Nearly 30% of Gen Yers In Financial Trouble

Gen Y’ers, the 87 million Americans age 18-34, are currently experiencing financial stress and difficulty in obtaining credit. Nearly 30% of Gen Y’ers report having difficulty in managing their spending, more than 20% wait longer to pay their bills, and 35% have borrowed money from friends or family members. Meanwhile, 50% report increased stress about financial obligations in the last six months; 33% have seen their financial situation worsen in the last six months; 27% have been turned down for a loan or line of credit; and 60% have not seen their credit score in the past year while 44% have never seen their credit score. In response to these findings, by Western Union, the same Company is recommending consumers establish a Budget using the multitude of free online tools; Know their Credit Score; keep up with bills and build an emergency fund.

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KeyBank Makes Available Fiserv mBanking

KeyBank is now providing customers with mobile banking services through “Mobile Money” from Fiserv. With “Mobile Money,” KeyBank customers can access their accounts through SMS (text messaging) as well as receive a variety of account alerts, including notifications about low balances or transactions above a certain amount. These capabilities help customers better manage their finances. KeyBank can now reach existing online banking customers as well as the untapped market of offline-banking customers. Flexible enrollment options will help the bank expand the service to a range of users, including those that do not bank online but have a demand for easy, self-service access to financial information throughout the day. KeyBank can support mobile customers through channels, allowing the Bank to offer mobile banking to a wider group of customers than might otherwise use the service.

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Wells Fargo Launches Student mBanking

Wells Fargo is helping college students prepare for the transition to financial independence through a broad array of lending and financial management products and services through online and mobile channels. With this, Wells Fargo is making available “Education Financial Services” for helping customers make smart borrowing decisions, implementing a complementary solution to meet the expenses of undergraduate and graduate studies. Also, the Wells Fargo “Student Loan for Parents” assumes adults responsibility for the loan. Additional products include the “College Combo,” featuring College Checking(R) account, free access to Online Banking with free Bill Pay, Debit Card with free access to more than 12,000 Wells Fargo and Wachovia ATMs nationwide, and Savings Account; “CollegeSTEPS” Program; “Mobile” banking; “My Savings Plan” tool; “My Spending Report with Budget Watch;” and “Account Alerts.”

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ACI Remittance Achieves SWIFTReady Accreditation

The ACI “Money Transfer System” has achieved the “SWIFTReady” accreditation for payments for the thirteenth consecutive year. The “SWIFTReady” accreditation for payments recognizes that “Money Transfer System” reaches standards for initiation, generation, processing and settlement of payments, and demonstrates ACI’s commitment to SWIFT’s standards, products and services. The “SWIFTReady TSU” label is granted to trade applications that work in a banking back-office context. The “Money Transfer System” is a multibank and multicurrency global payments processing and risk management system that provides continuous processing capabilities. The system is a single, integrated solution for domestic and international payments processing which supports processing for transactions under the SEPA Credit Transfer and Direct Debit schemes.

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First Federal Savings of Lorain Implements Fiserv Processing

First Federal Savings and Loan Association of Lorain, Ohio, has chosen an integrated banking solution based on the Fiserv “Cleartouch” bank platform. A community bank with $445 million in assets and seven branches located along Ohio’s North Coast, First Federal selected outsourced processing and solutions from Fiserv to ensure that it had the technology to deliver outstanding products and services to its local communities for the long-term. With “Cleartouch from Fiserv,” bank customers have access to a real-time account processing solution that integrates best-in-class Fiserv product offerings to address the business needs of growing community and mid-sized banks. Cleartouch is delivered online through a secure service bureau environment.

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Global Axcess Posts 2Q/10 Revenue Up 3% Y/Y

Global Axcess self-service kiosk solutions posted 2Q/10 revenue of $5.5 million, a 3% increase year over year. The Company’s core revenue from ATMs was $5.4 million while DVD
rental revenue was $60,000. ATM and DVD kiosk operation generated income of $625,000 and a loss of $293,000, respectively. Additional items show EBITDA from continuing operations
was $751,000, income from rental revenue was $103,000; core ATM operating income totaled $1.2 million and DVD operating loss totaled
$418,000. For the first half of the fiscal year, total revenue was $10.9 million; Core revenue from ATMs was $10.8 million;
DVD continuing operations was $332,000 and net income was $121,000.

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U.S. Bank Implements Panini Check Scanner

U.S. Bank has inked agreements to make available the Panini “I:Deal” check scanner for Deposit Express, a Remote Deposit Capture (RDC) solution for small businesses. The “I:Deal” check scanner is designed specifically for small business RDC, provides U.S. Bank small businesses an innovative check scanning solution featuring advanced check reading technologies to make deposits from the convenience of their office. U.S. Bank is actively marketing its new RDC solution to small business customers and partnering with Panini on several promotions to assist with these efforts.

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Visa Enhances Business Network for Small Businesses

With social media adoption by small businesses having doubled from 12% to 24% over the last year and 57% having built a network through an online networking site, Visa announced significant enhancements to the Visa Business Network online community. Helping small business owners manage their businesses more efficiently, connect with and gain insight from peers, and ultimately grow their business, the Network now allows small business owners to interact with peers in a collaborative way for growing their customer base and managing business. The 100,000 active network members now have access to such tools as Business Goal Toolkits, offering “how to” guides that lead small business owners through the process of setting and achieving business goals; the “Small Business Mentor Program” with personalized help and guidance from other successful small business owners; the “Question & Answer Forum”; and “Content Ranking” for quick access to the resources and articles fellow small business owners have declared most useful.

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Consumer Credit Card Debt Up 14% Y/Y

Trend data for July 2010 shows credit card debt amongst consumers with a credit card decreased by 1% since June 2010 while credit card debt is up nearly 14% since July 2009. July 2010 saw an average of $7,752 in credit card debt; $176,042 in home mortgage loans; $51,807 in home equity; $15,080 in auto loans; and $28,301 in student loans. This, according to CreditKarma.com credit advocate “U.S. Credit Score Climate Report,” also showed credit scores remained stable at 668, down one point since the end of January and down five points since July 2009; consumers in Nevada and South Carolina paid down their credit card balances the most in July 2010; and consumers in New Jersey overtook California and Massachusetts as the state with the highest credit scores.

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USA Tech Cashless Vending Adoption Up 30k Units

The adoption of cashless payment technology is accelerating, with USA Technologies having increased the number of devices connected to its network by approximately 9,000 during 2Q/10 to more than 82,000, compared to approximately 52,000 in 2Q/09. In addition, USA Technologies added approximately 150 new customers to its ePort Connect Service for the quarter and is now up to approximately 1,050. Results from 41,000 traditional vending machines (beverage, food and snack) connected to the USALive Network over the latest 18-month period, showed that vending machines were averaging $1,508 in annual credit/debit card purchases, and that the top 10,000 vending machines were averaging $2,973 in cashless sales annually. Various vending operators and bottlers have indicated that total sales revenue has grown by 15 percent per machine within a year or two after installing cashless payment terminals in that machine.

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First Data Revenue up 18% Y/Y

First Data 2Q/10 consolidated revenue was up $2.6 billion was up 18% since the year ago period thanks in great part to the Bank of America Merchant Services alliance. Adjusted revenue was $1.6 billion, up 4% thanks to merchant acquiring growth in the Retail and Alliance Services segment, while EBITDA was $513 million, compared with $589 million in the second quarter of 2009. Retail and Alliance Services segment revenue for the first quarter was $737 million, up 7%, while transaction growth was 9% and segment EBITDA was $249 million, compared to $265 million in 2Q/09. For the quarter, the net loss attributable to First Data was $171 million.

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
SOURCE:Carddata.com

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2/3 of ACH Processors Say Dispute Volumes Up

Among automated clearing house (ACH) processors, 63.4% have seen transaction dispute volumes increase in 2009, 27.2% of which having indicated less than a 5% rate of growth. However, 25% indicated a transaction dispute volume grew between 5 and 10% while 6.7% reported an increase of 11 to 20% and 4.5% saw disputes grow by more than 20%. These findings, according to the results of survey conducted by eGistics information management solutions, result in higher operations costs and more write-offs and losses for many of the processors. Additional findings show 29.5% believe higher ACH transaction dispute volumes are a function of higher overall ACH volumes; 9% cite increasing customer familiarity with ACH payments; and 11.3% indicate their volume of ACH transaction disputes declined in 2009 while 15.9% saw no change.

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