Capgemini Obtains Clearance to Acquire Kanbay

Capgemini and Kanbay International announced have received early termination of the waiting period for U.S. federal antitrust review of Capgemini’s proposed acquisition of Kanbay. The parties now have clearance from U.S. federal antitrust agencies to complete the
acquisition. On October 26th, Capgemini, a provider of Consulting, Technology and Outsourcing services, and Kanbay International, a
global IT services firm focused on the financial services industry, entered into a definitive merger agreement. The combination of Kanbay and Capgemini will create a top-tier global IT services firm with unparalleled domain knowledge in the financial services vertical, seamless consulting and technology expertise,and market leading offshore resources.

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Corillian Signs Bremer Financial

MN-based Bremer Financial has selected Corillian to provide online banking and payment services. In addition to Corillian Consumer Banking and Corillian Payments, Bremer will implement Corillian Family Banking and Corillian Personal Money Manger (PMM). Bremer Financial Corporation is a privately held, $6.6 billion regional financial services company jointly owned by its employees and the Otto Bremer Foundation. Corillian is the market leader of online banking, payment and security solutions to the financial services industry.

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ICICI OneSource Becomes Firstsource Solutions

ICICI OneSource has renamed itself as Firstsource Solutions. The company also announced that it had filed the “Draft Red Herring Prospectus” with the SEBI as a precursor to its planned listing on the Bombay Stock Exchange and the National Stock Exchange. ICICI OneSource major investors include Metavante and Aranda Investments. The company has over the last four years grown significantly in scale and capabilities, with a CAGR of 74.4% in revenues over the past two fiscal years and has built a customer base of over 60 customers including 13 “Fortune 500” and “FTSE 100” companies. It is among India’s top three pure play BPO companies with over 9,000 employees and 17 delivery centers across India, US, UK and Argentina and a center under development in Philippines.

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Fifth Third Processing Renews Three Deals

OH-based Fifth Third Processing Solutions has renewed three contracts for merchant processing services. The deals include: Abercrombie & Fitch; Belk Department Stores; and Stein Mart. Abercrombie & Fitch operates 357 Abercrombie & Fitch stores, 173 abercrombie stores, 377 Hollister Co. stores and 12 RUEHL stores in the U.S. NC-based Belk Department Stores has more than 275 stores in 16 states. Stein Mart operates 268 retail stores throughout the USA. Fifth Third Bank Processing Solutions processes over 17 billion ATM and POS transactions per year for more than 1,500 financial institutions and over 137,000 retail locations worldwide.

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Near Field Group Tops 100 Members

The NFC Forum, which is holding a quarterly meeting this week in San Diego, reports its membership roster has grown to over 100 organizations. The organizations that are new to the Forum join a prestigious membership group composed of major players in their respective industries, including Sponsor-level members HP, MasterCard International, Microsoft Corp., NEC, Nokia, NXP Semiconductors, Panasonic, Renesas Technology, Samsung, Sony Corporation, Texas Instruments, and Visa International. The NFC Forum, www.nfc-forum.org, was launched as a non-profit industry association in 2004 by leading mobile communications, semiconductor and consumer electronics companies.

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eFunds to Process All AmEx Prepaid Cards

In what is probably the largest prepaid deal to-date, American Express and eFunds Corporation have inked a global, multi-year partnership wherein eFunds will provide processing services for the entire AmEx portfolio of prepaid cards. Included in the deal is processing services for AmEx-backed gift cards sold by shopping centers nationwide; the “Travelers Cheque Card”; and incentive cards issued by American Express Incentive Services, a joint venture of American Express and Maritz. Last week American Express expanded its gift card program, now offering extras at 20 retailers, restaurants and other partners. AmEx also added three new themed “Gift Cards” including “Gift Cards Especially for Kids,” “Especially for Teens,” and “Especially for Birthdays.” All of these cards will be processed by eFunds. Sales of American Express Gift Cards have more than doubled every year since 2002. (CF Library 11/29/06)

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Fiserv Hires & Promotes Five Executives

WI-based Fiserv has hired two seasoned top executives and made three other senior leadership appointments this week. Rahul Gupta, formerly with eFunds, will serve as Group President, Payments and Industry Products. He will oversee various payments businesses, risk management solutions and industry products. Thomas Warsop, formerly with EDS, will become Group President, Financial Institutions. He will manage large, non-core account processing financial institution solutions, which include all lending and global item processing businesses. Fiserv also promoted Tom Neill to Group President, Depository Institution Core Processing and promoted Mike Gantt to Group President, Health and Insurance Group. Matthew Epstein, formerly with Merrill Lynch, was named Senior Vice President, Strategic Partnerships.

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InComm & Green Dot Networks Handshake

Atlanta-based InComm has signed Green Dot, the nation’s largest provider of retailer-sold prepaid debit cards and operator of the “Green Dot Financial Network” to a distribution agreement. Green Dot will be able to use the InComm “Fastcard Network” for activation of its prepaid debit cards, and InComm will have access to the “Green Dot Financial Network” for reloading of its own prepaid debit cards. Also, Chicago-based Signature Days, an online provider of experience gifts, has partnered with InComm to distribute its gift cards nationwide. InComm has more than 10,000 retail store distribution locations nationwide.

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New England CU Group Promotes CO-OP

New England Credit Union Services has teamed with CO-OP Financial Services to promote the sale of CO-OP network memberships in the greater New England market. New England Credit Union Services will market and promote CO-OP Financial Services Membership, facilitating access to 25,000 surcharge- free ATMs, including nearly 6,000 deposit sharing ATMs. New England Credit Union Services, LLC is a company owned in partnership by the Massachusetts Credit Union League, the New Hampshire Credit Union League and the Rhode Island Credit Union League. CO-OP Financial Services is the nation’s largest credit union service organization.

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Q3 Bankruptcy Jumps Nearly 10% Sequentially

Total bankruptcy filings jumped by 9.8% in the third quarter compared to the prior quarter, but, remain well below year ago levels. During the third quarter total filings hit 171,146 compared to 155,833 for the second quarter and 542,002 one-year ago. According to the Administrative Office of the U.S. Courts filings for the 12-month period ending September 30th, fell 37.6% to 1,112,542. Non-business or personal bankruptcies fell 37.9% for the same period while business bankruptcies declined 20.1%. The record filings last year were part of the surge in filings prompted by the October 17, 2005 implementation of the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.” However, this week MA-based Global Insight said it expects U.S. corporate bankruptcies to increase by 17% in 2007. The majority of these increases are expected to occur in the metals, mining, and energy sectors, as well as in real estate and closely related industries, such as mortgage banking and residential construction.

QUARTERLY BANKRUPTCY FILINGS
3Q/05: 542,002
4Q/05: 667,431
1Q/06: 116,771
2Q/06: 155,833
3Q/06: 171,146
Source: Administrative Office of the U.S. Courts

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New Credit Bureau Patent is Issued

An emerging alternative credit bureau that provides an expanded view of a consumers bill payment habits has been awarded a patent for its technology. Pay Rent, Build Credit collects data on recurring bill payments made by individuals and small businesses, and incorporating them in a credit file, credit report, and credit score. The PRBC technology picks up data on rent, private mortgages, non-prime auto loans, utilities, phone, cable, insurance premiums, pay day advances, and rental furniture and appliances. PRBC has partnered with the National Credit Reporting Association to verify trade line accounts and up to three years worth of prior payments that are reported directly by consumers to PRBC. Lenders can purchase a “PRBC Report” depicting a consumer’s bill payment history either on a standalone basis, or merged with Equifax, Experian, and TransUnion credit reports. Each PRBC Report is accompanied by a “PRBC Bill Payment Score.”

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Dream Dinners Launches a Gift Card

WA-based Dream Dinners has teamed with NBO Systems to launch a gift card program valid for redemption online. Valid for redemption online, these gift cards are sure to delight any hard working parent with a desire for everyday gourmet food and a little extra family time. Take a break from grocery carts, slicing, and chopping. With Dream Dinners, Inc., gift cards, family dinners have never been easier. NBO Systems, Inc. was founded in 1994 and is headquartered in Salt Lake City, Utah. NBO is an innovator and industry leader in developing, marketing, and supporting stored-value prepaid card programs.

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