ECHO CEO Retiring and Replaced with Harris

Electronic Clearing House announced the upcoming retirement of Chairman and CEO Joel M. (“Jody”) Barry and the appointment of President and COO Charles J. (“Chuck”) Harris to CEO, and independent Board member Richard D. Field to non-executive Chairman of the Board of Directors. Jody Barry has been a Director of ECHO since 1987 and Chairman of the Board since December 1987 and served as Executive Vice President and Chief Financial Officer of ECHO from 1987 to 1990 at the time of his appointment as CEO. Chuck Harris joined ECHO in September 2005 as President, COO and Director. Prior to joining the Company, Mr. Harris served in executive, operational and sales leadership positions at prominent organizations including Paymentech and Electronic Data Systems. Richard Field became a Director of ECHO in July 2004 after having worked in the financial services industry for over 40 years as an executive of the Bank of New York, Chase, and Citigroup, and a director of MasterCard International and Chairman of its U.S. Board of Directors. ECHO provides a complete solution to the payment processing needs of merchants, technology companies, banks and collection agencies.

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Visa & Macau Tourist Office Launch a Campaign

For the promotion of the “Experience Macau with VISA!” campaign,
organized by VISA International and the Macau Government Tourist
Office(MGTO), media delegates from countries in East Asia visited
the country. Representatives from China, Hong Kong, Taiwan China,
Japan and Korea paid a 2 day visit to Macau and consisted of 18 media
representatives are from 11 newspapers and 4 magazines specialized in
tourism, leisure, lifestyle and fashion. The media representatives toured
the “Historic Centre of Macau”, conducted interviews, visited museums
and new tourism facilities. The organization hopes this media exposure
from different areas will enable readers to easily picture the new Macau
through the articles and photos.

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Verizon Business Buys Cybertrust & ICSA Labs

Verizon Business announced a definitive agreement to acquire Cybertrust. Financial terms were not disclosed. The combination will make Verizon Business the leading provider of managed information security services to large-business and government customers worldwide. Additionally, Verizon Business will acquire ICSA Labs, an independent division of Cybertrust which has tested and certified 95 percent of the installed security products on the market today. According to industry analyst firm Frost & Sullivan, the managed security services market is growing exponentially and is projected to exceed $6 billion by 2011. Cybertrust’s services include identity management, managed security services, vulnerability/threat management, security certification programs and a full range of professional services including enterprise-wide quantified risk analysis, individual application assessments, and forensics and incident response services. Verizon Business, a unit of Verizon Communications is a provider of advanced communications and information technology (IT) solutions to large business and government customers worldwide.

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DIGIPASS 805

VASCO Data Securities has introduced its light-weight, one-button smartcard reader, the “Digipass 805”. Utilizing the multifunctional button,
the device is e-signature enabled, employs a one-time password and host
authentication functionalities. With the “Digipass 805”, VASCO is targeting
the junior bank account holders and the potentially important
b-to-c e-commerce market. The Company says it has already received firm orders for the new product. VASCO is a major supplier of authentication
and e-signature solutions servicing 4,800 companies in more than 100
countries, including nearly 750 international financial institutions.

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HSBC to Issue the Lumber Liquidators Card

HSBC Finance Corporation has formed a strategic alliance with Lumber Liquidators to provide commercial customers with customized business payment solutions, and also offer their consumer customers flexible credit options. Commercial customers benefit from a host of unique, business-oriented program benefits including a dedicated credit line, expense management and detailed transaction information. The consumer credit card carries no annual fee and provides cardholders with a dedicated credit line they can use for all of their in-store, catalog and online purchases. Lumber Liquidators is the largest independent retailer of hardwood flooring in the country, with over 100 locations nationwide. HSBC Finance Corporation is a subsidiary of HSBC North America Holdings with assets totaling more than $300 billion.

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Research Indicates Credit Card Slump

Research from the Kasikorn Research Center has shown that the
volume of credit card spending, credit cards issued, and credit
card balances are all leveling off. For 1Q07, cards issued had a
growth of 9.17%, dropping from the growth of 14.16% in 1Q06.
The spending volume on credit cards totaled THB172,507 million;
that would be growth of 13.39%, compared to 21.54% in 1Q06.
The total credit card outstanding balance slowed in expansion with
THB166,383 million, representing 15.89% growth compared to
21.07% of 1Q06. Furthermore, the volume in cash advances only
showed growth of 15.88% in 1Q07 from a growth of 26.64% in
1Q06.

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AmEx Cards to Accept Certain Mortgage Payments

American Express has set-up a partnership with American Home Mortgage Corp. to enable prime mortgage customers to charge their mortgage payments to an AmEx card. The “Express Rewards Mortgage” program will enable pre-authorized cardholders to earn “Membership Rewards,” cash back, airline or hotel points or other types of rewards. It is the first time in the industry wherein consumers can directly charge a mortgage payment to a credit card. AmEx cardholders with qualifying new purchase or refinance loans with American Home Mortgage will pay a one-time fee of $395 to the lender for enrollment in the program at the time of closing.program enrollees receive a package of benefits including access to premium service with a dedicated loan sales and processing group and an exclusive set of home-related offers from AmEx merchants. Today’s announcement follows the introduction of luxury rental payments in 203 and luxury condominium down-payments in 2006 on the AmEx Card.

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LIC Prospects Credit Card Partners

Life Insurance Co(LIC) of India is considering a small group of banks as
partners for its credit card. Also, to ensure the card company will not be
a subsidiary, the bank is most likely going to sign an agreement with
Corporation Bank. From LIC’s microfinance and international businesses
department head, the company has recently appointed Hemant Bhargav to
manage the project. Of the strongest candidates for the project is ICICI
Bank with over 7.5 million cards. Other possibilities include HDFC Bank,
UTI Bank, Standard Chartered Bank and Visa. Of these, LIC is considering
which option would best expand insurance penetration and is also concerned
with interest conflicts regarding what the bank may have in the credit card
industry.

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TRM Restructuring Continues; New CEO Coming

OR-based TRM reported that fourth quarter revenue declined to $24.9 million, compared to $29.8 million for 4Q/05. The Company has been engaged in a restructuring and also announced this week management changes. Since June 2006, TRM has sold its U.K. photocopy business, its U.S. photocopy business, its Canadian ATM operations, its U.K. ATM operations and its German ATM operations. Net loss (including both continuing and discontinued operations) was $15.2 million for 4Q/06 compared to $13.7 million in the 4Q/05. The average number of transacting ATMs in the network during the fourth quarter was 11,511 compared to 13,926 during the fourth quarter of 2005, total withdrawals were 9.4 million, and average monthly transactions per ATM was 274 compared to 277 in the fourth quarter of 2005. Meanwhile, TRM named COO Richard Stern, to the positions of President and CEO effective June 15th. He was also appointed to the Board effective immediately. Jeffrey Brotman will remain with the Company as non-executive Chairman. For complete details on TRM’s latest performance visit CardData ([www.carddata.com][1])

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

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The Central Bank To Decrease Wait-Time

In response to customer complaints, The People’s Bank of China has
implemented measures to reduce customer wait time. The source of
the issue, the bank concludes, is that personal payments have to
be made through certain banks, people have excessive reliance on cash
payments, and imperfect banking services. Among new policy
implementations is the change in limit of ATM cash withdraws from
5,000 yuan (649.4 U.S. dollars) to 20,000 yuan within a day. This
will hopefully discourage people from going to the bank counters to get
cash. Also, because Chinese people go to banks to pay for most bills and
loans, the bank plans to designate all institutions capable of receiving
these
payments. Currently, people have to make the payments in different banks
designated by the service providers.

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BPC Signs JSC Kredobank for SmartVista Suite

BPC has announced that it will supply JSC Kredobank with the SmartVista
Suite to build the bank’s in-house card processing center. This will provide
the bank with the ability to issue and acquire both debit and credit cards
of Visa International and MasterCard Worldwide payment schemes, the
SmartVista Fraud Prevention Monitoring module for on-line transaction
filtering,
and SMS-banking and EMV acquiring facilities. Kredobank will also enhance
the efficiency by allowing the customers to manage their accounts linked
to a
card using a different channels such as ATMs, kiosks, mobile devices.
The net
profit of the Bank amounts to around 23 bln UAH and the net assets 3 287
bln
UAH. JSC “Kredobank” is ranked in top-20 of the largest Ukrainian banks by
various indices.

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