OFT & FINANCIAL INDUSTRY

The Office of Fair Trading has been informed that the banking industry
will be redesigning the delivering of a fast payments system and the
development of a transparent check clearing process. This development
is in response to tests of the original fast payments solution demonstrating
more complexity and time consumption than originally anticipated, thus
calling for a delay in its introduction until 2008. The check clearing
process,
however, is set to launch in November 2007 for the benefit
of customers who accept checks. With this solution, funds in the
check cashier’s account, six working days after initial deposit, cannot be
reclaimed, despite the citing of insufficient funds or a fraudulent check.

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NYC Endorses VeriFone Transportation Systems

VeriFone announced an agreement to be the preferred vendor of integrated payment solutions to the largest licensed leasing association in New York City, the Committee for Taxi Safety with 3,000 member taxis. VeriFone also announced that more than 5,000 New York City taxis are signed or committed to comprehensive multi-year agreements for in-taxi acceptance of credit cards. Last month, systems implemented by VeriFone’s US-based taxi business, VeriFone Transportation Systems, were the first authorized by the NYC Taxi and Limousine Commission for the city’s more than 13,000 taxis. Beginning October 1st, upon their next scheduled inspection all New York taxis are mandated to have technology-based customer service improvements that will include credit/debit card acceptance and an interactive electronic passenger map and information screen. VeriFone Transportation Systems services over 8,000 of the taxi meters in the city cab fleet.

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Nationwide Voted Tops in Cardholder Satisfaction

Kroll and Data Marketing Center have signed agreements to
provide Canadians with Theft Restoration Services for the restoration of
identity theft victim’s status. DMC delivers services, such as these, to
the clients, employees, and members of sponsor organizations. The
Kroll theft recovery solution will be available to the clientèle of
sponsoring
organizations through voluntary or inclusive programs. Kroll began
providing identity theft solutions in 1999 and created its Fraud
practice in
2002. Clients have included Fortune 500 companies, non-profit
organizations, government entities and currently serves over 10,000
businesses and millions of individual consumers.

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AmEx Names an EVP/Merchant Services

American Express has appointed Kim Goodman, previously with Dell, EVP of Merchant Services North America. Goodman will be responsible for overseeing all aspects of the Company’s relationships with merchants that accept the American Express Card in the United States and Canada, including acquiring new merchants and deepening relationships across the American Express merchant network. As the head of Dell’s $5B Software & Peripherals business she had overall responsibility for product marketing, vendor management and pricing. Goodman holds a BA and MS from Stanford University, and an MBA from Harvard Business School.

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Global Payments to Provide Processing to STARBANK

Hudson’s Bay Company and MasterCard Canada have signed
agreements to implement MasterCard’s chip card technology at Hbc retail
locations. For the preparation of this development, the companies’ will
launch
a trial in the Kitchener-Waterloo area to prepare for the nationwide
roll-out
of the chip cards, which holds information on a chip in an encrypted
form for
use with a PIN for security. Nationwide implementation is planned for 2011
for the Hbc stores which includes the Bay, Zellers, Designer Depot, Home
Outfitters and Fields stores. Established in 1670, Hbc is composed of over
580 stores and employs nearly 70,000 associates in Canadian province.
MasterCard Worldwide processes over 16 billion transactions each year.

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99BILL & CMB

99Bill Corporation has formed an alliance with China Merchant Bank
for the promotion of online payment and banking services in China. China
Merchant Bank(CMB) will also extend the 99Bill online payment service
to its customers. In turn, due to the increased competitiveness and
efficiency
of online service, this development will secure CMB high-end customers.
Only 20% of China’s Internet users use online banking services more than 3
times a week, in comparison to a global percentage of 32%, and 5% use the
service everyday, in comparison to 14% globally. China Banking Regulatory
Commission shows that China’s banks signed 75 million online banking
customers by the end of 2006 from 54 million in 2005. For 2007, the online
banking transactions volume is projected to exceed 118 trillion RMB with
online
banking users to increase to 117 million.

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Capital One Introduces a No Interest Card

Giesecke & Devrient (G&D), provider of smart cards and smart card
solutions, has appointed Jean-Louis Dieu as CEO. Dieu has experience
in the smart card field dating back to 1977 with companies such as
Datacard France, Axycartes, and most recently as head of the French
Activities Department at Oberthur Card. G&D provides French banking
and telecommunications markets with its end-to-end smart card solutions
and is developing answers for the integration of smart card-based products
for industry and local administration.

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Card Users Don’t Use All Benefits

Travelex and Retail Decisions card issuer have partnered for fraud
prevention services. ReD’s card fraud prevention solutions will be applied
to Travelex’s “Cash Passport” prepaid travel card. “Cash Passport” can be
loaded in any currency for withdrawals, while traveling, from over 1
million foreign VISA ATMs and numerous VISA merchant terminals. ReD
will implement “PRISM,” which scores 35 to 50 million transactions
daily, to
monitor “Cash Passport” usage patterns and detect fraud. The Travelex
product has 600,000 cards issued around the world with a 30% growth in
the past year among UK consumers.

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Verizon & Chase Paymentech Team for Processing

Verizon Merchant Services, “Payments Powered by Chase Paymentech” has been launched, targeting small and medium-sized businesses. The new broadband service offers the ability to process card transactions in a fraction of the time it would take with a dial-up connection. Dial-up terminals can take between 15-20 seconds to process each transaction while the Verizon service can process each transaction in a fraction of that time. Verizon offers IP-enabled terminals with up to 3 Mbps of high-speed Internet connection. In addition to broadband Internet access, Verizon solutions include online backup storage, e-mail encryption and communications management tools. Chase Paymentech processed approximately 18.2 billion transactions in 2006, with more than $660.6 billion in annual bankcard and debit volume from 600,000 merchants. Verizon Wireless has 60.7 million customers nationwide.

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ONEPULSE CARD

Barclaycard is launching a super payment card that combines the “Oyster” mass transit card with a contactless VISA credit card this fall. The new “OnePulse VISA” will target 10 million “Oyster” cardholders. The new card will have three functions: “Oyster Card,” “Chip and PIN,” and contactless. In May VISA announced that its “payWave” contactless card payments will see a commercial roll-out as early as September throughout London. HSBC, HBOS, Lloyds TSB, and Barclays all indicated they will launch contactless payments by year’s end. VISA is currently introducing contactless facilities at retailers in Canary Wharf, Liverpool Street, Moorgate, Fenchurch Street, London Bridge, Charing Cross and Waterloo Stations. “VISA payWave” also expects launches throughout Europe, and the next one has just been announced in Turkey. Denizbank’s “Sea&Miles” cards will feature “payWave” that can be used on Istanbul Seabuses and a number of retailers. Other “VISA payWave” plans are already well developed in France, Spain and Switzerland.

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