Moody’s Rates GE Capital 2010-2 Credit Card Deal

Moody’s has assigned provisional ratings to GE Capital 2010-2 Credit Card Deal with the rating of $250 million in Asset-Backed Securities.
The rating is based on the quality of the underlying pool of credit card
receivables, the expertise of the originator, GE Money Bank, and the servicer, GE Capital Corporation, (Aa2/P-1), the transaction’s legal and structural protections, including early amortization triggers, credit enhancement in the form of a spread account for the primary benefit of the Class C notes, and the Excess Collateral Amount. The Trust consists of private label and co-branded credit card
receivables generated on accounts originated and underwritten by GE Money Bank. Retailers which are currently included in the Trust portfolio are, among others, JCPenney, Lowe’s, Sam’s Club, Wal-Mart, Old Navy, GAP, Banana Republic, Dillard’s, Paypal, and Belk. Approximately 50% of the receivables in the portfolio emanate from accounts with an age greater than 60 months.

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Western Union Offers Remittance at Giant Eagle

Western Union is now offering Money Transfer Services to PA-based retailer Giant Eagle. Western Union services will be available at participating Giant Eagle, Market District, Giant Eagle Express, and GetGo Agent locations starting April 1, 2010. All participating stores will offer Western Union Money Order payment instruments and many locations will allow consumers to send their bill payments using the Western Union Convenience Pay service, all while grocery shopping. The new multi-year agreement between Western Union, a leader in the money-transfer segment of global payments, and Giant Eagle, one of the nation’s largest food retailers and food distributors, will connect consumers to more than 364,000 Western Union Agent locations worldwide.

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MainStream Merchant Launches MainStream Assurance

Payment solution processor MainStream Merchant Services has introduced
“MainStream Assurance” business continuity program that ensures prompt
replacement of POS terminals and automatic reordering of terminal supplies.
Unlike similar programs from other payment processing providers,
MainStream Assurance also includes free terminal supplies, to ensure
full business continuity. In addition to credit card processing, MainStream’s comprehensive suite
of merchant payment solutions includes the latest in POS terminals,
custom gift card processing, PC and Web-based credit card processing and
merchant cash advance and check guarantee and check conversion services.
MainStream Assurance enables merchants to quickly receive a new credit
card terminal should their existing one fail for reasons other that
normal wear-and-tear.

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Galileo Hires Strategic Partnerships Executive

Financial solution provider Galileo Processing has hired Philip Cormier as Strategic Partnerships Executive. Cormier, who has 16 years of experience developing and offering financial solutions to the underbanked, will be primarily responsible for helping Galileo’s existing and future partners effectively service the underserved with the best in innovation and consumer experience. Prior to joining Galileo, Cormier was Vice President of Marketing for ACE Cash Express, a leading retailer of alternative financial services with more than 1,700 outlets in the US. Before joining ACE, Cormier was Senior Vice President of Marketing for Bank of America from 1997-2001. His primary focus was delivering subprime financial products through the company’s retail branch network. Prior to Bank of America, Cormier was Assistant Vice President of Marketing for The Associates Financial Services Company, Inc. (AFSCI), where he developed and marketed consumer financial products to the marginally banked. Cormier holds a Bachelor of Business Administration from the University of Texas, Arlington and a Master of Business Administration from Southern Methodist University.

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Erste Bank Hungary Deploys Diebold ATMs & Software

OH-based Diebold is set to implement innovative payment solution for utility bills through Erste Bank Hungary ATMs. OCR-based utility bills are in use, which can be paid at post offices or alternatively via wire transfer from home internet banking. Transaction amount, identification and other information are printed in the bottom part of the utility bill with OCR characters. Thanks to Diebold’s bulk-deposit Intelligent Deposit Module (IDMbd) technology, Diebold “Opteva” ATMs can process these images, convert them to Hungarian Post-compatible format, copy transaction data and stamp images to the bill, forward it to the host, and print a copy of customer portion of the bill with the receipt printer. The initial phase of the project entails Erste Bank to pilot the bill payment service on 12 Diebold “Opteva” ATMs equipped with IDMbd and Diebold “Agilis” multi-vendor software application.

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On Track Innovations Announces Two New Board Members

On Track Innovations contactless microprocessor-based smart card solutions for payments has elected Mr. David P. Stone and Mr. Mark Green as members of its board of directors. With this, the board is comprised of nine members. Stone retired as a senior partner in the New York-based international law firm of Weil, Gotshal & Manges LLP (“WGM”) at the end of 2005. For approximately 35 years prior to his retirement, Mr. Stone was engaged in the practice of law, specializing in corporate, securities and mergers and acquisitions law. At WGM, he founded and led the firm’s Israel Practice Group which, during his tenure, represented the issuers, underwriters or selling shareholders in connection with more than 90 public offerings of equity or debt securities by Israeli companies in the United States. Green is head of Technology and International Banking at Merriman Curhan Ford, a New York-based investment bank. Mr. Green previously headed C.E. Unterberg, Towbin’s (and later Collins Stewart’s) banking efforts in Israel, where he advised technology companies on cross-border public and private financings and mergers & acquisitions.

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WePay Solution Helps Groups Collect & Manage Money Online

WePay online payment service has released a public beta of its group payment product. Allowing users to create free FDIC-insured accounts and “share” them with others to maintain transparency and send electronic bills, WePay funds are made available with a WePay VISA prepaid card, paper checks, or electronic transfers. Clubs, organizations, and associations of all sizes can use WePay to send bills and collect money, solicit donations, send reimbursements, and spend money transparently while keeping funds separate to avoid mixing group finances with personal ones.

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Economy Causes 5% Drop in Prepaid Card Use

Amidst the recession, U.S. consumer usage of prepaid and gift cards dropped from 66% in 2008 to 61% in
2009. The decline in gift card sales and value began to turn around by the end of 2009 and will regain
momentum in 2010 along with prepaid products, according to Javelin Strategy & Research 2010 Prepaid and
Gift Card Market report. Based on its annual payments survey of 3,294 consumers, vendor interviews and
Javelin expert strategic analysis, the report shows 56% of consumers used a gift card in the past year; less
than half that many used a prepaid card. Also, More than one in every five American households lacks a
checking and/or savings account and one in five underbanked consumers have used a prepaid card in the last
90 days. An increase in vertical integration may also occur, with consumers and businesses preferring one-stop
shop, end-to-end providers to the many niche players participating in the market today.

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iReel.com Using ThreatMetrix for CNP Transactions

iReel.com, a provider of online movie rentals, is using
the “ThreatMetrix Fraud Network” to eliminate real-time fraudulent
credit CNP use. Delivered as a cloud service, the “ThreatMetrix Fraud
Network” is unique among fraud detection solutions because it can
address all three of the major web fraud scenarios: verifying customers,
authorizing transactions and authenticating users, all in real-time
without customers providing personally identifiable information. The
ThreatMetrix Fraud Network is a web-based system that utilizes a
wide variety of device- and transaction-related data, not including PII,
to build a contextual score that delivers all the information security
pros need to make a thoughtful go, no-go decision about a customer. The
“ThreatMetrix Fraud Network” can automatically add
transaction and device identifiers to blacklists and whitelists with the
click of a button, and it can search transactions according to any
attribute.

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CALPINE & TRINTECH

Financial risk management provider Trintech has been selected by electric utility Calpine to implement the Trintech’s ” Unity Xtensible Financial Reporting” (XFR) software with embedded support for report tagging and generation of XBRL-compliant financial statements. Unity XFR is a component of Trintech’s Unity platform which
enables companies like Calpine to increase the accuracy and transparency
of financial reporting, reduce operational costs, shorten cycle times
and reduce the risk of material weaknesses and restatements. Unity XFR, with embedded support for XBRL report tagging, is a
production platform to manage and record the entire financial reporting
process from period close to SEC filing. Advanced collaboration,
validation, document management, and workflow features allow customers
to harness the distributed expertise of key stakeholders within the
business in order to streamline the process of creating quarterly and
year-end financial statements.

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Cardtronics Set to Sell 7MM Shares of Common Stock

ATM provider Cardtronics has announced the pricing of an upsized secondary public offering of 7
million shares of already outstanding common stock at a price to the
public of $12 per share. The shares of common stock are being sold by
the following selling stockholders: CapStreet II, L.P., CapStreet
Parallel II, L.P., and investment funds affiliated with TA Associates.
The offering was upsized to 7 million shares of common stock from the
base offering of 6 million shares of common stock and is scheduled to
close on April 6, 2010. The selling stockholders have granted the
underwriters a 30-day option to purchase up to an additional 1,050,000
shares of common stock to cover over-allotments, if any. Piper Jaffray& Co. and UBS Securities LLC are the joint book-running
managers for the offering. William Blair& Company and SunTrust Robinson
Humphrey are acting as co-managers. Cardtronics
will not receive any of the proceeds from the secondary offering of
shares of its common stock by the selling stockholders.

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US Bank & Vistaprint Offer SMBs Customizable Cards

U.S. Bank and Vistaprint are introducing the “Vistaprint Visa” Business credit card, offering small business an opportunity to design and personalize their own card online to match their own marketing. Cardholders will earn rewards for card purchases, as well as receive five percent discounts off selected product purchases at Vistaprint.com. Vistaprint small business customers can design and apply for their “Vistaprint Visa” Business credit card at Vistaprint.com. U.S. Bank will then print and deliver the customized their cards. Cardholders will earn one point for each dollar of net purchases on the card and they can redeem points for merchandise, gift cards, travel or account statement credit. They will also enjoy the universal acceptance that is available to Visa cards everywhere. U.S. Bank Retail Payment Solutions offers credit, debit, and prepaid payment solutions to consumers and small businesses through U.S. Bank and in partnership with financial institutions, businesses, governments and employers while Vistaprint provides more than 8 million small businesses and consumers per year a wide variety of products for both small businesses and the home.

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