Geddes Card

Bank of America launched an affinity “VISA Gold” card featuring the work of baby photographer Anne Geddes. A portion of the merchant fees generated by the card will donated to the Geddes Philanthropic Trust, which supports the prevention of child abuse and neglect. BofA is offering the card in four designs. The no annual fee card carries a fixed 1.9% intro rate for the first six billing cycles, according to CardWatch ([www.cardwatch.com][1]). The go-to interest rate is a variable rate between prime +2.99% and prime +9.99%, depending on credit risk. Cardholders who miss two consecutive minimum payments, or within a twelve month period miss three minimum payments, or are three times overlimit, will be subject to an APR of prime +14.99%, with a 21.99% minimum. Anne and Kel Geddes established the Geddes Philanthropic Trust in 1999.

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

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Experian Z-24

Experian says its cooperative database for catalogers has expanded to 750 participants and now covers more than 100 million households. “Z-24” was launched in 1990 with six participants covering 8 million households. With “Z-24,” marketers can leverage transactional data to identify new customers and target households based on buying behavior. Experian publishes a list of Z-24 participants on a regular basis.

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NCR & Community Banks

NCR Corporation has formed a new “Community Bank” sales division to target the mid-tier financial industry market in the USA for ATM solutions and services. The Community Bank accounts team will actively seek to increase NCR’s shipment and market share in this segment by focusing on automated teller machine (ATM) solutions and services that support credit unions, thrifts, financial institutions and bank entities.

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WINCOR NIXDORF 2002

Wincor Nixdorf reported profits for 2002 hit $94.1 million on
revenues of $1.41 billion. The company says 2002 was a particularly strong
year in the U.S. market. Worldwide sales of POS terminals grew 14% last
year. In Taiwan, Wincor Nixdorf installed 1,550 ATMS in 7-Eleven, as part
of an IT modernization project in conjunction with two large domestic
banks. Wincor Nixdorf has been ranked the third largest provider of POS
systems and ATMs worldwide. Wincor is also ranked first in Germany and
ranked second in Europe in POS systems and ATMs.

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CardData 4Q/02

As usual, early portfolio reports paint a mixed bag of bank credit card results for the fourth quarter. Among the four significant credit unions reporting yesterday, all showed a solid increase in outstandings and volume from the third quarter, with two reporting little, if any, growth compared to the year ago quarter. Alaska Federal Credit Union soared from $84 million in outstandings in 3Q/02 to $113.4 million for the fourth quarter. On a year-over-year basis, Alaska FCU’s outstandings nearly doubled. Meanwhile Pennsylvania’s largest credit union was flat for 2002. For real-time data of 4Q/02 portfolio information visit CardData ([www.carddata.com][1])

4Q/02 OUT 4Q/01 OUT CHANGE
PA State Employees CU $211,546,087 $212,117,831 -0.3%
Alaska FCU $113,387,105 $ 58,393,300 +94.2%
Randolph Brooks FCU $ 91,220,731 $ 87,849,119 +3.8%
Publix Employees FCU $ 26,452,995 $ 22,429,475 +17.9%
Source: CardData (www.carddata.com)

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

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FDMS TranFort

First Data Merchant Services has signed an a multi-year agreement to provide Arcot’s “TransFort for Merchants” solution to its online merchants. First Data will offer the TransFort Merchant Software as a hosted service for merchants and will also license and resell the solution to merchants for in-house use. With this agreement, Arcot can enable several hundreds of thousands of First Data merchants, including those acquired directly, through alliance partners and through processing customers.

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FINREAD PLATFORM

Paris-based Groupement des Cartes Bancaires and US-based CardSoft have
announced the launch of the “eAppliance FINREAD Platform eAFPv1.1” product
which implements the “FINREAD 1.1” specifications for intelligent smart
card readers. The “FINREAD” specification, utilizing a PKI, ensures
authentication of the applications and validates their interoperability,
which means that “FINREAD” stiplets developed by any card issuing entity,
such as a payment scheme, or official governmental body or a social welfare
organization will run on any “FINREAD” compliant reader, independent of the
manufacturer.
“CardSoft eAFP v1.1” supports the “FINREAD v1.1” specifications where
financial applications — “FINREAD” stiplets (special Java applets) signed
andcertified by a certification authority, may be distributed over non
secure networks, downloaded and deployed into “FINREAD” card readers around
the world.

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NextCard Sale

A Webcast auction of NextCard’s physical assets is set for next week. DoveBid will conduct the NextCard auction which includes high-end IT equipment, servers, routers, computers, furniture, and telephone equipment. NextCard filed for Chapter 11 bankruptcy in mid-November, shortly after the end of its service contract with FDIC. At that time, NextCard was down to 19 employees and had assets of about $18 million. Among its creditors is the FDIC with a debt of $140 million. Since its exit from the credit card business in July, the company has been trying to re-invent itself as a consultantcy to other financial services firms. Unable to find a buyer and facing an early amortization of NextCard’s securitized credit card assets, the FDIC decided in July to shut down about 800,000 NextCard credit card accounts. NextBank has previously sold its non-securitized credit card accounts to CardWorks and Merrick Bank. The FDIC estimated that the cost to the Bank Insurance Fund for the failure of NextBank will run between $300 and $400 million. The OCC closed NextBank on Feb. 7th and the FDIC was appointed the receiver. The auction will be held on January 15 beginning at 9:00 a.m. PT on dovebid.com or may be attended in person. (CF Library 2/8/02; 2/11/02; 3/14/02; 6/10/02; 7/3/02; 7/11/02; 11/18/02)

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[1]: /graphic/dovebid/nextcard.jpg

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Experian & ClearCommerce

Experian and ClearCommerce have partnered to integrate Experian’s “Authentication Solutions” with the ClearCommerce “Risk Management” software platform to fight fraud. Scalable to peak order volumes, the automated process will replace the time-consuming and often inaccurate manual process currently used by many online merchants, and enable tiered review techniques to efficiently resolve questionable orders and minimize costly and often unnecessary calls to customers to obtain additional information.

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Wirca and MICROS

KS-based Wirca is teaming with MICROS Systems to offer a cashless, mobile-phone initiated payment option for use in the “MICROS 3700” and “8700” systems. MICROS is a leading provider of information technology solutions for the hospitality industry. When the diner is ready to pay his or her bill, it takes just a few seconds to use a mobile phone for the Wirca network to authorize a transaction. In just a few more seconds, the restaurateur completes the process at the MICROS 3700 or 8700, and the diner may leave.

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