InComm to Distribute ACE’s Poni Prepaid Cards

Prepaid transaction and POS solution provider InComm has established a partnership with NJ-based American Cash Exchange to distribute ACE’s “Poni” remittance cards. The “Poni” Card is a US-to-Mexico money remittance card sold in peso values that enable individuals living in the United States who transfer money internationally to purchase and instantly transfer money to Mexico. The recipient uses a card similar to an ATM card to withdraw peso transfers from over 26,000 ATM machines in Mexico. There are no hidden fees charged to the recipient or the purchaser and no bank account or ATM card is required to transfer the funds. The Poni Card also includes a free call to Mexico that enables the consumer to communicate the redemption number that is needed for the recipient to retrieve the funds. The peso denominated cards will be initially distributed with a 2000 peso face value.

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PROFIT 100

On the 20th annual “PROFIT 100” list of Canada’s fastest growing
companies, Cash Store Financial ranks 15th overall for 2008. The
organization experienced growth of 2,390%, as disclosed by PROFIT
Magazine’s “Your Guide to Business Success” June 2008 edition, and has
385 “Cash Store” and “Instaloans” branches across Canada. The “Cash
Store” and “Instaloans” act as brokers to facilitate payday advance
services, employs over 1,500 associates and is headquartered in
Edmonton, Alberta while PROFIT has over 300,000 readers nationally and
profiles Canada’s top 100 most successful companies based on growth over
a five year period with its “PROFIT 100” list.

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April U.S. Credit Card ABS Metrics Deteriorate

The charge-off rate has climbed to its highest level since the change in the personal bankruptcy regulations in 2005. Among credit card-backed securities late-stage delinquency rate also rose in April. According to Moody’s the April charge-off rate rose to 6.27%, up 31% from the rate a year ago, 4.77%. The delinquency rate rose to 4.50% from 3.70% a year ago, but was down seven basis points from the prior month. Moody’s also reports that the payment rate index fell to 17.49% in April. For the second month in a row, the average yield index on credit cards dropped from its year-earlier rate. April yield was 18.14%, down from 18.63% a year ago. Moody’s notes that there is little doubt that the credit card industry is in the midst of a challenging period and that collateral performance will get worse before it gets better. For some ABS trusts, a further weakening of the collateral performance may put downward rating pressure on some outstanding credit card ABS ratings – especially those relating to subordinate classes.

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MONERIS CFO

Moneris Solutions has announced Samir Zabaneh has been appointed to the
role of Chief Financial Officer. Bringing with him senior level
experience as a CFO in the private and public sectors at
PricewaterhouseCoopers, CIT, Q9 Networks and Fortress Investment Group,
Zabaneh is a CPA, an MBA and a member of several professional
associations/boards. Moneris Solutions employs nearly 1,800 associates,
provides payment processing solutions for payment card, wireless and
online payment services to over 350,000 merchants locations in virtually
every industry segment.

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VASCO & MIZUHO

Mizuho Bank (Japan) has been awarded VASCO’s Asia Market Vision Award
for 2008 in response to its deployment of online financial services
through the “Digipass GO 6” internet, phone and mobile one-button
portable, authenticator secure banking solution. Mizuho Bank provides
the device free of charge for customers to secure its “Mizuho Direct”
retail Internet banking application. The bank is one of Japan’s largest
with an important market share in the retail, corporate and local
government segments. The bronze award piece was designed by Inge
Dewilde and will be presented in Brussels, VASCO security solutions
provides its services to 7,100 companies in more than 100 countries
while Mizuho Bank serves over 25 million individual customers.

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MARKET VISION AWARD

Intesa Sanpaolo (Italy) has been awarded VASCO’s Market Vision Award for
2008 in response to its deployment of online financial services through
the “Digipass GO 6” internet, phone and mobile one-button portable,
authenticator secure banking solution. Intesa Sanpaolo provides the
device free of charge to its customers, which it has been providing
since 2007, in the hopes it will reach 3,000,000 of its on-line
customers by the end of 2008, including those who are blind and visually
impaired with the “Digipass 300 Comfort Voice.” The bronze award piece
was designed by Inge Dewilde and will be presented in Brussels while
VASCO security solutions provides 7,100 companies in more than 100
countries with its services.

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Barclaycard Leads British Payment Card Brands

A new survey shows that Barclaycard leads British card issuers in card ownership, card usage, perceived brand quality, brand awareness, and general brand characteristics. Based on data generated from a survey of 2,013 credit card users in 2007 by Auriemma Consulting Group, Capital One is the second most powerful based on brand awareness/ card usage ratings, Lloyds TSB cards have the highest outstanding balances while Marks and Spencer’s cards have the highest perceived quality with low card usage/moderate brand awareness. Furthermore, Egg’s card brand ranked third in general brand characteristics and the Post Office issues the least popular card brand.

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ACG IBI

Based on data generated from a survey of 2,013 credit card users in 2007
by the “Issuer Brand Index”, which is monitored in Cardbeat market
research tracking study and run by the Auriemma Consulting Group,
Barclaycard leads British card issuers in card ownership, card usage,
perceived brand quality, brand awareness, and general brand
characteristics. This data also demonstrates Capital One is the second
most powerful based on brand awareness/ card usage ratings, Lloyds TSB
cards have the highest outstanding balances while Marks and Spencer’s
cards have the highest perceived quality with low card usage/moderate
brand awareness. Furthermore, Egg’s card brand ranked third in general
brand characteristics and the Post Office issues the least popular card
brand. Auriemma Consulting Group has offered comprehensive, high-quality
management consulting to the credit and debit card industry since 1984.

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PAY LINX & BANK WEST

Pay Linx Financial Corporation has signed ISO agreements with Bank West
and a debit card service provider amending agreement No. II with the
Government of Alberta. The debit card service provider agreement is
reflective of amendments to further extend the duration of the pilot
project to March 31, 2009 and to update certain provisions of the
Original Service Provider Agreement, to which Bank West entered June 2,
2008, effective July 31, 2006 and expiring March 31, 2009. Pay Linx
develops payment issuing and processing services to corporations and
governments integrated with the Interac and MasterCard payment networks
in North America.

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Mortgage Delinquency Soars in the First Quarter

Mortgage loan delinquency (ratio of borrowers 60 or more days past due) increased for the fifth straight quarter, hitting a national average high of 3.23% for the first three months of 2008. This statistic is up almost 8% over the previous quarter’s 2.99% average, and is a staggering 61.5% higher than 1Q/07. TransUnion says the national 60-day mortgage delinquency rate among mortgage borrowers is expected to continue to rise throughout 2008 to just over 4% by year end. Mortgage borrower delinquency rates in the first quarter were highest in Nevada, followed closely by Florida, while the lowest mortgage delinquency rates were found in North Dakota, Wyoming and South Dakota. The source of the underlying data used for this analysis is TransUnion’s “Trend Data,” a one-of-a-kind database consisting of 27 million anonymous consumer records randomly sampled every quarter from TransUnion’s national consumer credit database.

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PREPAID PROJECTIONS

A new survey estimates a potential market of more than 300 million unbanked Latin Americans with a purchasing power of more than US$200 billion per year using reloadable prepaid spending cards by 2015. Brazil is expected to lead the way with US$69.5 billion followed by Mexico at US$54.3 billion and Argentina at US$22.2 billion within seven years. The research by NovoPayment also predicts that Columbia will have a prepaid purchase power of US$15.8 billion and Venezuela will have US$15.4 billion in prepaid spending volume by 2015. NovoPayment says its study revealed a significant market with the income, access to
infrastructure and consumption behavior to be viable prepaid general
purpose card users. Also, approximately 57% of the population has the
need, the capacity, the means, and it believes the necessary economic and social incentives to warrant modern payment tools. NovoPayment’s portfolio includes more than 730,000 active cards representing more than 22 million transactions and approximately $330 million annually.

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