in its response to the Canadian Competition Bureau legal challenge. Its no-surcharging protection was created specifically to prevent retailers from imposing a check-out fee on consumers who choose the convenience, security and reliability of Visa cards over cash and checks and, by eliminating this, the Competition Bureau proposes to allow merchants to penalize Canadians by charging more than the advertised price for products and apply a surprise fee at check-out simply because a cardholder has exercised their individual choice to use a credit card. Removing this pro-consumer policy, according to Visa, will lead to consumer confusion and reduce consumer choice at the POS.

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Credit Card Fee Income Up in Total Revenue

Total revenue for the card business declined somewhat last year – fee income, too. But as a percentage of total revenue, fee income has been continually rising, and is expected to do so again this year. In this the fifth in their annual year-end series of seven industry trend reports, industry analyst R.K. Hammer reports not only is fee income rising as a percentage of total credit card income, but its upward trend is coming closer to overtaking the percentage banks earn for credit card interest income. Banks overall still earn a greater percentage of their revenue from fee income, at 54%. Cards, on the other hand also earn an increasing percentage of total revenue from fees, but lower than banks overall, at 48% of total card revenue. Fifteen years ago, card fees accounted for only 18% of total revenue. We predict that cards will very soon join banks in terms of fee income becoming the greatest revenue stream in their P/L. Over the last 20 years of tracking these numbers, the Hammer model shows such income rising throughout the period, for both banks and card companies.

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ScanSource Income Up $6mm Q/Q, $10mm Y/Y

ScanSource POS, communications, and electronic security products has posted 4Q/10-its fiscal second quarter- with net sales of $684 million and net income of $21.6 million, compared with the previous quarter figures of $635 million and $15.7 million, respectively. For the quarter, net sales increased 25% to the $684 million figure compared to $548 million for the year ago period. Operating income increased by 85% to $33.5 million from $18.1 million in the comparable prior year quarter while net income increased 83% to $21.6 million for the quarter ended December 31, 2010 versus $11.8 million for the quarter ended December 31, 2009.

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ID Data Now Vincento Payment Card Supplier

ID Data Cards has been reappointed Vincento Payment Solutions’ preferred card supplier on its “Kalixa” online eAccount and prepaid MasterCard for at least two more years. having first begun supporting the program in 2008, ID Data Cards will support the company’s expansion plans for the Chip & PIN “Kalixa Card” into at least five new European markets, providing a complete plastic card solution for all production and fulfilment requirements such as design, manufacturing, personalization and mailing. The “Kalixa” solution hit the UK in February 2009, followed by subsequent launches in Germany in November 2009 and most recently in Italy earlier this year.

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