VISA EUROPE

VISA Europe member banks have voted in favor of the “Articles of
Association” allowing its operation to function independently of VISA Inc.
With this development, promoted by the European Central Bank, VISA
Europe will function as an exclusively European payment system and
association on the continent to serve the needs of the respective
customers.
This Extraordinary General Meeting (EGM) was in response to VISA’s
proposed global restructuring that would stipulate Visa International, Visa
Canada and Visa USA becoming subsidiaries of Visa Inc. Visa Europe,
part owner of Visa International, was thus required to make changes to its
Articles of Association to establish its independence from Visa Inc.
to remain a separate entity. There are nearly 321 million VISA cardholders
in Europe that account for EUR 1.2 trillion in purchases and cash
withdrawals.
VISA Europe is operated by its 4,500 European member banks and provides
customers with cash access in local currency in over 170 countries.

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ICT Names a New CEO and President

InnovativeCard Technologies has named Steven R. Delcarson, previously managing director at New Horizons Computer Learning Centers, as CEO and President. Under Delcarson’s leadership, New Horizons expanded distribution from 251 offices in 50 countries to the present 286 offices in 56 countries, and was named by IDC as the world’s largest independent IT training company in 2006. Delcarson’s previous experience also includes serving as CEO, COO, President, Founder and Director of Productivity Point International, a corporate IT learning service, over the course of nine years. Through encouraging business growth and implementing complex IT systems projects around the globe, Delcarson has gained extensive expertise in international business and large-scale technical systems integrations. Delcarson received his MBA from Southern Methodist University. Innovative Card Technologies adds functionalities to payment cards.

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Citi PremierPass/Expedia.com Card Expands

Citi and Expedia.com expanded their partnership with the launch of the new “Citi PremierPass/Expedia.com Card.” The launch comes nearly a year after Citi and Expedia began their relationship with the introduction of “ThankYou Rewards Network on Expedia,” which more than one million Expedia customers have joined. With the new card cardholders earn: up to 3 points for Expedia transactions: 2 points for eligible travel purchased on Expedia.com and 1 additional point for hotel, air + hotel, cruises or activities over $50 booked at Expedia.com, when the customer’s “ThankYou Member Account” number has been registered at Expedia. For an annual fee of $75, cardholders at the “Elite” level will earn: up to 3 points for Expedia transactions: 2 points for eligible travel purchased on Expedia.com and 1 additional point for hotel, air + hotel, cruises or activities over $50 booked at Expedia.com, when the customer’s ThankYou Member Account number has been registered at Expedia.

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NEUROTECHNOLOGIJA ID SOLUTION

For its VeriFinger and MegaMatcher fingerprint identification,
Neurotechnologija biometric identification technologies has introduced
the “Smartcard Finger-Match.” The security add-on utilizes smartcard
technology for biometric fingerprint verification that is stored on the
card,
providing increased security over smart cards or fingerprint identification
alone and is fully integratable with existing card infrastructures.
Neurotechnologija’s VeriFinger and MegaMatcher fingerprint templates,
when used with the solution, provides accuracy and reliability for security
applications in various industries using fingerprint matching templates.
Matching is determined using the cards embedded microprocessor and
biometric information without transfer to an external computer, enhancing
security. This two-factor authentication verifies the validity of the
smartcard
and the identity of the person, allowing the original template to remain on
the smartcard to ensure privacy. Neurotechnologija solutions are integrated
with over 1000 system integrators and fingerprint sensor providers with
more than 30 products and version upgrades.

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Discover Ranks in High in the InformationWeek 500

Discover Financial Services once again ranks among the top half of U.S. companies on the “InformationWeek 500” list of the most innovative users of information technology. Discover ranked 174th in 2007, the second straight year that the company has being among the top 200 companies on the list. Discover’s 2007 entry highlighted its technology department’s accomplishments associated with the online functionality of the Discover Business Card and the creation of tools to improve the user experience at www.DiscoverCard.com.

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TigerDirect Signs an Assurz Deal

Customer satisfaction guarantee provider Assurz has announced a new alliance with TigerDirect, a retailer of computers and related products TigerDirect plans to implement the Assurz 100% Satisfaction Guarantee, as part of its holiday sales approach and ongoing customer service strategy, at TigerDirect.com, in its retail stores and also through its catalogs. The Assurz Satisfaction Guarantee works by providing an increased level of confidence to consumers at every stage of the buying process. Customers can choose to purchase the guarantee as part of the check-out process, which enables them to benefit from an extended return period of 90 days and obtain a full refund if not completely satisfied with their purchase. This includes all fees such as shipping and handling. Assurz manages the entire process including customer assistance, pre-paid returns and eventual re-distribution. TigerDirect offers an extensive range of computers, electronics, accessories and components.

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Global Payments Q3 Revenues Rise 19%

Atlanta-based Global Payments reported that revenues for the quarter ended August 31st increased 19% to $311.0 million. Net income for the quarter rose 5% year-on-year to $43.6 million. GPN says growth was driven by growth in its merchant services segment. Revenue growth was primarily driven by continued organic expansion in its domestic ISO channel, as well as the favorable impact from its July 2006 addition of the Asia-Pacific joint venture with HSBC. In addition, GPN’s Canadian merchant services channel benefited from a favorable Canadian currency exchange rate. Also, GPN’s money transfer segment met expectations for the quarter, and corporate expenses declined compared to the prior year due to lower equity compensation costs. GPN updated its annual fiscal 2008 revenue guidance to a range of $1,195 million to $1,247 million or an expected 13% to 17% over the fiscal year which ended May 31st. For complete details on Global Payments latest results, visit CardData ([www.carddata.com][1]).

GPN HISTORICAL
PERIOD REVENUES NET INCOME
3Q/06: $260.3mm $41.5mm
4Q/06: $260.7mm $34.0mm
1Q/07: $260.4mm $34.3mm
2Q/07: $280.1mm $33.2mm
3Q/07: $311.0mm $43.6mm
Source: CardData (www.carddata.com)

[1]: http://www.carddata.com

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OCC Wants Credit Card Opt Outs

The Comptroller of the Currency said this week that consumers should be given the opportunity to “opt out” of certain credit card rate increases and be given the alternative of paying off the card balance at the old rate. In a speech to the Financial Services Roundtable, John Dugan noted that the Federal Reserve is now considering a change to its Truth-in-Lending rules that would generally prohibit rate increases unless the cardholder receives 45 days prior notice. The notice would allow the consumer to avoid the rate increase by paying off the card balance or moving it to another card. Dugan noted in his speech that the primary focus of regulation has been on providing consumers, through mandated disclosures, with meaningful notice of the costs and terms of the card, while leaving lenders generally free to set costs and terms.

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Cap One Expands No Hassle Cards to Canada

Capital One has introduced a no-fee/”no-hassle” rewards card in response to a recent survey suggesting such criteria is popular. The recent survey, sponsored by Capital One, shows that only 10% of Canadian consumers were satisfied with their current rewards card. Moreover, 42% of the participants were bothered by annual fees and 42% were frustrated with expiry dates on credit card rewards programs. In addition, 53% would prefer a cash back reward, 26% prefer gift certificates, 24% would be happy with merchandise, and 39% prefer travel rewards. Therefore, Capital One’s rewards card also offers one reward mile for every dollar spent, a “welcome” bonus of 5,000 miles with first purchase, no limit on the rewards customers can earn, no expiration on rewards for the life of your account, and no blackout dates or seat restrictions among other consumer- friendly features.

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OTI 2Q/07

MasterCard has launched “Consumo Inteligente” (“Smart Spending”) an informational platform adapted to the Mexican reality. Mexico will spearhead the new program, which will also be available in other Latin American countries in the future. MasterCard’s customer banks and commercial partners will have free access to these educational materials that they can distribute to their clients. Represented by the family, the fundamental element of society, and which is made up of 4 members, the “Consumo Inteligente” program has a catchy visual image that provides the interactive tools needed to guide consumers in handling their personal finances and appropriately using their debit and credit cards.

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Barclaycard Employees Go on a Major Ride

Barclaycard USA announced that eight employees from the US and UK will embark on a seven-week, 3,250-mile cross-country bicycle ride to raise more than $250,000 for six American, British and international charities that include The East Side Charter School in Wilmington, DE; the Care and Share Food Bank of southern Colorado; BBC Children In Need Appeal; Macmillan Cancer Support; the Alzheimer’s Society and CORD. CORD is an international humanitarian organization working with displaced people and communities affected by violent conflicts worldwide. The riders will depart San Diego, CA, on Saturday, September 29, and will arrive in St. Augustine, FL, on Wednesday, November 14. The cross-country course follows the Adventure Cycle Association of America’s Southern Tier route traversing California, Arizona, New Mexico, Texas, Louisiana, Mississippi, Alabama and Florida. The team will cycle an average of six to eight hours daily covering 70 to 100 miles across mountains as high as 6,200 feet above sea level.

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