TSYS to Process Rabobank’s Credit Portfolio

Rabobank has entered an agreement with TSYS to process its consumer-credit portfolio. The multi-stage conversion of Rabobank’s one million accounts to the “TS2” platform is scheduled to conclude in the second quarter of 2007. Once complete, TSYS will be the leading credit-card processor in The Netherlands. Under the agreement, TSYS also will support the newly introduced “World Wildlife Fund for Nature” credit card. Rabobank Group has approximately 1.5 million members, 9 million business and private customers.

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CAMCO Settles FTC Debt Collection Charges

Capital Acquisitions and Management Corp. a/k/a CAMCO has agreed to pay $1 million to settle FTC charges of unfair and deceptive debt collection practices. The settlement also contains certain record keeping and bookkeeping provisions to allow the agency to monitor compliance with its order. This stipulated final order is for settlement purposes only and does not constitute an admission by the defendant of a law violation. A stipulated final order requires approval by the court and has the force of law when signed by the judge.

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Canadians to Spend $930 Holiday Gifts

The eighth annual VISA Canada gift-giving survey shows that 22 million Canadians plan to spend an average of $930 on gifts this holiday season. Conducted by Maritz Research, the study shows that 87% intend to tackle their lists at local stores, significantly more shoppers with Internet access and a credit card will turn to e-retailers than in previous holiday seasons (23% vs 18% in 2005). To date, Canadians have already spent $2.8 billion on their VISA cards during the peak holiday shopping season (November 21-November 27). For the eighth year in a row, clothing is the most popular gift for friends and family. Gift cards and gift certificates moved up from fourth to second spot this year, tied with toys as likely gifts to exchange.

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Source Technologies Unveils 7-Series Kiosk

NC-based Source Technologies has reengineered its “7-Series Kiosk” to perform virtually any teller function. This allows banks and credit unions to expand their capacity within existing branches or expand their presence without the expense of building a branch. With 24/7 availability, the new kiosk performs functions such as cash acceptance, cash and card dispensing, and check printing. Additionally, the 7-Series kiosk has imaging capabilities for check deposit as well as signature capture. Source Technologies is a leading provider of integrated solutions for managing financial transactions and other secure business processes.

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VASCO Passes 100 U.S. Banking Customers

VASCO Data Security International has passed the landmark of 100 customers in the U.S. banking sector. VASCO’s “Digipass” and “VACMAN Controller” are the most popular products. There are 28 million “Digipass” authentication products sold and delivered to-date. VASCO has established itself as a world-leader for strong User Authentication with over 550 international financial institutions and approximately 3,300 blue-chip corporations and governments located in more than 100 countries.

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Sub Giant Launches a Reloadable Cash Card

The world’s largest submarine sandwich franchise has introduced its first reloadable cash card at more than 21,000 restaurants in the U.S. and Canada. The new “SUBWAY Cash Card” follows SUBWAY’s decision last year to ditch its paper “stamp” loyalty card for a plastic electronic loyalty card. The new cash card is available for load amounts between $5 and $100. Customers also have the option of registering their cards online to protect their balance for lost or stolen cards, and to qualify for other potential rewards. Independent Purchasing Cooperative, the purchasing organization for SUBWAY, signed the Chockstone deal in June 2005.(CF Library 6/21/05)

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JUMBO MASTERCARD

ABN AMRO and Jumbo Electronics have teamed to launch a co-branded MasterCard. The new card offers five reward points for every Dirham spent on the card and, if total purchases exceed AED 1500 over a 3-month period, cardholders will earn enough points to off-set the annual fee. The new “ABN AMRO Jumbo MasterCard” also offers the option of buying high-value products in fixed installments at preferential interest rates. Jumbo has 31 branches across the UAE. ABN AMRO launched its first chip-based credit card in 2000 followed by its “Smart
Traveler Card” for premium frequent travelers. The bank also launched the UAE’s first credit card designed exclusively for women – the “Al Ameera Card.”

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AAA Expects Brisk VISA Gift Card Sales

AAA reports that purchases of its “VISA Gift Card” during the months of November and December 2005 increased by 77% compared to the same period in 2004 and that the average value of a card purchased through AAA is $115.00. Serving close to 50 million members at more than 100,000 retail and travel locations in North America, AAA’s Show Your Card & Save network comprises the largest member discount program in North America. However recent research by AAA found that only 4% of AAA members were aware that they can get discounts at retail stores. AAA provides more than 50 million members with travel, insurance, financial and automotive-related services.

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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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