Harland Rating Manager Mitigates Credit Risk Rating

Harland Financial Solutions has launched its browser-based CreditQuest “Rating Manager” risk and credit management software suite. Designed to enable financial institutions to improve the credit risk rating process “Rating Manager” automates the retrieval of existing data and ultimately route as the rating to designated staff for peer review, override or final approval, all while storing historical rating data for future analysis. It can accommodate multiple rating models that may be required to rate the various types of counterparties and credit products within an institution’s credit portfolio. It enables easy deployment of internal rating models and provides enhanced staff collaboration during processing. The CreditQuest risk and credit management software suite provides financial institutions tools to streamline credit management and to quickly identify risk and deliver consistent results.

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ScanSource Quarterly Sales Total Record $582mm

ScanSource POS, communications, and electronic security products has posted 2Q/10 net sales of $582 million and net income of $14.0 million. For the quarter, net sales increased 32% to $582 million compared to $441 million for the year ago period. Net income was up 12.4% compared to $12.5 million for the quarter ended June 30, 2009. Meanwhile, net sales increased $267 million, or 14.4% to $2.1 billion, compared to the prior year ended June 30, 2009; fiscal year operating income also increased 2.2% to $75.8 million from $74.1 million for the prior fiscal year; net income increased 2.4% to $48.8 million compared to $47.7 million for the prior fiscal year; and diluted earnings per share increased 1.7% to $1.82 compared to $1.79 in the prior fiscal year.

SCANSOURCE NET INCOME
1Q/09: $9.2 million
2Q/09: $12.5 million
3Q/09: $10.9 million
4Q/09: $11.8 million
1Q/10: $12.0 million
2Q/10: $14.0 million
SOURCE: Carddata.com

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Secured Financial Network Announces Reduction in Convertible Debt

Secured Financial Network released an update on the Company’s financial position. These show Funds to pay off the Nutmeg settlement are expected to come from our existing credit line. This transaction is expected to result in greater than $500,000 of “other income” affecting our third quarter 2010 results. This settlement prevents the conversion of Nutmeg debt into company stock that, as reported in the June 30, 2010 10-Q report, could have been potentially more than 7,350,000 shares due to the conversion of the notes and the grant of warrants under the terms of the notes.

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Final Phase of CARD Act Imminent

August 22 marks the date the final provisions of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009 will go into effect. As the most comprehensive overhaul of the credit card industry in history, the law has been implemented in stages over the past year to empower credit card customers with greater choice, predictability and transparency. The bulk of the reform provisions took effect in February for protection against interest rate increases, streamlining billing practices, restricting various fees, and providing greater safeguards for young adults. The provisions taking effect this Sunday require so-called “penalty fees” to be reasonable and proportional, ban inactivity fees, and require card issuers to review accounts that have had rate increases every six months to see if the higher rate is still warranted.

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Transaction Wireless Offers Retailers Virtual & mGift Cards

Transaction Wireless virtual and m-gift cards has inked agreement to provide virtual, mobile and gift card services for Gordmans low price department store and Thorntons convenience-store chain. With this, Transaction Wireless will offer the stores’ customers retail access through corporate websites and Facebook Pages through its relationship with OH-based Fifth Third Processing Solutions secure electronic payments and credit, debit and gift card processing services. This will allow consumers to log on to either www.gordmans.com : or www.thorntonsinc.com : , or visit the retailers’ pages on Facebook Platform, to select either TW virtual (email) or mobile gift cards.

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FNDS3000 Corp to Present at NIBA Investment Conference

FNDS3000 Corp prepaid processing company is set to present at the National Investment Banking Association’s (NIBA) 115th Investment Conference in Dallas. NIBA national not-for-profit trade association of regional and independent brokerages, investment banking firms, institutional investors and related capital market service providers host conferences to provide a venue for invited companies to share meaningful insight into their business operations. FNDS3000 Corp is engaged in executing a series of international growth initiatives designed to position the Company as a major player in the world’s fastest growing payment card segment: prepaid cards, serving the 40% of South Africa currently unbanked or underbanked.

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eEye Releases New PCI Compliance Guide

eEye Digital Security IT security vulnerability management solutions released its new instructional guide on how to reduce the cost of PCI compliance while protecting the IT environment, “Reduce the Cost of PCI DSS Compliance with Unified Vulnerability Management: A Requirement-by-Requirement Guide.” The guide encourages IT Security professionals to embrace new techniques and technologies that help cut the cost and time-investment of PCI compliance. Using powerful Unified Vulnerability Management capabilities, organizations can now meet challenging compliance requirements and fully protect their IT assets more efficiently and effectively than in past years.

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One World Ventures Launches Remittance In China

One World Ventures “1World Cash” money transfer service is expanding into China and is now able to remit and transfer funds from Hong Kong and other countries directly to all Chinese banks. The Company is able to leverage support, staffing and overhead from its Tutamen manufacturing subsidiary. The Asia Pacific region is one of the fastest growing markets for money transfer in the world. According to the World Bank, China is the second largest remittance-receiving country with $32.5 billion recorded in 2009. The Company also opened two new 1World Cash retail agency locations in Mong Kok (one of Hong Kong’s liveliest districts, jammed full of shops, street-side stalls, as well as Hong Kong’s famous Mong Kok Ladies Market).

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Allied Wallet Receives Level 1 PCI DSS Compliance

Allied Wallet has received level 1 PCI compliance validation with PCI DSS. Verified by Trustwave information security and compliance solutions, Allied Wallet is now officially validated for PCI Level 1 Compliance. Operating around the world, Allied Wallet allows websites to accept credit cards online and provides ewallet and ach processing solutions. The PCI DSS was created in 2004 by Visa, MasterCard, Discover Card, JCB, and American Express to standardize the payment card industry regulations and requirements for safeguarding cardholder information and protect against theft and fraud.

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Macy’s American Express Card Offers New Privileges

Macy’s has launched its Citi-issued American Express Card, providing cardholders both in-store and out-of-store dining, travel and retail offers. Among these is the “Daily Wish” program from American Express providing up to 50% off travel and electronics and emergency assistance referral services, while ‘Preferred’ American Express Cardholders can enjoy premium benefits through the Macy’s Preferred Travel service. Additionally, cardholders will have access to Macy’s savings offers through the “Star Rewards” program; 15% back from the total bill at participating restaurants from September 6 through December 31, 2010; and double rewards through the end of 2010 on gas, grocery and drugstore purchases. Macy’s ‘Preferred’ American Express Cardholders can access additional premium benefits, like unlimited $25 Star Rewards Certificates and Macy’s Preferred Travel service, which delivers thousands of dollars in exceptional savings through Best Available Rates and complimentary room upgrades at hundreds of hotels around the world.

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Spartanics Launches Laser Die Cutting Apps

Spartanics laser die cutting applications engineers have extensively tested laser die cutters with varying laser strengths and software configurations with a wide range of materials including: plastic films; polyesters; polycarbonates; foams; textiles; paper; adhesive tapes; non-wovens, wood, laminates, pressure-sensitive substrates, magnetic materials, polypropylene, polymides, abrasives, rubber, among others. Formalization of the Applications Laboratory signals Spartanics intent to systematize this growing knowledgebase for cross-industry access. The Spartanics Laser Die Cutting Applications Laboratory for Materials Research provides no-cost detailed engineering analyses of maximum material thicknesses that can be handled with these different substrates, including brand name materials, correlated to laser power and other variables.

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Credit Card Marketing Up More Than 100%, Q/Q

Credit card marketing to U.S. consumers has more than doubled in the past year, having skyrocketed to 1.1 billion offers in 2Q/10 from just 419 million in 2Q/09. This is thanks to increasing competition in the credit card industry… and the subsequent need to appeal to consumers. These figures are still far off the 1.5 billion pieces mailed in 2Q/08 when the economy was still in free fall and the nearly 2 billion pieces mailed in 3Q/07 before the recession took hold. The volume of card mail even retracted slightly from the 1.2 billion mailings delivered to consumers’ mailboxes in 1Q/10. Mintel Comperemedia says 28% of offers for new cards carried an annual fee, down from 33% a year ago, while 56% of mail offers promoted an introductory APR for both balance transfers and purchases, up from 37% a year ago. Additional Mintel findings show the longer the length of the introductory period, the more likely it is that the balance transfer fee will be 4%-5% rather than the standard 3%; rewards programs accounted for 80% of offers for 2Q/10; and the mean APR for variable rate offers declined to 13.79% from 14.21% in the previous quarter, the first quarterly decline since Q1 2009.

CARD MAIL
2Q/08: 1.5 billion
3Q/08: 1.4 billion
4Q/08: 0.9 billion
1Q/09: 0.5 billion
2Q/09: 0.4 billion
3Q/09: 0.3 billion
4Q/09: 0.5 billion
1Q/10: 1.2 billion
2Q/10: 1.1 billion
SOURCE: Mintel

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