HSBC APPROVED BY CBRC

HSBC Bank has received approval from the Chin Banking Regulatory
Commission (CBRC) to establish a branch in rural China through its
new entity, “HSBC Rural Bank Company Limited”. “HSBC Rural Bank
Company Limited” will be based out of Central China, will begin
operations with a staff of 25, and plans to be up and running before
2008. This development is response to the introduction of CBRC rules
targeting further expansion and access to financial institutions in
rural areas
to expedite China’s rural development.

Details

LEGO Licenses Acacia Card Fraud System

Acacia Technologies’ Financial Systems Innovation has entered into a non-exclusive license covering a patent that applies to credit card fraud protection technology with LEGO Brand Retail. This resolves a dispute that was pending before the United States District Court for the Northern District of Georgia. The patented technology generally relates to a computerized system for protecting retailers and consumers engaged in credit card, check card, and debit transactions. The system includes an electronic card reader, and the generation and use of a transaction number, which specifically identifies each transaction processed within the system. The Acacia Technologies group develops, acquires, and licenses patented technologies. Acacia controls 77 patent portfolios covering technologies used in a wide variety of industries.

Details

MEXICAN AMERICAN REMITTANCE

According to a survey by the Inter-American Development Bank’s
Multilateral Investment Fund (MIF), the number of Mexican migrants
sending remittance for 1H07 fell 7%, compared to the same period
last year. This decrease was most significant in the states with newer
migrant populations including Georgia, North Carolina and Pennsylvania.
States with a more established migrant population, such as Texas,
Florida, New York and California, however, saw a less dramatic drop
in statistics with only a 2% decrease. According to the Mexican central
bank, 1H07 saw approximately the same remittance volume as 1H06,
reflecting no growth. These figures contrast the 11% average growth of
transfers in 1H07 to Central American countries such as El Salvador,
Guatemala and Honduras.

Details

Tesco Selects Wachovia ATMs for U.S.

Grocery retailer Tesco has selected Wachovia as its ATM provider for its Fresh & Easy Neighborhood Market when the company’s first stores debut in the U.S. The companies are a natural fit in environmental stewardship. Wachovia recently announced a “green” financial center design in accordance with Leadership in Energy and Environmental Design (LEED) certification standards. The company will begin opening its green financial centers in Southern California later this year, and by the end of 2008 all new Wachovia branches will be built using LEED standards. Tesco is the UK’s largest retailer and one of the world’s leading international retailers, operating over 2,800 stores across 12 countries. Wachovia Corporation is one of the nation’s largest diversified financial services companies, with assets of $719.9 billion and market capitalization of $97.5 billion at June 30, 2007.

Details

SUNSHINE COAST & OPEN SOLUTIONS

Sunshine Coast Credit Union has signed agreements with Open Solutions
to implement “Complete Credit Union Solution” as the credit union’s core
banking system. Specifically, Sunshine Coast will make use of the solution’s
“Financial Accounting Suite”, “cView” “MyVision” and “ReportWizard”
designed to streamline applications for improving member service. The suite
is used by institutions throughout North America to address accounting
needs while “MyVision” and “ReportWizard” applications help credit unions
focus marketing efforts. Open Solutions product platform integrates data
processing applications built on a single centralized Oracle relational
database. Sunshine Coast Credit Union has assets of over $295 million
and over 14,000 members on British Columbia’s “Sunshine Coast,” located
just north of Vancouver.

Details

Asta Funding Q2 Revenues Soar 47%

NJ-based Asta Funding posted second quarter revenues of $38.9 million, an increase of 47.3% compared to the year ago period. Net income increased 29.7% to $15.3 million for 2Q/07. During the quarter Asta purchased $496.8 million of face value charged-off consumer receivables at a cost of $15.6 million. Net cash collections from consumer receivables acquired for liquidation and net cash collections represented by account sales, exclusive of accounts returned to a seller of $5.5 million, totaled $73.0 million for the quarter, an increase of 20.2% from the same period a year ago. For complete details on Asta Funding’s latest performance visit CardData ([www.carddata.com][1]).

ASFI REVENUE HISTORICAL
2Q/06: $26.4 million
3Q/06: $30.5 million
4Q/06: $25.6 million
1Q/07: $33.1 million
2Q/07: $38.9 million
Source: CardData (www.carddata.com)

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

Details

ABNH Introduces HoloStripe

American Bank Note Holographics has introduced “HoloStripe” as a security device hologram on MasterCard and VISA bank cards. The Company says it has signed its first customer for HoloStripe, one of the ten largest banks in the world. ABNH will begin shipments in the third quarter to this undisclosed bank that will incorporate “HoloStripe” on certain of its MasterCard and VISA card products to be issued later this year. “HoloStripe” enables card issuers to display their brand message in a dramatic and engaging way that was previously not possible. “HoloStripe” incorporates ABNH’s patent pending invention for ESD elimination which is also incorporated in “Generation 2” of “HoloMag.”

Details

ANZ SOLAR ATMS

As of part its new Solomon Islands Government partnership, ANZ has
announced the deployment of 6 solar-powered ATMs, according to the
Solomon Star. The ATMs
will be deployed in Kirakira, Tulagi, Buala, Taro, Lata and Munda in
conjunction with the opening of 2 mobile rural banks. Since the bank
began opening the rural banks in November, over 8,000 accounts have
been opened, allowing rural consumers access to such resources as
personal saving accounts and micro-finance loans to start their own
businesses.

Details

Intersections’ 2Q/07 Revenues Soar 43.5%

VA-based identity management solutions specialist Intersections reported revenue for the second quarter of $65.1 million, a 43.5% increase over 2Q/06. Net income for the quarter was $1.3 million, compared to $484,000 for the first quarter but down 51.4% from the year ago quarter. The Company says top line growth in its Consumer Products and Services segment drove the revenue increase. Total subscribers increased to approximately 4.85 million as of June 30th, compared to approximately 4.63 million subscribers as of year-end 2006. Subscription revenue, net of marketing and commissions associated with subscription revenue, increased to $35.1 million for the second quarter, a 34.1% jump. For more information on Intersections’ second quarter performance visit CardData ([www.carddata.com][1]).

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

Details

Online Credit Card Payments Jump 27% in 2006

A new survey has found that the number of online credit card payments has grown 73% since 2004 to 524 million. The study also found that customers visited their issuer’s site 57% more often to service their accounts in 2006 than in 2005. This follows a 55% rise in 2005 over 2004. The comScore research found that 63% of credit card users find online servicing important to their overall experience with their credit card. Sixty-nine percent of all customers have logged into their credit card website at some point in time and 58% of online customers log in more than once a month. Among customers for whom online servicing is important, viewing online statements, paying credit card bills, and disputing charges were cited as the most important online services. Additionally, the comScore survey revealed that 62% of credit card users are either already using paperless credit card statements or are willing to use the service.

Details

Fintura Names a Chief Information Officer

Atlanta-based Fintura has appointed Ravi Raghavan, previously with Equifax, as CIO. Raghavan is responsible for the strategic vision and operational direction of the technology infrastructure at Fintura. Prior to joining the company, he served in leadership and management roles at Equifax, Inc. including work on strategic corporate green-field technology initiatives that developed consumer/commercial credit-based products for the financial services industry as well as compliance products in support of the U.S. Patriot Act for the brokerage industry. Raghavan, a former research scientist with USRA/NASA, has co-authored more than 20 scientific papers in leading peer-reviewed scientific journals and international conferences. He holds MS and PhD degrees in Electrical Engineering from Colorado State University as well as a MS in Computer Science from the University of Alabama in Huntsville. Fintura is an account origination and portfolio management company.

Details

Barclays Names a New U.S. Credit Card COO

Barclays has promoted Joe Purzycki to the position of Chief Operating Officer for its U.S. credit card business. Purzycki has served as the Managing Director for customer care and bank operations since August 2005. Previously, Purzycki held various senior management positions with leading banks and credit card issuers such as MBNA, First USA, and Chase. Most recently, he served four years as head of new business development and sales for Chase Card Services. In 2000 and 2001, he also served as Chief Administrative Officer for Juniper Bank, prior to its acquisition by Barclays.

Details