AmEx Promotes 2 to Replace Gordon Smith

Following the loss of its President for Global Commercial Card group to Chase, American Express announced two appointments yesterday. Anre Williams has been named President Global Commercial Card and Valerie Soranno Keating has been named EVP/Global Marketing & Source-to-Settle. Williams joined AmEx in 1989 and in Corporate Services, he served as VP/GM, Large Market Western Region and SVP of U.S. Middle Market before being named EVP U.S. Commercial Card in 2004. During the past five years, Soranno Keating led Travelers Cheques and Prepaid Services business. She joined AmEx in 1993 and has held a variety of positions in Establishment Services, including VP/GM Retail Industries, VP/Network Expansion, and SVP of Merchant Strategic Relationships.

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Nomad Software Becomes Nomad Payments

What was once Nomad Software has changed its name to Nomad Payments,
reflecting the company’s expansion into other services. These additional
services
include pre paid cards, debit cards, and advanced processing security. Nomad
introduced 40 new programs signed agreements with nine additional customers
in 2006 on prepaid projects. In 2007, Nomad Payments implemented open loop
prepaid projects for companies such as IDT Financial Services, Tuxedo Money
Solutions, Think Money, Chequepoint and CredEcard.

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TransFirst’s CEO Rouse to Retire

Dallas-based credit card processor TransFirst announced the retirement of Chairman and CEO Thomas Rouse. John Shlonsky has been named President and CEO, effective immediately. Shlonsky joined TransFirst as President and COO in October from First Data, where he was president of First Data Merchant Services. Rouse, who has served as CEO since founding the company in 1995 as ACS Merchant Services, has grown the company through seven acquisitions to its current position of $25 billion in annual sales. In May GTCR signed a deal to sell TransFirst to Welsh, Carson, Anderson & Stowe for $683 million. TransFirst currently processes for more than 155,000 merchants and 965 financial institutions. (CF Library 5/15/07)

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SCM Microsystems’ CEO Steps Down

Robert Schneider, founder, CEO and director of SCM Microsystems, has
announced that he will be stepping down following a recent restructuring of
the company. The recent restructuring focused on cost cutting and PC
security. SCM Microsystems is seeking someone to fill the open position,
which
will temporarily be filled by the company’s current CFO, Stephan Rohaly.
SCM Microsystems supplies digital solutions that enable access
to content and services.

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PaySimple Adds Dunn to its Board

Denver-based PaySimple has added Eric Dunn, General Partner with Cardinal Venture Capital, to its Board of Directors. As a member of the PaySimple Board of Directors, Dunn will play a key role in advising the company on strategic operations and expansion decisions. Before joining Cardinal Venture Capital, Dunn was a member of Intuit’s senior management team. During his tenure, the company grew from a small startup to a leading financial software provider. Prior to his time with Intuit, Dunn worked with Bain and Company as a management consultant, and also with IBM as a software engineer. He earned an MBA from Harvard Business School and also an A.B. in Physics from Harvard College. PaySimple is a provider of payment management solutions.

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Chase Cards Snags a Top AmEx Executive

Chase snagged a 25+ year American Express veteran to run its Card Services group. Gordon Smith, former president of AmEx’s Global Commercial Card group, took over yesterday. Chase confirmed that Richard Srednicki, who headed the card unit, will be retiring next quarter. Chase says it began the search for a new card executive several months ago after Srednicki indicated he wanted to retire this year. Srednicki joined Chase in 2000 and is 60 years old. Prior to running AmEx’s Global Commercial Card business, Smith led AmEx’s Consumer Card Services group from 2001 to 2005. He will also join Chase’s Operating Committee and will report to Jamie Dimon, Chairman and CEO.

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Element Payment Signs Massage Envy

Element Payment Services announced that AZ-based Massage Envy Limited has selected Element’s “Express IP” payment platform for its 220 locations. Element’s “Express IP” payment platform provides Massage Envy with a PCI-certified solution that is easy to manage and can readily scale with their business in a safe, secure manner. Element’s Express suite of products include Element Express Payment Platform, PASS (Payment Account Secure Storage)and Virtual Terminal. Massage Envy offers professional, convenient and affordable therapeutic massage services at upscale retail centers nationwide. Element Payment Services is a registered Merchant Service Provider that provides secure credit, debit, check conversion and guarantee, EBT, and gift/loyalty card solutions.

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Wells Combines Biz Checking w/Processing

Wells Fargo has introduced a new product for small businesses that combines a full-service business checking account with credit and debit card processing at a flat discount rate. “Wells Fargo Merchant Checking” offers a flat rate of 1.99% plus $.30 for all signature-based VISA and MasterCard transactions. It also offers a simple pricing structure applicable to all card types, including rewards cards, as well as for both keyed and swiped transactions. Wells notes that the new product allows small business owners to begin accepting credit and debit card payments and have access to funds as soon as the next business day in the associated business checking account. Wells Fargo Merchant Services provides payment processing services to over 214,000 merchant outlets with a total annual processing volume in excess of $77 billion.

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SCM Microsystems CEO to Step Down

Germany-based SCM Microsystems announced that founder and CEO Robert Schneider will leave SCM at the end of the month. Schneider’s decision to step down follows a successful restructuring of SCM’s operations that has increased focus on the company’s PC Security business and resulted in a significantly reduced cost structure, strengthening the company’s position as a provider of secure reader technology for the global smart card applications market. SCM’s Board of Directors has initiated a search for a new chief executive officer. Stephan Rohaly, SCM’s current chief financial officer, will take on the role of interim CEO. SCM Microsystems is a supplier of digital content and services.

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PAYWAVE COMBO CARD

Cathay United Bank has introduced a super card that combines contactless credit, transit fare collection and chip-based ATM access onto one card. The new “VISA payWave Combo EasyCard” will carry dual-interface chips, with contact and contactless interfaces. The contact interface in Taiwan will be used for ATM access, via an application complying with the international EMV standard. VISA says three other issuers will also launch contactless VISA cards with the “EasyCard” bus and subway payment application onboard by year’s end. VISA is expecting to have about two million of such cards in Taiwan market. VISA Asia-Pacific says it has about 1.1 million contactless cards in Taiwan.

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June Consumer Spending to Remain Steady

A new survey has found that 85% of U.S. adults will spend the same or more in June than they did last month despite concerns about the economy. The “Discover Spending Confidence Monitor” reveals that consumers’ more robust view of their personal finances versus the economy is helping drive their sustained spending. Over the next six months, 45% of consumers expect their personal finances to get better versus only 25% for economic conditions overall. In addition, most consumers seem fairly confident in managing their budgets with 55% expecting to have money left over after paying all of their bills, and the vast majority of these consumers expecting to have the same or more money left over as the previous month. The Discover index polls 15,000 adult consumers monthly.

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BEA Offers One Stop Consolidation

The Bank of East Asia has introduced “The Plan”, a “one-stop” debt
consolidation plan. Allowing consolidation loans of up to HK$1,000,000,
The Bank of East Asia is offering promotions including $100 grocery
store coupon and personalized interest rates for successful applicants.
Furthermore, “The Plan” requires a 1% arrangement fee, regardless of the
length of the loan repayment period.

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