Citi Hires American Express’ CFO

Gary Crittenden, EVP/CFO and head of Global Network Services at American Express, resigned Friday to become Citi’s new CFO, effective March 12th. Dan Henry, EVP/CFO of U.S. Consumer, Small Business and Merchant Services was named EVP and acting CFO at American Express. Crittenden joined AmEx in June 2000 as EVP/CFO and took over Global Network Services in June 2005. He also is currently a director on the boards of UPS and Staples. Henry joined AmEx in 1990 as Comptroller.

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Ukrgasbank to Deploy CREDITINFO & Decision Manager

Ukrgasbank has implemented software including “Decision Manager”. The new
software processes applications executing “Debt Manager” automatically and
was designed by CREDITINFO
Group of Iceland. “Decision Manager” addresses credit risks and
provides scoring cards of different retail credit products. The software
rationalizes the credit application process, determining the credit
worthiness of those with questionable credit by highlighting faults on their
report. At the same time, “Decision Manager” encourages increasing credit
limits and lower interest rates of the more disciplined borrowers. The
software will be used mostly to determine mortgage and credit card
granting. Before the end of 2007, the Bank plans to open 150 more
mini-divisions equipped with these up-to-date banking technologies.

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HSBC Gives its U.S. CEOs the Boot

Warning of higher-loan loss provisions and set to release its fourth quarter earnings reports on March 5th, HSBC confirmed the departure of its two top U.S. executives. Bobby Mehta, CEO of HSBC North America and CEO of HSBC Finance, along with Sandy Derickson, head of HSBC Bank USA and HSBC USA are out. Mehta also served as Chairman of HSBC Finance. Mehta joined HSBC Finance in 1998. HSBC acquired Household International in March 2003 for $14.8 billion. In March 2005, he was appointed to his most recent positions. HSBC named Douglas Flint to become non-executive Chairman of HSBC Finance. Brendan McDonagh, currently COO of HSBC Finance has become CEO. Derickson joined Household International in September 2000 as managing director and CEO of the company’s retail services business. Prior to joining HSBC, Derickson spent 24 years at GE Capital. She was promoted to group executive at HSBC Finance in 2002 and to vice chairman in April 2004. Paul Lawrence, head of Corporate, Investment Banking and Markets for North America, has been named to succeed Derickson. HSBC Finance has more than $26 billion in card loans. Delinquency (60 days+) for its VISA/MasterCard portfolio increased to 4.48% for the third quarter, compared to 4.10% in the prior quarter and 4.13% for 3Q/05. For complete details on HSBC’s performance, visit CardData ([www.carddata.com][1]).

HSBC 60+ DAY U.S. CARD DELINQUENCY
3Q/05: 4.13%
4Q/05: 3.52%
1Q/06: 4.22%
2Q/06: 4.10%
3Q/06: 4.48%
Source: CardData (www.carddata.com)

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

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Banco Rendimento To Pay Remittances For Poni Cards

The American Cash Exchange has announced a partnership with Banco
Rendimento. Through the partnership, the Brazilian bank will pay remittance for American Poni Card-holders. The Poni
Card is a stored value product and an important addition to the
remittance strategy of the bank, providing a simple way to transfer
money. Remittance is a $45 Billion market and Brazilians are expected to
send more than $7 Billion USD throughout 2007. Banco Rendimento
processed 800,000 remittances in 2006 and serves over 300,000 Brazilians
living abroad in 4 continents. The American Cash Exchange offers
personal payment solutions and is the largest distributor of ATM access
cards designed for the unbanked population.

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ATM Express Teams with JBM & Cingular

MT-based ATM distributor ATM Express has incorporated St. Louis-based JBM Electronics solutions and AT&T’s Cingular Wireless data network to power its network of ATMs. By using JBM Electronics’ wireless routers and the AT&T wireless data network, ATM Express has lowered costs by 70 percent and reduced transaction times from 25 seconds to as low as five seconds per transaction. AT&T has the largest digital wireless data network in the U.S., providing coverage in more than 13,000 cities and towns. JBM Electronics provides custom development for network connectivity solutions. ATM Express currently processes over 14,000 ATMs nationwide.

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FreeStar Technology Q4 Revenue Rises 40%

Thanks to the acquisition of Project LifeCycle Partners and the shipping
of more processing terminals, FreeStar Technology has reported a
40% revenue gain for the quarter ending December 31st. Deploying
processing terminals is
especially helpful, generating both hardware sales revenue as well as
processing revenue. The company’s transaction processing volume rose
9.6% to 5.3 million transactions over the three months signaling the
36th consecutive month of year-over-year processing volume. The
Company’s revenue for the six months ended December 31, 2006,
rose 8% to $1,273,762 from $1,180,694 in the comparable period of fiscal
2006. For the same period, transactions processed
rose 10% to 10.2 million transactions from 9.2 million in the year-ago period. FreeStar Technology works with merchants and
acquirers in more than twenty countries providing mission-critical
solutions to the financial industry worldwide.

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HSBS Renews Gottschalks Store Card

Gottschalks has signed a new multi-year agreement with HSBC for the retailer’s proprietary credit card program. The partnership with HSBC has been a significant driver of sales, profit, and customer loyalty for Gottschalks. Gottschalks will also work together with HSBC Retail Services on various marketing initiatives designed to increase Gottschalks sales and further build the company’s credit card business. Gottschalks offers better to moderate brand-name fashion apparel, cosmetics, shoes, accessories and home merchandise and currently operating 60 department stores and 5 specialty apparel stores in six western states.

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Interac Certifies WAY System’s Mobile POS

Interac’s EWA Canada has certified “MTT 1556C Mobile,” WAY system’s
wireless point-of-sale terminal. Interac has determined, with
stringent security & performance standards, that WAY System’s portable
POS solution is worthy of certification under EWA Canada. Interac
Association is a not-for-profit organization composed of 95 members,
including banks, trust companies, credit unions, caisses populaires (the
equivalent of a credit union), technology and payment related companies.
WAY Systems is a leading global service provider of mobile phone based
Point of Sale solutions designed for millions of unwired merchants
worldwide.

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ORCC 4Q/06 Revenues Soars by 86%

VA-based Online Resources reported that revenue for the fourth quarter soared by 86% to $29.4 million. The Company says strong operating fundamentals drove higher than expected core earnings in the quarter. Earnings before interest, taxes, depreciation and amortization was $7.3 million, compared to $3.9 million in the prior year. During 2006 ORCC became a top bill payment provider to small-to mid-size institutions and as second overall, including 10 of the 50 largest banks; became the industry’s largest biller network, with 250 billers and 2,100 biller endpoints; and substantially increased consumer end-users to 9 million and payments processed to over 175 million transactions annually. For complete details on ORCC’s performance, visit CardData ([www.carddata.com][1]).

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

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VASCO Fourth Quarter Revenues Rise 44%

Vasco has announced revenues for the fourth quarter increased
44% to $25.2 million from $17.5 million in 2005 and, for the full-year
2006, increased 39% to $76.1 million from $54.6 million in 2005. Net
income available to common shareholders for the full-year 2006 was $12.6
million. Apparently this success is a result of the companies’
capability expansion as an authentication company, which was announced
at the beginning of 2006. This expansion was well received by the market
allowing for an increase in 4Q revenue. With approximately 32 million
Digipass licenses sold and delivered, VASCO is established as a leader
in strong User Authentication. VASCO provides service to approximately
650 international financial institutions and approximately 3,600
corporations and governments located in more than 100 countries.

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Triton to Offer De La Rue MiniMech

MS-based ATM manufacturer Triton will once gain offer the De La Rue “MiniMech.” The “MiniMech” is a small and lower cost cassette mechanism designed and manufactured by De La Rue that allows the cash cassette to be replenished without a special loading tray or keys, enabling retailers to easily refill the ATM on their own. Triton will offer the cassette on its “9100” ATMs. The “9100” is also available with the TDM-100, TDM-150, TDM-200, TDM-250, SDD and without a mechanism for customers wishing to use the mechanism from their older Triton units. Triton is the largest provider of off-premise ATMs and ATM management software in North America and has more than 158,000 installations in over 24 countries worldwide.

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JAN CARD LENDING

New borrowing on credit cards contracted for the fifth consecutive
month, dipping by nearly GBP 500 million in January. For the past six
months credit card lending has declined by an average of GBP 219 million
per month. Revised figures show new credit card lending decreased by
more than GBP 300 million per month since September. The British Bankers
Association reports that overall consumer credit fell by GBP 13 million
while personal loans and overdrafts rose by GBP 483 million during
January. Total lending to the UK private sector showed a net underlying
increase of 1.7% of GBP 21.9 billion to GBP 1.29 trillion. The BBA
collects data from Abbey, Alliance & Leicester, Barclays, Bradford &
Bingley, HBOS, HSBC Bank, Lloyds TSB, Northern Rock and The Royal Bank
of Scotland.

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