Gen X & Y Take Snail Mail Seriously

A new survey by the U.S. Postal Service has found that 53% of “Generation X” and 60% of “Generation Y” who shop for credit cards online are more likely to respond to mail offers than e-offers. The study also found that 70% of “Generation X and Y” are more likely to open and read credit card offers in the mail than by e-mail. Overall, young consumers rate 75% of the mail they receive as valuable. Interestingly, 58% of “Gen X” and 66% of “Gen Y” prefer mailed bills to manage finances. The “X” generation was born between 1965 and 1972, and makes up roughly 17% of the population. Born between 1977 and 1994, “Gen Y” makes up about 25% of the population.

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Oracle E-Business Integrates VISA VCF

VISA International and Oracle have teamed to integrate “VISA Commercial” payment data with the Oracle “E-Business Suite.” The partnership will provide joint commercial customers with better operational efficiency, financial control and cash flow visibility. Among benefits: the ability to pre-populate expense reports with “VISA Commercial Format” commercial payment transactions; able to map “VISA Commercial” payment types for automatic expense type defaulting; and permit automatic hotel folio itemization based on “VISA Commercial” payment feed. The Oracle “E-Business Suite” will include interfaces that enable employees of Oracle licensees to import “VCF” data feeds generated by “VISA Commercial” payment products into the Oracle “E-Business Suite.”

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Experian Tops 40MM Credit Scores

Experian Consumer Direct reports it has delivered 40 million credit scores to consumers since its launch in 1996. Experian Consumer Direct provides credit products to help consumers become more educated about their credit situation with the “Experian-Gallup Personal Credit Index” and “Experian National Score Index”. These Web site destinations are updated monthly with free consumer credit data and informative articles regarding various topics related to personal finance. Experian Consumer Direct is part of Experian Interactive and provides online credit reports, scores and monitoring products delivered directly to consumers over the Internet.

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EnCompass Card Management Beefed-Up

VA-based AOC Solutions has upgraded its “EnCompass” card management and reporting application. A new interface designed to help users with multiple hierarchies across multiple companies. The interface makes daily maintenance and reporting easier by allowing users to log in only once instead of logging in to each company. Also a rotating white card module that effectively assists both the client and the card issuer in managing potential fraud and abuse of card numbers issued to merchants. The module uses client-defined business rules to produce a card number and authorization controls tied specifically to a particular transaction and merchant. Additionally, a new statement generation process that notifies users and managers of statement and transaction availability. Client-defined business rules allow customization of data and message attachments sent to users and their managers.

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FDC Completes Vigo Remittance Deal

First Data has completed the acquisition of Vigo Remittance from Great Hill Partners. Vigo was founded nearly 20 years ago to provide money transfer services to Brazilian consumers living in New York City and Newark, N.J., and has successfully expanded to serve 50 countries worldwide. Vigo operates through more than 4,000 send locations from across the U.S. and more than 48,000 payment locations throughout the world, primarily in the Latin American and Caribbean regions. In 2004, Vigo processed approximately eight million transactions.

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HSBC to Purchase OfficeMax Portfolio

HSBC North America Holdings’ Business Solutions Group has signed a deal to acquire the consumer and commercial credit receivables of OfficeMax. Financial details were not disclosed. OfficeMax has 950 stores. HSBC Retail Services has more than 60 active merchant relationships in the USA, including Best Buy, Levitz Furniture, Saks Fifth Avenue, Bon-Ton, Liz Claiborne, and Gardner-White Furniture. HSBC is currently in the process of acquiring sub-prime specialist Metris Companies. (CF Library 8/4/05)

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Phoenix to Power Alaskan ATMs

Ontario-based Phoenix Interactive has been selected by Alaska USA FCU for the ATM software replacement project of its entire network of NCR ATMs. The Alaska USA Federal Credit Union is the largest credit union in the state of Alaska and counts one of every three Alaskans as members. Phoenix Interactive Design, Inc. provides a Windows-based multi-vendor ATM operating software to the financial services industry.

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PayPal Expands Nebraska Ops Center

PayPal is expanding its La Vista, Nebraska operations center, adding a new building and about 600 employees. The new building is scheduled to be completed in the second half of 2006 and will total more than 125,000 square feet. PayPal’s current facility opened in 2003 with about 500 employees. Today, PayPal has grown to well over 1,000 employees in La Vista in customer service, risk operations, payment processing and sales and will add additional employees for merchant support specialists, risk management experts and experienced sales agents. PayPal was recently named one of the top five best places to work in Omaha for 2005, by the Greater Omaha Chamber of Commerce. PayPal, an eBay company, enables any individual or business with an email address to send and receive payments online securely, easily and quickly.with more than 86 million accounts and is available to users in 55 markets around the world.

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First Sports-Affinity Debit Card Planned

Los Angeles-based Next Estate Communications has inked a licensing deal with NASCAR to introduce the “NASCAR Prepaid VISA.” It is the first sports-affinity debit card. With the purchase of the card, fans will also receive a premium NASCAR-licensed gift and enjoy a free trial membership in the “Official NASCAR Members Club,” which launches in February. The card is expected to roll-out in the first quarter of 2006. The cards will be issued by Columbus Bank and Trust Company. Next Estate distributes its prepaid products in 50,000 retail locations nationwide. It is also the operator of the Green Dot Financial Network, a retail-based financial network providing cash acceptance services including prepaid card reloading and remittance cash collection. The company also offers the “Green Dot Everyday Card,” the “Green Dot Uso Diario Card” and, the “Green Dot Student Card” nationwide. (CF Library 3/28/05)

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Fiserv Processing/Services Revenues Up 10%

WI-based Fiserv reports that processing and services revenues rose 10% in the third quarter to $925.3 million. Net income for 3Q/05 was $112.9 million, compared to $92.4 million for the year-ago quarter. During the quarter Fiserv acquired BillMatrix, J.W. Hutton and VerticalPoint. Also during the third quarter, Fiserv signed deals with Toyota Credit Canada, Putnam Investments, HSBC Australia, Arab National Bank of Riyadh, Viewpointe Archive Services, Sterling Financial, mBank, Capital Bank, Penn Security Bank & Trust and Progressive Bank. Fiserv has updated its revenue outlook and now expects full year processing and services revenues to be approximately $3.66 billion to $3.68 billion, For complete details on Fiserv’s third quarter performance, visit CardData ([www.carddata.com][1]).

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

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GECF and Shenzhen Development Bank Partner

Shenzhen Development Bank and GE Consumer Finance have entered into a
strategic cooperation agreement to develop consumer finance opportunities
in China. As part of the agreement, GECF will acquire newly issued shares
in SDB valued at US$100 million. In association with the equity
investment, GECF will agree to cooperate with SDB to provide expertise in
retail consumer finance, including management expertise, risk processes,
product development and systems. The transaction is subject to approval by
Chinese regulatory authorities as well as SDB’s shareholders. The consumer
credit industry is in its infancy, currently representing only 15% of the
total lending market in China. SDB has 237 branches and sub-branches nationwide.

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