DIRHAM MASTERCARD

PT Bank, with MasterCard, has launched the “Dirham Card”, the first
of its kind to be offered in Indonesia. Making the card unique is its
adherence to Islamic principle. In doing so, the card issuer abides by
what are known as the three contracts, or ‘akad’. Akad consists of the
Ijarah scheme, which provides that the card issuer acts as the provider of
payment and service system for the card holder for which the card holder
is charged a membership fee. The Kafalah transaction scheme, also
composing of akad, holds that the bank acts as the guarantor for card
holders against merchants. Finally, the Qardh akad scheme stipulates that
the card issuer acts as the lender to the card holder through the cash
withdrawal from the bank and is obliged to return the same amount of funds
he withdrew. The “Dirham Card” does not implement interest, employs a fee
calculation which appreciates partial payment, funds charity with
incurring fees,
and is accepted around the world. Bank Danamon Syariah has a presence in
cities including Jakarta, Bukit Tinggi, Banda Aceh, Surabaya, Martapura,
Solo
and Makassar, third party funds of Rp 337 billion and total
financing in
syariah schemes of Rp 220 billion.

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Comdata Launches its First Card Ad Campaign

Comdata has launched its first national television advertising campaign featuring gift cards, fleet cards and payroll cards. Nashville-based Dye,Van Mol and Lawrence (DVL) concepted the print and broadcast campaign and developed all aspects of the production and placement. The ads were inspired by ink illustrations created by Andrew Zbihlyj used in Comdata’s current print advertising. Animator Pasha Ivanoff brings the illustrations to life transforming each category of electronic payment into Comdata’s payment solution. The ad will run through Oct. 14 on CNN, CNBC and Fox News. Comdata provides custom payment solutions for a wide range of industries such as transportation, retail, government services, aviation, construction, service businesses, restaurants and hospitality.

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BARCLAYCARD FOOTBALL CARD

Barclaycard has introduced the “Barclaycard Football” credit card targeting
the fans of the sport. The card offers 0% on balance transfers for 12
months
and 0% on season ticket purchases until the cost of the ticket is paid
in full.
Rewards are offered at up to 5% on team merchandise at retailers including
JJB Sports, Superdrug, Waterstones, W H Smith and Currys. Merchandise
for point redemption includes 1,600 points for an Adidas football, 2,000
points for a GBP 10 JJB Sports voucher and 7,000 points for a football
jersey of their choice.

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MPS Drives Meta Financial’s Q2 Revenue

Prepaid card issuer Meta Financial reported net income of $2.4 million for the quarter ending June 30th, compared to net income of nearly $2.5 million for 2Q/06. Meta Payment Systems recorded net income of $369,000 for the quarter, compared to $2.6 million for the same period last year. The 2006 period included non-recurring pre-tax income of $2.57 million related to a purchased portfolio of prepaid debit cards. Non-interest expense for the quarter was $9.7 million, which represents an increase of $2.80 million from the same quarter in 2006. The bulk of the increase occurred in compensation and card processing expense and was primarily the result of continued growth in the MPS division. During the quarter, Meta Financial has named Scott Galit, formally a SVP of Global Prepaid Products at MasterCard, as EVP of Meta Payment Systems. For complete details on Meta Financial’s performance visit CardData ([www.carddata.com][1]).

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

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Abanco Handheld Devices Selected by Skybus

IL-based Abanco’s Mobile Data Technology In-Flight handheld devices have been selected to support Skybus Airline’s in-flight food, beverage and duty free sales. Skybus will offer passengers the option of utilizing credit cards to make purchases from the wide variety of offerings on Skybus flights. In addition, Abanco MDT will provide Skybus comprehensive real-time backend reporting on in-flight inventory pre and post-flight. Currently Skybus is accepting cash and all major credit cards on 100% of daily flights. Skybus provides nonstop service on full-size jets from its base in Columbus, Ohio, to cities throughout the United States. Abanco is a provider of customized vertical specific solutions.

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Prepaid Cards Expected to Hit $178B by 2010

A new report predicts that the value of branded and private label prepaid card transactions will hit $178 billion by 2010. The industry is expected to grow by a CAGR of more than 17% from about $80 billion last year. The new study by Boston-based Aite Group says the three major trends reshaping the industry include: the introduction of reload services; the drive to offer private label prepaid card products to small merchants; and the deep integration of branded and private label prepaid cards into various industries’ business processes. Among key findings, the report reveals that despite rapid industry growth, gaining scale in branded prepaid card processing remains a major challenge for processors and issuers. Aite also says that over time, the subtle distinctions between the various card products, such as debit versus prepaid versus credit, and branded versus private label, will erode as products grow in diversity and complexity and mesh together. Concluding that by the middle of the next decade, the prepaid card industry will have ceased to exist as a recognizable entity.

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BRITISH FEES

Research from the British Bankers’ Association(BBA) shows that bank
consumers in the UK, on average, pay much less in fees and penalties than
those in 11 other developed countries. These findings are from surveys of
bank consumers with products such as an account, overdraft, personal loan
and a credit card. With over 95% of the British population having a bank
account, UK banks clear over 7 billion transactions annually and
contribute to
10% of the gross domestic product. The BBA has handled 40,000 claims,
fielded over 80,000 inquiries on its telephone helpline, and had 149,000
visits
to its website.

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Euronet’s Q2 Operating Income Rises 30%

KS-based Euronet Worldwide posted second quarter revenues of $237.1 million, compared to $153.8 million for 2Q/06. However, the quarter included the acquisition of Ria Envia, the third-largest global money transfer company. Net income decreased to $8.6 million, compared to $11.1 million for the second quarter 2006. “EFT Processing” posted revenues of $45.7 million, compared to $39.6 million for 2Q/06. Transactions processed were 146.9 million, compared to 113.6 million transactions in the same period last year. The EFT Segment completed the quarter with 9,858 ATMs owned or operated. “Prepaid Processing” reported revenues of $142.2 million, compared to $113.4 million for the second quarter of last year. Transactions processed were 160.2 million, compared to 107.7 million transactions in the second quarter 2006. The new “Money Transfer” segment reported second quarter revenues of $49.2 million, compared to $0.8 million for the second quarter 2006. Transactions processed were 3.8 million, compared to 0.1 million processed in the second quarter 2006. For complete details on Euronet’s latest results visit CardData ([www.carddata.com][1]).

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

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Asset Acceptance Capital Names a New COO

Asset Acceptance Capital Corp. has appointed Rion B. Needs, most recently SVP and GM of Purchasing Services at American Express to the newly created position of COO. During the past 22 years, Needs has served in a variety of executive roles at American Express. As Senior Vice President and General Manager of Purchasing Services. In this capacity, Needs fundamentally transformed the purchasing function at American Express through a series of strategic expense reductions, operational enhancements and systems integrations, resulting in billions of dollars in cost savings over a multi- year period. Needs also served as strategic advisor to the American Express senior management team on issues of cost rationalization, corporate reengineering, process improvement and technology development. Asset Acceptance provides credit originators, such as credit card issuers, consumer finance companies, retail merchants and utilities an alternative in recovering defaulted consumer debt.

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FAF Launches a Debt Recovery Software Company

Dallas-based The First American Corporation has launched First American Intelligent Recovery Systems, a new company under First American Default Information Services division, which markets collaboration software used by the debt recovery industry. First American Intelligent Recovery Systems’ products include “CollectLink,” and “RepoLink.” “CollectLink” provides extensive workflow and file assignment capabilities, accurate and timely data sharing, enhanced reporting and auditing functionality, and accurate bill approval processing. “RepoLink” can create dynamic recovery strategies, measure real-time vendor performance, ensure service level compliance, improve productivity and streamline billing reconciliation through an automated process with full auditing capabilities.

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Western Union Hires a New Marketing Chief

The Western Union Company has hired Gail A. Galuppo, previously Chief Marketing and Customer Officer for the Standard Chartered Bank in Singapore, to serve as EVP and Chief Marketing Officer. Galuppo will direct Western Union’s global branding, marketing strategy, sales management and product development. Galuppo has 19 years of marketing, brand strategy and customer relationship management experience and has worked in senior-level positions with Sears Holdings Corp., GE Capital Card Services, Discover Card Financial Services and the Illinois CPA Society.

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