TARJETA PRIVADA

Moody’s Latin America has assigned a rating of Aaa.ar (Argentine National Scale) and of Ba3 (Global
Scale, Local Currency) to the Debt Securities (VDF) of Fideicomiso
Financiero Tarjeta Privada XVIII issued by Banco de Valores – acting
solely in its capacity as Issuer and Trustee and also assigned ratings of Ca.ar (Argentine National Scale) and Ca
(Global Scale, Local Currency) to the subordinated Certificates. Banco de Valores S.A. (Issuer and Trustee) issued one class of
peso-denominated, floating-rate bonds (VDF) and a residual piece (CP),
all of them backed by a pool of credit card receivables originated and
serviced by Banco Privado de Inversiones (BPI). BPI is the seller of the receivables and the primary servicer of the
transaction. The bank was founded in 1993 to provide financial services
to the middle-high and high income segment of the market. In 1996, BPI
began issuing MasterCard and Visa credit cards to its customers.
The VDF original balance is equal to 80% of the original pool balance.
At closing, the VDF were backed by credit card outstanding balance
generated by eligible accounts. The ownership of those accounts remains
with the originator but the receivables assigned to the trust. The
transaction has five reserve funds: an expenses fund, a liquidity reserve
fund, a backup servicer replacement fund, and sinking funds for the
interest and principal. The VDF will bear a floating interest rate (BADLAR + 300bps) with a
minimum rate of 13% and a maximum rate of 22%. If an early amortization
event occurs, the revolving period will terminate automatically. Moody’s considered the credit enhancement provided in this transaction
through the initial subordination levels (20% for VDF), as well as the
historical performance of BPI’s portfolio. In addition, Moody’s
considered factors common to consumer loans securitizations such as
delinquencies, payments rate and losses; as well as specific factors
related to the Argentine market, such as the probability of an increase
in losses if there are changes in the macroeconomic scenario in Argentina.

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Wells Fargo Completes CA Wachovia Merger

Wells Fargo and Wachovia combined banking operations in California this past weekend as part of their historic merger. Wells Fargo now has 1,043 banking stores in California, the largest retail bank network in the state and more than 3,200 ATMs, offering 4.5 million customers more convenience and providing continued support to local communities. Over the weekend, 100 Wachovia banking stores and 18 Wells Fargo stores were consolidated into nearby banking stores statewide. California follows Arizona, Nevada, Illinois, and Colorado whose Wachovia and Wells Fargo stores have already combined. The Wachovia brand will become Wells Fargo in other states throughout 2010 and 2011 as part of the largest merger in banking history. On Dec. 31, 2008, Wachovia Corporation became a part of Wells Fargo & Company. At that time, there were six states where both Wells Fargo and Wachovia had retail banking operations: Colorado, Arizona, Nevada, Illinois, Texas and California. Colorado was the first state to transition in November 2009. Banking stores in Arizona, Nevada and Illinois combined operations last month. The transition in Texas is planned for July, and the Wachovia retail banking transition to Wells Fargo in the east and southeast will start later in 2010 and continue through 2011.

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INTERCHANGE FEES

E-payment processor Euronet Worldwide has been informed that Visa Europe notified its member banks that it will lower the Polish domestic ATM interchange fee from PLN 3.50 to PLN 1.30
, effective May 1, 2010. The interchange fee is paid by issuers of Visa logo’d cards to the owners or operators of ATMs for transactions such as cash withdrawals on ATMs.Because the reduction in the interchange fee has various direct and indirect impacts on the results of operations of the Polish business, the Company cannot predict the effects of the reduction with certainty. The Company currently expects that the lower Polish interchange fee will reduce Euronet’s pre-tax profits by approximately $5.6 million and $5.0 million in 2010 and 2011, respectively and after tax profits by approximately $4.4 million and $4.0 million, respectively, based on current exchange rates. For the remainder of 2010, Euronet estimates the quarterly pre-tax profit impact to be approximately $1.5 million in the second quarter, approximately $2.8 million in the third quarter and approximately $1.3 million in the fourth quarter. The decrease in projected loss between 2010 and 2011 is principally the result of anticipated cost savings from renegotiated vendor service contracts and, to a lesser extent, additional ATM transactions processed as a result of lower interchange fees charged to cardholders. While this announcement has no impact on first quarter 2010 results, Euronet expects the impact of this fee adjustment on the results of operations of its Polish business to be significant in future periods. Currently, Euronet has approximately 1,500 Company-owned ATMs under management in Poland, provides outsourced management services to Polish financial institutions and, through network participation agreements, makes its 2,560 ATMs available to financial institutions in Poland. Approximately 25% of Euronet’s 10,283 operated ATMs are in Poland and approximately 7.5% of Euronet consolidated revenue is earned in Poland.

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Best Western and Barclaycard Relaunches MasterCard Reward Program

MasterCard Worldwide and Barclaycard US have re-launched their
rewards card program with Best Western International. Cardholders can
now earn five Best Western Rewards points, up from the 3.3 points earned
previously for every $1 spent at Best Western and one point for every $1
spent away from Best Western. The Best Western Rewards program also
features unique point redemption options in addition to hotel stays such
as gift cards, Best Western Travel Cards, dining rewards, theme park
awards, gas and auto rewards such as car rental certificates and
charitable contributions. In addition, the card program now features
other World MasterCard benefits, such as up to 5,000 bonus points for
balance transfers for new cardholders; 0% on balance transfers for the
first six months for new cardholders and exclusive point redemption
discounts and offers. Travelers who sign up for the card and use it once
will receive 16,000 bonus points, which is enough for a free night’s
stay at roughly half of Best Western’s 2,200 North American hotels. In
addition, cardholders who use the card for $6,000 in purchases within a
calendar year will earn an upgrade to Elite status in the Best Western
Rewards program, which entitles them to at least a 10% point bonus on
all Best Western hotel stays.

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NUBRIDGES & THALES

nuBridges is partnering with information security provider Thales to help payment industry companies strengthen their credit card protection and reduce scope for Payment Card Industry Data Security Standard (PCI DSS) compliance and audits. nuBridges has integrated its award-winning nuBridges “Protect” encryption, tokenization and key management solution with the Thales nShield product family of hardware security modules (HSMs). nuBridges “Protect” is the industry’s first data security software solution to combine universal Format Preserving TokenizationTM, local, field-size-preserving encryption, unified, full-lifecycle key management and security event logging. Tokenization in particular reduces risk and has the added advantage of taking systems, applications and processes out of scope for PCI DSS audits, thus reducing the complexity and cost of compliance. The nuBridges Protect Key Manager generates, distributes, rotates, revokes and deletes keys for both local field-size-preserving encryption and format-preserving data tokenization. When organizations secure cardholder information using encryption and tokenization, safeguarding the keys that encrypt and decrypt the data becomes paramount. If keys are lost accidentally, the data associated with them is unrecoverable and, if keys are stolen, criminals can use them to decrypt and access credit card numbers. Validated for FIPS-140-2 Level 3 and Common Criteria EAL4+, Thales HSM solutions secure critical system and data encryption keys that underpin nuBridges Protect in a tamper resistant hardened device, adding an important extra layer of security and satisfying widely established key management best practices. Thales e-Security is a leading global provider of data encryption solutions to the financial services, high technology manufacturing, government and technology sectors.

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Heartland Gift Marketing Program Expands Partnerships

The National Restaurant Association, Council of State Restaurant Associations and the vast majority of state restaurant associations have added Heartland “Gift Marketing” as an endorsed business solution offered by Heartland Payment Systems. The Council of State Restaurant Associations joined the partnership in February, and currently 41 state restaurant associations are on board, demonstrating the strength of the alliance and its importance to the industry. The partnership’s “Full Course Business Solutions” initially launched with exclusively endorsed card processing, payroll services, tip management and check management solutions. Adding gift marketing to Full Course empowers restaurateurs to leverage traditional gift cards to promote their businesses, grow their customer base and their revenue.

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LAMBTON FCU & FISERV

Lambton Financial Credit Union Limited of Sarnia, Ontario has chosen the Fiserv’s “Acumen” account processing solution. After an extensive review of solutions on the market, Lambton Financial Credit Union selected Acumen to support its growth strategy. Leaders of the credit union cited Acumen for its integrated loan processing capacity, 360-degree member views, and ability to improve back-office processes. The Canadian service bureau and feature-rich functionality of Acumen, like the eJournal, designed to enhance workflow throughout the credit union’s departments, work groups and branches, were key considerations that led Lambton Financial Credit Union leaders to select Acumen. Lambton Financial Credit Union is the 15th Canadian credit union to choose Acumen for core banking.

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NetSpend Appoints New CFO

TX-based prepaid debit program provider NetSpend has hired George W.
Gresham as Chief Financial Officer.
Gresham joins NetSpend from Global Cash Access, Inc. (GCA) where he
served in the same capacity. Gresham joined GCA, a leading provider of cash access services to the
gaming industry, in February 2008 and was responsible for all facets of
the company’s financial activities. Prior to his tenure at GCA, Gresham
served as Chief Financial Officer, Chief Administrative Officer and
Executive Vice President of EFD eFunds Corporation, a NYSE-listed
company that specialized in the development and deployment of payments
and payments-related technology.
Gresham holds a BS in Accountancy from Northern Arizona University, an
MBA from the Thunderbird School of Global Management and is a Certified
Public Accountant.

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Online Resources Gets BSP Patent

Online Resources Corporation has been awarded a
new patent for a broad range of biller service provider (BSP) bill
payment transactions by the United States Patent and Trademark Office.
The new patent covers BSP bill payment transactions including payments
using credit cards, debit cards and PINless debit via live agent, IVR
and web-based payment systems. The patent, “Method and System for Remote Delivery of Retail Banking
Services,” is a continuation application of Online Resources’ original
U.S. Patent, No. 5,220,501, which covered online banking and bill
payment services and expired in December 2009. This original patent
granted Online Resources exclusive rights to process various real-time
electronic Automatic Teller Machine (ATM) network-based debit
transactions for consumers using home terminals to purchase goods or
services, pay bills and/or do home banking.
Online Resources’ eCom Advantage Suite is a comprehensive set of
electronic billing solutions for presentment, payment and receivables.
Clients are billers in many industries such as credit card, auto
finance, mortgage, insurance, healthcare, telecommunications and
utilities, including 13 of the top 20 U.S. card issuers.

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NEOVIA

NEOVIA Financial alternative payments has made available a significant upgrade to its Merchant Services business that forms part of its NEOVIA Payment Network, which allow merchants to directly accept and settle card payments through NEOVIA’s “NETBANX” service. In doing so, the merchants do not incur the complexity nor the the cost of managing an additional bank direct acquiring relationship. The “NETBANX” solution also provides MasterCard and VISA acquiring and processing without the need for managing a direct bank relationship or Merchant Account; a fault tolerant processing platform with second physical data-centre location with optional disaster recovery; CNP service, including Web, IVR and call centre/MOTO; PCI DSS Level 1 compliance; and payment support for global processing of American Express, PayPal, NETELLER, Ukash, and direct-from-bank payments such as iDEAL, Giropay, and Direct Debit.

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PayPal Available on AliExpress E-Commerce Platform

Small business e-commerce provider Alibaba.com Limited now is offering PayPal on the
“AliExpress” platform. With this agreement, AliExpress merchants can now avail their customers
with PayPal as a fast and secure payment option. Businesses will now be
able to easily source goods through AliExpress using PayPal in their
preferred local currency. PayPal is one of the leading online payment
platforms in the world with more than 84 million active accounts and
more than 8 million merchants in 190 markets and 24 currencies around
the world. AliExpress allows customers to
tailor orders to the needs of their small businesses, offering
smaller-quantity orders, instant online transactions, and an escrow
service to protect buyers and sellers. The alliance will provide customers around the world with the
convenience and protections that PayPal has built over its 12-year
history, in addition to the escrow service offered on the AliExpress site.

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