AmEx Appoints Executive VP & CIO

Toby Eduardo Redshaw has been appointed executive vice president and chief information officer with American Express. With this, Redshaw will serve on the American Express Business Operating Committee and will be responsible for further strengthening strategic use of technology. Bringing with him extensive experience, he most recently served as Global Chief Information officer, where he’s been since 2008, in which role he unified and transformed the Company global approach to technology. This after having served as Corporate VP for Innovation, Data, Enabling Platforms and Architecture Services (I.D.E.A.S.) with Motorola and GM of a Silicon Valley start-up that provided software-as-a-service and supply-chain solutions. He holds double-major bachelor’s degree in economics and philosophy from the University of Memphis.

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FIS to Provide Item Processing for PrivateBank

PrivateBancorp will outsource portions of its item processing operation to FIS banking and payments technology. The PrivateBancorp conversion to FIS’ item processing and branch capture solutions will allow its banking unit to have a totally integrated solution that is flexible and more efficient than its current operations. FIS’ item processing and branch capture solutions will enable The PrivateBank faster uploads for statement and image files for eBanking customers; more robust fraud prevention tools; and a centralized keying and balancing function they can now maintain in-house, which will provide them with better internal controls over these processes. The PrivateBank has already deployed FIS’ IBS core banking solution, ATM/debit card processing, consumer and business eBanking, card production services, SendPoint merchant capture, and risk and compliance products.

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Alert Logic Achieves PCI DSS Compliance

Alert Logic log management, intrusion detection and cloud security solutions has completed its Self-Assessment Questionnaire D for Service Providers in compliance with the PCI DSS and is PCI Service Provider Level 2 certified. Alert Logic helps organizations eliminate the burden of PCI compliance management as the security industry’s only cloud-powered vulnerability assessment, intrusion detection and log management solution. Together with a 24×7 Security Operations Center that provides monitoring by certified security analysts as well as redundant data centers, Alert Logic provides organizations with the most affordable and easy means to secure their networks and comply with PCI DSS in ways traditional security solutions cannot.

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Global Cash Access 3Q/10 Revenue Up 7.4% Y/Y

Global Cash Access has reported 3Q/10 revenue of $152.1 million down 7.4% from the $164.3 million in the year ago period, thanks to continued weakness in the gaming sector and consumer revolving credit. Operating income was $13.3 million, down 23.7% from the $17.5 million in the year ago period; EBITDA was down 20.4% to $17.3 million; and income from continuing operations was down 28.2% year-over-year to $9.4 million. With this, Global Cash Access is forecasting continued declines for the remainder of 2010 and lowering its annual guidance for GAAP EPS to between $0.33 and $0.36, and Cash EPS to between $0.53 and $0.56. This is assuming cash outlays for capital expenditures of approximately $7 to $9 million; fully diluted shares outstanding for the full year of approximately 67.5 to 68.5 million shares; The expiration/non-renewal of the Company’s largest customer contract effective end of month November 2010; and Debt repayment of between $15-30 million during the fourth quarter of 2010.

GCA REVENUE HISTORICAL
3Q/09: $164.3 million
4Q/09: $148.8 million
1Q/10: $158.5 million
2Q/10: $173.0 million
3Q/10: $152.1 million
SOURCE:CardData.com
(www.CardData.com)

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FNDS3000 Frees up $1mm in Cash and Working Capital

FNDS3000 international prepaid processing has implemented additional savings in U.S. corporate overhead expenses which have helped the Company to free up approximately $1 million in cash and working capital over the next 12 months. These measures include having reduced contracted consulting fees to the Company’s former CEO and its former President, whom have both signed settlement agreements for a total of $301,000 in combined cash obligations to be reduced to $60,000 payable in cash. The company is currently introducing electronic payment solutions prepaid card business to the South African market, for which the newly available funds will be used to support and consolidate growth. FNDS3000 is focused on the 40% of the adult population in South Africa currently unbanked or underbanked with prepaid card programs and services.

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Indyme Launches mPOS Solution

Indyme Solutions has introduced its “QuickConnect” mobile application that speeds up staff response times to shoppers requiring assistance, POS staff needing help, or other urgent store events in need of a fast response. It lets retailers send instant notifications of such events to smart phones and PDAs in addition to Two-Way Radios, PA systems, and wireless phones. The application provides users with an easy-to-use interface to accept, decline, or re-assign a request providing an efficient way to escalate or forward the notification depending on the response.

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MasterCard Joins JP Morgan Investor Conference

Laura Kelly, group executive, Global Prepaid Solutions for MasterCard, will participate in the J.P. Morgan Ultimate Services Investor Conference in New York City. The presentation will begin at 2:00 p.m. Eastern Time and last for approximately 40 minutes. A listen-only live audio webcast will be accessible through the Investor Relations section of the MasterCard website at www.mastercard.com. An audio replay of the session will also be available for 30 days at the same website location.

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First Data Posts Consolidated Revenue Up 8% Y/Y

First Data 3Q/10 consolidated revenue was $2.6 billion, up 8% since the year ago period thanks in great part to increases in debit network fees and a timing benefit of $23 million from card association fees. Meanwhile, higher incentive compensation accruals of $31 million and asset write-offs of $9 million negatively impacted First Data financials, for a subsequent adjusted revenue of $1.6 billion. This was up 2%, however, since the year ago period thanks to growth in Retail and Alliance Services, which had a segment revenue growth of 7% since the year ago period to $851 million thanks to transaction growth of 9% through continued penetration of check processing, prepaid card, and point-of-sale equipment. Adjusted revenue growth was also thanks to Retail and Alliance Services having added 10 referral agreements, one new revenue sharing agreement and 20 new independent sales organizations and Financial Services segment revenue having increased 4% to $354 million since the year ago figure. Additional disclosures indicate active card accounts on file declined 4%; debit issuer transactions were up 7%; segment EBITDA was $144 million down $4 million or 3% compared to 2009; and the Financial Services segment renewed 419 contracts.

FIRST DATA REVENUE
1Q/09: $2.1 billion
2Q/09: $2.2 billion
3Q/09: $2.4 billion
4Q/09: $2.6 billion
1Q/10: $2.4 billion
2Q/10: $2.6 billion
3Q/10: $2.6 billion
SOURCE:Carddata.com

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Cantor Gaming Appoints CFO

Cantor Gaming has appointed Coreen Sawdon CFO to oversee strategic management of accounting and finance operations at Cantor Gaming. She joins Cantor Gaming from Shuffle Master where she served as Acting CFO, SVP and Chief Accounting Officer. Prior to joining Shuffle Master, Ms. Sawdon held several positions at GES Exposition Services including Vice President of Finance. Ms. Sawdon started her career at Ernst & Young and subsequently held increasingly senior positions at Coopers & Lybrand and Arthur Andersen.

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Discover Spending Monitor Up 1.8 Points in October

Increased optimism toward the economy and personal finances was up in October for the first time since May by 1.8 points to 87.5 on the Discover US Spending Monitor. With this, those rating the economy as poor remained unchanged for the third consecutive month at 57%; 49% feel economic conditions are worsening, down 2 points from September and falling below the 50% majority mark for the first time since June; and those disclosing they feel the economy is getting better was up 1.8 points to 27%. Meanwhile, Those who feel their personal finances are getting worse dropped to 47% from 49% in September and subsequently plan to cut out discretionary spending. Namely, 47% plan to go less to dinner or the movies; 49% plan to spend less on home improvements, down one point from September and 3 points from a year ago; and 47% plan to spend less on gym memberships and vacations, down one point from September and 4 points from a year ago. This might be because only 47% this month expect to have money left over after paying all their bills- unchanged since August, 80% of whom plan to have the same or more money left over, while 37% are expecting an income shortfall or added expense in the next 30 days.

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AXXESSPAYMENTS.COM

Axxess Payments credit card processing has introduced its axxesspayments.com website to showcase its products and guide merchants through the large range of options available to them in payment processing and e-commerce. Axxess Payments wants to make potential clients aware of other ways merchants can serve customers better, while saving money compared to competitive offerings. Options such as wireless terminals, gift cards and business funding are ways businesses can continue to find efficiency and growth opportunities. Axxess Payments is known for their inexpensive credit and debit card processing rates, while providing standalone and wireless credit card machines, virtual terminal and Internet solutions. This, in addition to flexible payment options and round-the-clock tech support, sets the tone for customer service in the payment processing industry.

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TSYS to Present at Wells Fargo Tech Conference

Philip W. Tomlinson, chairman of the board and chief executive officer of TSYS, will be presenting at the Wells Fargo Technology Conference in New York, on Tuesday, November 9, from 2:05 – 2:35 p.m. EST. Interested persons may listen to this presentation via a simultaneous Internet broadcast at tsys.com by clicking on the link under “Webcasts” on the homepage. The Webcast will be archived on www.tsys.com : for 90 days. TSYS outsourced payment services provides issuer- and acquirer-processing technologies for consumer-finance, credit, debit, loyalty and prepaid services in the Americas, EMEA and Asia-Pacific regions.

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