SCANSAFE

SaaS web security provider has released a forecast for potential threats
for the upcoming year. As a direct result of continued website
compromises and increased RoE,
Among their prognostications., it is likely that more and more Web
surfers will adopt technologies that
block third party content. It is believed that this wider adoption will
adversely impact Internet advertising in 2009, currently estimated as a
21.2 billion (USD) industry “belt-tightening,” financial institutions
are likely to better enforce policies regarding online
billing practices and as credit card billing fraud becomes a less viable
revenue stream for online attackers, attempts to directly access online
banking accounts
may increase; sensitive information related to patentable R&D efforts
may be particularly vulnerable; lack of controls or poor implementation
of existing controls provide attackers with the ability
to register and host malicious domains with ease; and Rate of Exposure
(RoE) to Web-delivered malware will continue to
increase.

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Southeast Burger Kings Get Radiant POS

GA-based Radiant Systems has implemented the “Aloha QuickService POS”
and “MenuLink.NET “back office solution in more than 60 Burger King
restaurant locations.
The completion of the rollout brings the overall Radiant install
base to 1,000 of the more than 1,200 installed and committed sites with
franchisees of Burger King Corp. in the United States and around the
world. The full solution includes Aloha POS, MenuLink back
office and Radiant P1220 POS terminals equipped with biometric readers that
allow restaurant associates to log in to the
terminals quickly with the touch of a finger, improving speed of service
at the POS and providing the operator with increased security. The
end-to-end solution also will provide real-time order flow from the POS
to kitchen monitors, high-speed credit card processing, seamless
integration with above-store accounting systems, and centrally managed
menu items, pricing and promotions for all restaurants.

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Moneta to Power Airline Employee Payments

Alternative payment provider Moneta has partnered with ID90T to offer online payments to airline employees.
The ID90T partnership will rapidly expand Moneta’s existing user base of
70,000 enrolled members as the two companies pursue joint marketing
programs to the 50,000 airline employees ID90T currently serves.
ID90T provides online and Interline e-ticketing solutions for airline
employee travel via its advanced web based Interline Fare Calculator
(IFC), the end-user interface to its Interline Ticketing Platform. Moneta offers consumers and
merchants a convenient, safe and affordable method for Internet ACH
debit transactions directly from a consumer’s bank deposit account.

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Celent Finds the Credit Crisis Overblown

A new report from Celent, “Flawed Assumptions about the Credit Crisis: A
Critical Examination of US Policymakers”, details the discrepancies in
the reporting and perceptions of the credit crunch.
Celent finds irreconcilable differences between the public
pronouncements of leading US policymakers and information published by
the very institutions they lead, having relied on data from the Federal
Reserve Bank and found the following assumptions
regarding the credit crisis are at odds with the information available:
Businesses are unable to obtain credit, and lending has been
severely curtailed; the interbank lending market has ground to a
halt, and funding, when available, has become very costly; households
cannot obtain credit; commercial paper markets have ceased
functioning; local governments are having difficulty obtaining credit
and loans for real estate are severely diminished.
Celent can offer no firm explanation for the discrepancies
between the public statements and assumptions but theorizes that
policymakers may have at their disposal far more information
and data than is publicly available but have not shared this data with
the public, but is skeptical that such data is, in fact, available.
However,
this data would have the burden of explaining why the data that are
being published by the Federal Reserve are, in fact, incorrect and that
policymakers are reacting to the situation of a
particular set of businesses and financial institutions, and are
incorrectly generalizing this to the market as a whole.

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Prime Credit Card ABS Can Withstand 2009

A new analysis indicates credit card ABS ratings can likely withstand the impact of a severe recession in 2009. As part of its deterministic stress testing analysis, Fitch factored in a 50% increase in charge-offs, a 15% decline in yield and a drop in monthly payment rates by 20% over the next 12 months. Results of the analysis reveal that ‘AAA’ ratings would be unaffected while certain subordinate bond ratings could drop by up to three notches. Fitch says the results confirm the robust nature of typical credit card ABS structures. Even through intense and prolonged periods of stress, the likelihood of downgrades at the AAA level is fairly limited. Fitch recently reported that September “prime” charge-offs for credit card ABS was 6.57% and delinquency (60+ day) was 3.13%. Gross yield stood at 17.13%. The monthly payment rate for September was 18.57% and excess spread was 6.10%. (CF Library 10/31/08)

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Fiserv to Acquire i_Tech Corp for $40MM

WI-based Fiserv has agreed to acquire MT-based i_Tech Corporation for $40 million in a deal expected to close this month. i_Tech provides outsourced account processing services as a licensee and reseller of the Fiserv “ITI Premier” core banking system to financial institutions located primarily in the northern Midwest and West. In addition to account processing services, i_Tech provides its 158 financial institution clients with complementary services including EFT processing and check processing. First Interstate, the owner of i_Tech, has had a relationship with Fiserv for 30 years. i_Tech also provides service for more than 750 ATMs in 10 states.

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CreditReport.com Offers 3-Bureau Monitoring

CreditReport.com has launched its new monitoring service that offers
consumers a one-stop review of credit report data from Equifax, Experian
and TransUnion.
The three bureaus are independent of each other and do not share
information. Personal and financial information that is contained in one
file may or may not be the same in another. The three-bureau credit
report helps consumers see how lenders see them and ensures the accuracy
of consumer credit records. In addition, each of the three bureaus each
contains certain geographic
coverage, so monitoring all three ensures the best response time to
possible ID theft that may have occurred in a specific location.
CreditReport.com specializes in the research, development and
implementation of consumer-based services to
be delivered to consumers via the Internet.

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PAPERLESS SCOTIABANK

Scotiabank has signed up its one millionth paperless customer. The
Bank embarked on its paperless banking campaign in 2006 and Scotiabank’s
paperless banking option provides customers with Scotia
OnLine transaction histories of up to 18 months, as well as free
electronic images of cheques cleared within 90 days. Scotia Online
customers can sign up anytime by selecting the “Change Recordkeeping
Option,” or by calling 1-800-4-SCOTIA . Earlier in 2008, Scotiabank
introduced a new Environmental Paper Policy,
detailing the Bank’s commitment to further integrating environmental
considerations into its purchasing decisions, setting a reduction target
for paper use and expanding recycling programs in its international
operations. The new paper policy expands Scotiabank’s conversion to the
use of products certified by the Forestry Stewardship Council.

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eProcessing Network Products PABP Certified

Payment gateway provider eProcessing Network’s “ePNJPOS”, “ePNPlugIn”
and “ePNMobile” has been certified as PABP by Visa. eProcessing
Network’s payment gateway solutions have been evaluated and determined
to comply with PABP. Compliance with
the PABP is determined based upon data and information developed by an
evaluation of the application by a Qualified Payment Application
Security Company. “ePNJPOS” offers secure processing at the point of sale
with multiple devices allowing magstripe read transactions, paperless
processing and
even checks processing and also allows for a simplified user
interface with multiple users in
card-not-present (call center) environments. “ePNPlugIn” allows merchants
to accept and process credit card payments for invoices created within
QuickBooks. “ePNMobile” enables mobile card-present processing via cell
phone in single user and fleet environments.

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SQUIDCARD AWARD

eMoney provider sQuidcard has been awarded for end-to-end eMoney
service, encompassing contactless cards, retailer terminal application,
and online customer experience by Gemalto ePayments Terminals. The
sQuid service is based around a smartcard used for contactless payment.
Anyone can have a free card, which the customer tops-up, using it at
enabled retailers. sQuid launched in the summer in Bolton and is
expanding into Scotland this year. sQuid is currently available on the
magIC3 range of Gemalto payment
terminals, which provides an integrated platform for both bank schemes
and independent schemes.sQuid has a multi-purse capability and is
compatible with ITSO (transit)schemes.

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General Purpose Reload Faces Challenges

A new report concludes that the reload networks as they operate today, in a fragmented manner with pricing that does not support low dollar
loads, may be prompting churn and as a result challenging the growth of
general purpose reload products. Mercator Advisory Group
estimates that close to 50% of the current prepaid market would enable
reload at retail locations. Specifically, the research shows that the
dollar value opportunity for reloads at retail is roughly $100.5
billion. Of this total opportunity, open-loop solutions represent less
than 10% at $9.7 billion. The opportunity for
closed-loop reloading is $90.8 billion which dwarfs that of open-loop
reloads ten times. Mercator notes that Green Dot for years has and
continues to hold a commanding lead as the dominant, and for some time
the only broadly recognized, retail reload network for open-loop
solutions. MasterCard and Visa within the last two years have entered
the market with their own reload networks, in some cases riding on top
of existing POSA/reload networks, and there are a handful of other
reload enables and networks at work in this market. It is clear that the
industry views reloading in the retail environment as an important
aspect to the future growth of open-loop solutions although it is less
clear how the industry can develop the ubiquitous reload solution that
is generally understood to be the base requirement for broad consumer
adoption.

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