EFMARK-Bantek Becomes Pendum

EFMARK-Bantek announced it will adopt “Pendum, Inc.” as its new company name and brand identity, effective immediately. The name change follows the merger of Bantek West and EFMARK Premium Armored, announced in January. With the introduction of the new name, all iterations of the EFMARK, Premium Armored, Bantek West, and The Wilson Group (a Bantek subsidiary) names and logos will be phased out. Pendum services more than 100,000 ATMs and transaction terminals in 43 states.

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MasterCard Online Fraud Monitor Unveiled

MasterCard unveiled a new advanced fraud detection and mitigation solution designed to enhance security for PIN debit transactions. The new “MasterCard Online Fraud Monitor,” developed in collaboration with BasePoint Analytics, uses a new risk-scoring model to detect potential fraudulent PIN debit transactions in real-time, during the authorization process. The model uses advanced analytics that consider factors such as account spending, device level (ATM and POS) activity, and historical transactions to calculate the likelihood of fraud on an individual ATM card or debit account. The new service will be available during the first quarter of 2007.

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U.S. Bank Access Purchase is Launched

U.S. Bank has introduced a new tool that extends the power of its commercial card beyond payment processing and automates its entire P2P process, called “U.S. Bank Access Purchase”. It allows U.S. Bank commercial customers to define approved suppliers, products and services, generate electronic purchase orders, create and route requisitions for approvals, monitor orders and account activity, retrieve information and create reports all with a single point of access. The system is designed to help medium to large enterprise companies reduce the cost and complexity of implementing an electronic procurement system, while improving efficiencies and lowering costs associated with the traditional non-uniform and fragmented purchasing process. U.S. Bancorp operates 2,434 banking offices and 4,966 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

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Oberthur to Supply Smart IDs for the DoD

Oberthur Card Systems is set to supply one million smart IDs for the U.S. Department of Defense. U.S. Bancorp (NYSE:USB), with assets of $213 billion, is the 6th largest financial holding company in the United States. The company operates 2,434 banking offices and 4,966 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Oberthur Card Systems is one of the world’s leading providers of card-based solutions, software and applications, including SIM and multi-application smart cards, as well as services ranging from consulting to personalization.

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Reward Cards Impact Overall Profitability

A new report has found that rewards programs have become an essential aspect of bank card business strategy and help increase card usage, customer retention and margins, but, they come with a cost to the institution in terms of overall profitability. The research also found that an overall decline in bank cards is signaling the need for banks to evolve their rewards strategies. The study by TowerGroup says general-purpose cards produced 75% of the bank card industry’s sales volume. Yet even with a greater number of solicitations mailed by bank card issuers in 2005, only 0.3% of target consumers responded – yielding the industry’s lowest historic response rate. This downward trend in response rates has increased the cost to acquire new customers. TowerGroup expects that within five years, 90% of consumers holding GPC will have some form of rewards. Yet these rewards undoubtedly place increased financial burdens on the profitability of bank card programs. TowerGroup believes that 2006 marks a transition year for banks in terms of moving from using rewards programs as a tool simply to attract and retain customers, to being more careful in evaluating the effect of rewards on the bottom line as well as how rewards are delivered.

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GE Inks a Stein Mart MasterCard Deal

Stein Mart and GE Retail Consumer Finance have inked a multi-year agreement to launch a Stein Mart co-brand credit program. The new “Stein Mart Platinum Rewards MasterCard” will offer its cardholders a points-based rewards program plus the benefits of the “Stein Mart Preferred Customer Program.” Shoppers can apply for the new card four ways, including instant credit in-store or online. Under the new agreement, Stein Mart will integrate and promote the new Stein Mart credit card in its internal and external marketing activities. GE Retail Consumer Finance will be responsible for managing the Stein Mart card program, providing customer service, billing, database management and analytics support, and credit management.

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Equifax Names a New CFO to Replace Heroman

Equifax has appointed Lee Adrean as CFO, replacing Donald Heroman who has announced plans to retire. Adrean brings 30 years of commensurately senior positions in financial management, business leadership, and international strategy consulting to Equifax. Most recently, he served as Executive Vice President and Chief Financial Officer for NDCHealth Corporation. Adrean holds a Masters in Business Administration from Harvard University, and a Bachelor of Science in Accounting from Bucknell University. Equifax Inc. is a global leader in information technology that enables and secures global commerce with consumers and businesses.

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i2c and Terminal Velocity Processing Team

i2c has signed a processing agreement with Terminal Velocity Processing which specializes in payment processing solutions and management, predominantly in the “Card Not Present” market. The i2c application interface and back office engine gives TVP a fast, reliable, and scalable entry point into the rapidly growing pre-paid debit card industry. Terminal Velocity Processing, incorporated in 2003, specializes in payment processing for the Card Not Present merchant: mail order/telephone order (MO/TO) and internet. i2c is a leading, global technology provider of electronic payment processing solutions.

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Ecount Teams with Advertising Checking Bureau

PA-based Ecount has teamed with the Advertising Checking Bureau which services more than 200 of the top manufacturers with an extended suite of Web-based offerings, providing a total solution from planning, payment and reporting for their client’s channel partner needs. ACB’s partnership with Ecount enhances their product offerings by expanding their services to include Visa debit card solutions, extending beyond cash and premium alternatives. Ecount provides customized prepaid programs for corporations looking for a simple and convenient way to deliver electronic payments. ACB remains uniquely qualified to support the Spiff, Rebate, Incentive, and Trade Promotion Marketing needs of manufacturers.

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LINK Separates its ATM Network

LINK announced it has separated its ATM network from its infrastructure. LINK’s plans were endorsed in an OFT-chaired Working Group earlier this year and the reforms deliver on recommendations made by the OFT Payment Systems Task Force. Over the past decade LINK’s activities have diversified to include: the provision through mobile phones of banking services; mobile phone top-ups at cash machines;
providing solutions for payments processing, ATM acquiring and card
issuing through its outsourcing division, Avantra; and enabling free-of-charge cash withdrawals over Post Office counters. The LINK program has 49 members, while the infrastructure company has
22 owners. LINK enables cardholders to withdraw cash and obtain
balance information from all but a handful of the 59,000 ATMs in the
U.K.

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U.S. Bank Boosts it Check Card Rewards

U.S. Bank debit card customers enrolled in the “Checking That Pays Cash Bonus Check Card” reward program will now earn an even bigger cash reward automatically at select retailers, up to a 25% cash reward or more when they make non-PIN purchases using their card at more than 120 select national retailers. The new reward is on top of the quarter-percent cash reward currently earned on all signature transactions. All earned “Premium Rewards” are automatically credited to the customer’s “Cash Bonus” reward account by the first of each month. Customers can redeem their cash reward on demand after $5 has been accrued. “Premium Rewards” is an enhancement to the “Cash Bonus Check Card” reward program and is available to both consumer and business customers.

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