Yodlee and Equifax UK Launch Account Watch

Yodlee and Equifax have teamed up to create “Account Watch” to help
consumers proactively manage their financial accounts and protect
themselves from fraud and identity theft. “Account Watch”, available
from Equifax UK, leverages Yodlee’s “OnCenter Alerts Service” to monitor
real-time online account activity, such as bank accounts, savings
accounts and credit card transactions and automatically sends consumers
alerts of any unusual or suspicious activity. It is estimated that more than 100,000 people are affected by identity theft in the UK each year, costing the British economy over GBP 1.7 billion annually

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SEC Scrutinizes Tier Technologies

VA-based Tier Technologies has been subpoenaed by the Philadelphia District Office of the SEC requesting documents relating to financial reporting and personnel issues. Tier says it intends to cooperate fully in this investigation. Last week Tier confirmed that James Weaver has resigned as Chairman and CEO. The decision followed a recommendation by the audit committee of the board of directors that Weaver’s employment be terminated. Tier provides information technology solutions and through its Official Payments Corp. subsidiary.

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Overstock.com Deploys AuctionCheckout

Salt Lake City-based Overstock.com Auctions has fully integrated San Diego-based AuctionCheckout.com’s online payment service. After a seller enrolls in and is approved for AuctionCheckout.com, all of that seller’s listings will display the secure payment link “O-Auctions Checkout”, which speeds winning bidders through a simple checkout with no fees or registration requirements. After completing the transaction, sellers automatically receive funds into their checking account, usually within 2-3 days. AuctionCheckout.com is a provider of payment services specializing in credit card transactions for online marketplaces.

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ABS 1Q/06

Charge-offs for credit card-backed bonds in the U.K. continued to
deteriorate during the first quarter, hitting a record 6.7%, compared to
4.7% one-year ago and 5.8% for the prior quarter. Delinquencies also
edged upward during 1Q/06 to 3.6% compared to 3.3% in the prior quarter.
According to FitchRatings, there were significant rises in charge-off
levels in virtually all trusts across the quarter with the exception of
Pillar Funding. A common observation among originators is that the
increased charge-offs are more the result of higher balances being
charged-off rather than more customers defaulting. Originators are using
a variety of strategies to limit the losses by introducing more
proactive account management policies. Meanwhile, the monthly payment
rate on credit card ABS soared in the first quarter to 19.5%, compared
to 15.9% for the fourth quarter. The Fitch “Yield Index” stood at 20.8%
at the end of 1Q/06, rising from 19.3% at the end of December 2005.

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Fiserv to Promote PBT’s ATM Direct

San Francisco-based Pay By Touch announced the first EFT network to offer the company’s Internet PIN debit transactions. Fiserv’s ACCEL/Exchange EFT Network will participate in the initial market promotion to raise awareness of the new ATM Direct service. ATM Direct is a software-only solution. ACCEL/Exchange has more than 80 million cards, 500,000 merchant locations, 100,000 ATM locations and 3,500 member financial institutions in the USA. To date, Pay By Touch services over 154,000 retail clients, manages personalized rewards programs for more than 130 million opt-in consumers and has more than 2.3 million shoppers using biometric authentication products and services at 2,000+ locations coast to coast.

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QuickBooks and Storefront Integrate

Homestead Technologies has integrated Intuit’s “QuickBooks Merchant Service for Web Stores” with its “Storefront” ecommerce solution for small business. This integration enables business owners to accept credit card payments online with a QuickBooks Merchant Service account and synchronize this data along with key business data from the Web store directly with QuickBooks. Homestead Storefront helps small business owners get up and running fast, by providing a powerful and affordable ecommerce solution that allows them to build, manage and host their own websites.

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GPN Recognized by Business 2.0 Magazine

Atlanta-based Global Payments Inc. has been recognized by Business 2.0 magazine as one of the “100 Fastest-Growing Technology Companies” in the USA. Global Payments Inc.is a provider of electronic transaction processing services for consumers, merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi- national corporations.

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Morgan Beaumont to Issue Discover Cards

Florida-based Morgan Beaumont has signed a deal to issue various prepaid cards on the Discover Network. As part of this agreement, Morgan Beaumont will issue a variety of prepaid cards on the Discover Network, as well as manage the payroll card programs scheduled for launch later this year. Products include gift, payroll, and general spending prepaid cards targeted to serving the needs of consumers without traditional bank accounts, a growing and underserved market. Cards developed under the agreement will be reloadable at any SIRE Network location.

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