GE Money to Issue The Tile Shop Card

GE Money will provide MN-based The Tile Shop with a new consumer financing program.
The Tile Shop revolving credit card is
part of the “GE Money Home Design program” and enables consumers to
enjoy affordable monthly payments, generous credit limits, competitive
interest rates and special promotional financing options. The card is
managed by GE Money’s Sales Finance unit, which provides billions of
dollars of consumer financing through more than 145,000 small business
locations on Main Streets across the United States. The Tile Shop has 43 stores
nationwide.

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Chase Adds Two More Ink Business Cards

Chase has slipped two more credit cards into its portfolio of business
cards. The new “Ink” and “Ink Capital” offer additional purchase rewards
or an interest-payment refund to customers with Chase business checking
accounts. “Ink” with “Exclusive Benefits” is a no-fee business card for
customers who want to maximize their rewards. Chase business checking
customers earn a 20% bonus – or 1.2 points for every dollar they spend
on the card – with no limits on the points they can earn, and the points
never expire. The rewards points can be redeemed for millions of rewards
options through “Ultimate Rewards,” including cash back, gift cards,
unrestricted travel, and brand-name merchandise.
“Ink Capital” with “Exclusive Benefits” is a no-fee business card for
customers who want to manage their cash flow with a low interest rate.
Chase checking account customers earn a refund of their 12th month’s
interest each year when they have their monthly payment automatically
deducted from a Chase checking account.

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NCO Financial Launches a Consumer Site

Account receivable management service NCO Financial Systems
that it has launched “www.consumerhelpunit.org”, its new consumer help website.
Through the new website, U.S. consumers can communicate with NCO, 24
hours a day, days a week, 365 days a year. Consumers can communicate via email or opt
to have a representative call them with just the click of a button. NCO’s outsourcing portfolio includes accounts receivable
management, customer relationship management services and back-office
services for a diversified customer base.

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VISA CANADA POST

Just in time for the Vancouver 2010 Olympic and Paralympic Winter Games,
Visa Canada is set to offer its three new Olympic and Paralympic Winter
Games-themed Visa prepaid cards available in 1,500 Canada Post retail
locations across the country. Issued through Citizens Bank of Canada for
use anywhere Visa cards are accepted, the “Visa Canada Post” prepaid
card is a convenient payment option for 2010 Winter Games attendees in
three pre-set denominations to chose from: $25, $50 and $100. To
highlight the new Olympic and Paralympic Winter Games-themed Visa
prepaid cards, Visa is holding a contest to win a collector set of ten
Vancouver 2010 Olympic and Paralympic Winter Games Visa Prepaid Cards.

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Zoot Names a New Sales and Marketing Chief

Instant credit decisioning and loan origination solutions provider
Zoot has appointed Paul Thielemann to SVP, sales and marketing.
Thielemann brings more than 20 years of financial industry know-how from
both an IT and business perspective to this role. He has experience in
the mortgage lending, consumer lending, credit card processing, and
insurance fields. In his new position, Thielemann will lead all aspects
of client service activities and the company’s sales efforts. His focus
will be on building and maintaining strong relationships with clients
and prospects by introducing new ideas, supporting their values and
visions, as well as responding to their needs and strategies.
Zoot Enterprises provides credit decisioning
and loan origination solutions through a configurable, scalable and
reliable platform to large and innovative U.S. financial services
institutions.

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GPN Unloads its DolEx and Europhil Business

Atlanta-based Global Payments is selling its DolEx- and
Europhil-branded money transfer businesses to an affiliate of Palladium
Equity Partners for about $100 million. GPN acquired Latin America Money Services and DolEx Dollar Express for $190 million in November 2003. In January 2005 GPN also acquired a group of European electronic money transfer firms based in Madrid that operate collectively under the name Europhil. Under the terms of today’s deal, GPN will receive proceeds in the range of $85 million to $110 million based on the operating performance of the business determined at the time of closing, which is subject to customary regulatory approvals including the consent to the transaction by the issuers of money transfer licenses in many of the states and countries where DolEx or Europhil currently operates. GPN says the deal will allow it to focus exclusively on its ongoing strategy of expanding its merchant acquiring presence around the world and as such the Company intends to reinvest the sale proceeds in future merchant acquiring growth opportunities. Palladium has a focus on companies that are well-positioned to capitalize on the fast-growing U.S. Hispanic market. (CF Library 11/13/03; 01/04/05)

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Global Axcess Inks a Major ATM Deal

FL-based self service ATM & kiosk provider Global Axcess has signed a
new four-year contract
with a convenience store chain for ATM processing. The contract,
valued at almost $100,000 per year, will cover
processing for 25 ATMs initially at their locations and a total of 50
ATMs when
complete. The Global Axcess provides turnkey ATM and other
self-service kiosk management solutions that include cash and inventory
management, project and account management services and currently
owns, manages or operates more than 4,500 ATMs and other self-service
kiosks in its
national network spanning 43 states.

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PALLADIUM & GLOBAL PAYMENTS

Global Payments electronic transaction processing solutions has signed
an agreement to sell its DolEx- and Europhil-branded money transfer
businesses to an affiliate of Palladium Equity Partners, for which its
will receive proceeds in the range of $85 million to $110 million based
on the operating performance at the time of closing. The Company plans
to report the results of the Money Transfer business as Discontinued
Operations, which is expected to post full year fiscal 2010 revenue
growth up 7% to 10% to $1,615,000,000 and full year fiscal 2010 diluted
earnings from continuing operations per share growth increase up to
$2.42 million. Global Payments provides its services to consumers,
merchants, Independent Sales Organizations (ISOs), financial
institutions, government agencies and multi-national corporations while
Palladium Equity Partners targets investments in business services
companies and financial services.

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CUSO PSCU Offers Online White Papers

FL-based CUSO PSCU Financial Services has started posting free educational white papers on www.pscufs.com designed
to help credit unions attract new members and build loyalty. The credit union industry is working hard to attract Gen Y as
part of its long-term growth strategy, a generation that requires
24/7 Web access to financial accounts and information.
The industry is also identifying and marketing specialized services to small
business owners. A recent study by BAI notes that small businesses are
increasingly dissatisfied with banks and more than half would switch financial
institutions to gain online banking and other products that are designed to meet their
needs. Credit unions are targeting this important market segment because owners
tend to seek multiple services for their personal and business finances, and
they often develop long-term relationships with the primary financial institution
that helped them grow their business. Mobile banking presents an area of skyrocketing demand that serves both
these audiences.

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FUJITSU & TRINTECH

Trintech Group integrated financial governance, risk management and
compliance software solutions has embedded the Fujitsu “Interstage
XWand” XBRL processing engine into its “Unity Xtensible Financial
Reporting” (XFR) software module. With this, Trintech hopes to extend
clients’ abilities to create, manage and validate XBRL-compliant
financial statements, which the Fujitsu “Interstage XWand” software
helps companies create, validate, report, collect, and analyze. XBRL is
a standard format for disclosing financial information within financial
processes for which “Interstage XWand” is designed to boost automation
and transparency throughout the entire financial reporting cycle.

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AmEx Acquires Revolution Money for $300MM

Revolution Money, launched by former AOL principals two years ago, is being acquired by American Express for $300 million. Revolution Money, was formerly known as “GratisCard,” was funded by Steve Case and led by Ted Leonsis, former U.S. Treasury Secretary Larry Summers, former Charles Schwab CEO David Pottruck, and former MasterCard President and CEO Russell Hogg. It was also backed by Citi, Morgan Stanley and Deutsche Bank. The “RevolutionCard” offered merchants an average interchange rate of 1.9%.
Revolution offers secure payments through an Internet based platform wherein no names or account numbers appear on Revolution cards and transactions are authorized by using a PIN number. The P2P accounts are FDIC insured and offers a prepaid card linked to those accounts that can be used for off-line payments or to withdraw cash from ATMs throughout the USA. Jason Hogg, founder and CEO of Revolution Money, will continue as president and CEO. Ted Leonsis will become a special advisor to AmEx. Revolution Money will operate as a subsidiary of American Express and be the first component of its recently formed Enterprise Growth organization. AmEx says the acquisition will aid in developing re-loadable, prepaid products for new segments of the market as well as introducing new products for cardholders who currently use other alternative payment systems, plus creating payment alternatives
designed for social media sites and allowing open APIs that can help
developers distribute new product innovations. (CF Library 9/25/07)

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