India’s ICICI Bank To Offer Visa Debit Cards in the U.S.

ICICI Bank Limited,India’s largest credit card issuer and Visa
have announced a strategic relationship to offer Visa Debit cards to its
Global Indian Account and other checking account customers at its New
York branch. The Global Indian Account provides customers with
simultaneous access to a US$ Checking account at the Bank’s New York
Branch for use in the U.S. and a Rupee NRE account at ICICI Bank Limited
for their use in India. The US$ Checking account will come with a Visa
Debit card that can be used at millions of merchant locations and ATMs
worldwide; the accounts will have Internet banking capabilities for
electronic fund transfers – including cross border remittances – and
will primarily be targeted at the large Indian expatriate community
working in the U.S.

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Advanta Takes Steps to Reduce Losses

Advanta’s Board of Directors has approved a plan designed to
dramatically limit the Company’s credit loss exposure and maximize its
capital and its liquidity measures. Advanta Bank Corp. will use up to $1.4 billion to make a cash tender
offer for Advanta Business Card Master Trust Class A senior notes at a
price between 65% and 75% of their face value in a modified Dutch Auction.
Advanta Corp. will make a cash tender offer for any or all of the $100
million of 8.99% Capital Securities issued by Advanta Capital Trust I at
20% of their face value. Advanta’s securitization trust will go into early amortization based
on May’s performance. Early amortization will officially be determined
on June 10.
Since the securitizations will not be permitted to fund new receivables
after June 10, the Company will shut down all credit card accounts to
future use at that time. Neither Advanta Bank Corp. nor any other
Advanta-related entity will fund activity on its balance sheet from the
accounts. Therefore, the Company will not take any off-balance sheet
receivables onto its balance sheet. Shutting down the accounts will not
accelerate payments required from cardholders on existing balances.
In early amortization almost all of the receipts from cardholders are
required to be paid to the securitization trust’s noteholders and to the
Company’s seller’s interest (its on-balance sheet share of the
receivables). The securitization trust’s notes are obligations of the
trust and not of any Advanta entity. The Company is only at risk with
respect to the off-balance sheet obligations to the extent of its
residual interests. The Company will continue to service and collect the securitization trust’s credit card receivables and its own receivables. This, along with taking appropriate actions to adjust expenses to be consistent with these activities, will be the Company’s first priority.

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Credit Card ABS Portfolio Under Analysis by SMARTView

Fitch Ratings has placed all 29 classes of U.S. credit card asset-backed
securities (ABS) transactions issued by 1st Financial Bank ‘Under
Analysis’. Fitch will be issuing a rating action within 30 days. Of the
618 classes of Fitch rated U.S. Credit Card ABS transactions totaling $
293.79 billion, 589 were designated with a SMARTView date of May 11,
2009, indicating that no in-depth review is necessary.Fitch analysts run the data through various
internal algorithms that identify classes of a transaction as possible
candidates for upgrade or downgrade. Fitch’s analysts scrutinize the
output to decide which deals need an in-depth review, which are
classified as ‘Under Analysis’, and those deals with no significant
changes, which can be given a SMARTView date.

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MasterCard and MLB.com To Offer Discounts

Mastercard and Major League Baseball has rolled out a new online ticket savings program that offers 10% or more for select games during the 2009 season. All 30 Major League Clubs will offer an array of promotions
geared toward families and/or kids. The Fan Value Corner on MLB.com displays the numerous ticket
and event initiatives available to fans while each Club’s website also
has a Fan Value Corner showcasing the Club’s ticket promotions.
Some highlights of the MLB.com/MasterCard initiative include: Arizona Diamondbacks: Every Tuesday home game will feature $10
discounts off Baseline Reserved seats; Chicago White Sox: Offering $10 savings off Upper Box and Upper Reserve seats for a select home game every month, beginning April 28 against Seattle Mariners; Los Angeles Angels of Anaheim: Offering half-price tickets for Field Box, Terrace
Box, Terrace Box WC and View MVP seats for a select home game every month and Los Angeles Dodgers: Every Tuesday home game will feature 15%
discounts for Field Box and Infield Reserve seats. See MLB.com/MasterCard for more details.

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OTI’s PARX To Exhibit at Parking Conference

Contactless smart card provider On Track Innovations announced that its
subsidiary PARX will exhibit its in-vehicle parking solutions, including the “EasyPark” electronic parking payment system at the 2009
International Parking Conference & Exposition, May 17-19 in Denver, Colorado. “EasyPark” enables drivers to be charged for the exact
period of time parked, while simplifying the monitoring, collection and
revenue distribution of parking fees. The “EasyPark” solution allows
municipalities and parking operators to reduce the cost of parking
operation, improve the service to its customers, encourage on street
parking, and create new opportunities to increase revenues.

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Dinerware Intros Virtual Client API

Restaurant POS developer Dinerware has announced via version 2.8.2, the availability of the “Virtual Client”, a SOAP, XML-based Application Programming Interface (API).Dinerware provides a core point-of-sale platform built on open
architecture. As a standalone product, Dinerware offers restaurateurs a
stable, intuitive restaurant touch-screen POS computer that IT staff can
customize or that owners can select and install certified software
tools, like DishCloud (online ordering services), TimeForge (labor
management), QSROnline (inventory management, enterprise reporting and
payroll services), and others. The Virtual Client API allows other applications to achieve
real-time access into the Dinerware restaurant POS system for purposes
of integration and customization. Dinerware customers reap the benefits
of selecting the exact extensions and tools appropriate for their
business needs and plans for growth.

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CRL Offers Quick Snapshot of Recent Issuer Activity

The Center for Responsible Lending took a sampling of credit card issuers’ recent activities to see how they
have responded to the Federal Reserve rule changes that were announced
in December 2008 but won’t take effect until July 2010 and found the top eight issuers, who account for 805 of credit card balances, are raising interest rates on a larger portion of customers than usual and increasing the number of fees they impose.Citigroup, Bank of
America, JP Morgan Chase, Capital One, HSBC, Discover, American Express, and Wells Fargo continue to apply a customer’s monthly payments to the least costly balance first, leaving the most expensive to continue to grow. None have changed their policy of imposing interest rate hikes for any reason, any time. Additionally, there is no evidence that any of these companies has expanded the period of time between when monthly bills are sent and when late fees apply.

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Businesses Still Investing in Tech, R&D and Marketing

The second annual “American Express/CFO Research Global Business & Spending Monitor” global survey of 285
senior finance executives reports they remain pessimistic about the prospects of rapid economic recovery, with nearly 70% of respondents expecting to see recovery begin sometime in 2010. When asked where it would be important to sustain spending, companies
identified information technology (69%), employee benefits (64%),
marketing/advertising/PR (57%), and research and development (54%).
Other areas of investment, such as merger opportunities and third-party
consultants, were much less likely to be rated as important categories
to sustain spending. Over two-thirds of respondents
predicted modest to substantial economic contraction over the next 12
months, and 63% reported that their companies’ capital investments will
decrease in 2009. To reduce costs, 85% are tightening controls over employee spending, 82% are placing greater emphasis on measuring and monitoring company financial performance and 71% are improving internal financial controls. Finance executives’ attitudes toward business travel told a similar story. Overall, 87% of respondents reported that their companies plan to spend less on business travel this year, with 44% expecting a decrease of more than 10%.

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GEMALTO PARTNER OF THE YEAR

Digital security provider Gemalto was
awarded “Value Partner of the Year” by wireless telecom provider Bharti Airtel.
During the “Airtel Partnership Meet 2009” in March,
Gemalto was the only digital security vendor
to be recognized at its Best Partner Awards ceremony, which honors the
top 10 suppliers and vendors out of 3,500
partners across 10 award categories. Since the beginning of
their decade-long relationship, Gemalto has
supported Bharti in its growth of customer base and services rendered
with customized and innovative solutions,
as well as reliable, on-time delivery and technical support.
With a global base of more than 91 million subscribers, Bharti Airtel
offers a wide range of products and services to
cater to different communication requirements.

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GE Money & Serverside Offer Photocard for eBay and PayPal

GE Money has partnered with London-based Serverside Group
to offer “Photocard” customization service for eBay and PayPal credit card holders.
GE Money selected Serverside Group because of its experience in
providing card customization services to more than 200 major card
issuers globally, and the depth of its technology platform, which
includes a wide range of online marketing tools and an‘on-demand’ digital print solution.
Card holders can use a ‘card designer’ to upload their own images and
photos to personalize their cards. In addition to uploading personal
photos or images, there are a variety of other images available, such
as: scenic, wildlife, world travel, sports and ’things I love‘. No
software downloads are needed and the entire process is secure. The
first customized card is free, with each additional customization
costing $4.95. GE Money’s Retail Consumer Finance division is one of the most
successful retail credit providers with more than $30 billion in assets
and over 40 million account holders. The business unit provides private
label credit card programs, bankcards, and financial services for
consumers – all retail-branded through its retail partners.

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CompuCredit Reports $112.5 Million Loss in Q1

Atlanta-based sub-prime card specialist CompuCredit reported a first quarter 2009 GAAP net loss from continuing operations attributable to controlling interests of $112.5 million and a first quarter 2009 managed loss from continuing operations attributable to controlling interests of $121.6 million, or $2.59 per fully diluted common share, which compares to first quarter 2008 managed losses from continuing operations attributable to controlling interests of $103.3 million, or $2.21 per fully diluted common share. On January 1, 2009, CompuCredit implemented FASB Staff Position APB 14-1 “Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)” to account for CompuCredit’s outstanding convertible senior notes. As a result, prior periods’ consolidated financial statements have been retrospectively adjusted to present them as though APB 14-1 were effective in those prior periods. CompuCredit’s management, analysts, investors and others believe it is critical that they understand the credit performance of the entire portfolio of CompuCredit’s managed receivables because it reveals information concerning the quality of loan originations and the related credit risks inherent within the securitized portfolios and CompuCredit’s retained interests in its securitization facilities. For complete details on CompuCredit’s fourth quarter performance, visit CardData ([www.carddata.com](http://www.carddata.com)).

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CyberSource Offers Integration to SAP Software

CyberSource has teamed with Delego Software to offer SAP based SaaS for “DelegoSRV” integration.
CyberSource payment experts manage all implementation, configuration, testing, connectivity,
and maintenance. Once connected to CyberSource, merchants gain on-demand access to a full
spectrum of payment management services, including global payment
processing, fraud management, and payment security services. The managed
service integration is available in two forms, Standard and
Security-Enhanced. Merchants that opt for the Security-Enhanced service
have their customers’ payment account information stored remotely in
CyberSource’s secure (PCI-DSS certified) payment data storage system,
where tokens are substituted for payment data. Merchants use these
tokens to transact, issue credits, refresh authorizations and manage
recurring billing, and in doing so safeguard sensitive payment
information from hackers and merchant employee theft.

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