QI Brings in New Development VP

Stephen B. Riegel has joined QI Systems as Vice
President of Business Development. Riegel will oversee and direct
all of the Company’s international business development and sales
initiatives. Most recently, he was Vice President of Business
Development and Marketing for Integrian, a mobile digital video
solutions company. While at Integrian, he established key strategic
alliances and helped
raise $13 million for expanding operations into new markets.
From 2002 to 2004, Riegel served as Vice President, General Manager
of the French-based INSIDE Contactless, a contactless
technology provider.

Scotiabank Expands Latin American Card Portfolio

Scotiabank is expanding its operations in the Caribbean and Central America with the acquisition of Citibank’s retail banking business in the Dominican Republic. The acquisition consolidates Scotiabank’s position as the Dominican Republic’s fifth-largest private bank by assets, with 57 bank branches, 75 automated banking machines and more than 1,000 employees. Scotiabank will continue a co-branding
agreement with American Airlines, giving it exclusive rights to issue
American’s “AAdvantage” travel awards program co-branded cards in the
country. Scotiabank has US$285 billion in assets.

POSLynx220 Gets Class B Certification

Precidia Technologies has announced its “POSLynx220”
with “NetVu” has received Class B certification. The certification will
allow RBS Lynk’s retail and restaurant merchants to process faster, more
cost effective transactions over an IP network using their existing dial
based terminals. RBS Lynk can now offer a one box solution to restaurants and convenience stores that have an on-premise ATM in addition to payment terminals or PC cash registers. All of these devices can be connected to the multiport “POSLynx220,” for seamless Internet-based processing and network accessibility. Precidia Technologies designs and manufactures of IP access devices. RBS Lynk is a provider of electronic payment processing services.

NEW BMO MC

Montreal-based BMO Financial Group has introduced an enhanced “Corporate
MasterCard” that offers businesses automated purchasing and management
tools that improve control over decisioning and automation and
significantly reduces the time and cost associated with traditional paper
processing. The new Corporate MasterCard makes it easy for businesses to
consolidate tracking, managing and analysing purchasing activities using
BMO details Online, a service which allows them to access, manipulate,
export and integrate purchase data into their own existing data management
systems. BMO Financial Group is a highly diversified North American
financial services organization with total assets of $306 billion.

Nextwave TitaniumPlus Prepaid MasterCard Launched

DataWave Systems has launched the first instant-issue prepaid MasterCard
card program in Canada. Consumers can purchase and reload the “Nextwave
TitaniumPlus Prepaid MasterCard” cards at participating Money Mart Stores
throughout the country. The card can be used to purchase goods and
services from millions of locations worldwide where
MasterCard is accepted. This includes Internet and mail-order purchases.
In addition, cardholders can withdraw cash from ATMs displaying the Cirrus
logo. As cardholders register with Money Mart, a Nextwave
TitaniumPlus card personalized with their name will be mailed to them to
replace the instant-issue card. DataWave is a developer of prepaid and
stored-value programs. Money Mart provide check cashing and
other basic financial services with more than 1,600 locations in Canada,
the U.S. and the U.K.

VendTek Signs New Agreement with Pioneer

VendTek Systems’ wholly owned subsidiary Now Prepay has entered into a new
agreement with Pioneer Petroleums based in Burlington, Ontario to
implement Point-of-Sale Activation terminals. The new software allows
physical cards to be sold through the “e-Fresh” system along with virtual
products. It will also allow Now Prepay to add other swipe activated
products as they become available. Additionally, Now Prepay is working
with Bell Canada to deliver a set of prepaid long
distance products that can be activated at Pioneer Petroleum Snack Express
sites. Pioneer has 150 locations throughout Ontario and initially 88
Snack
Express stores will have the POS activation terminals. VendTek develops
and licenses automated transaction system software and supporting
technologies.

American Associates Releases eCheck RDC Solution

American Associates Group’s new subsidiary EPP Secure has released its new
secure “eCheck RDC Solution.” eCheck allows any organization accepting a
large quantity of paper checks to convert those checks to a Check 21
compatible bank exchangeable image. Using the Check 21 system, checks
received are fed through a simple, inexpensive imaging device connected
to any PC with Internet access. Optical character recognition (OCR) in
the secure eCheck software captures the information on the face of the
check. Invoices or receipts
can be scanned with the check and appended to the check image digitally
stored in an easily user-accessible file. American Associates Group
specializes in internet security and alternative payment
processing.

Internet Users Embrace Financial Services Online

ACNielsen Canada has released the latest edition of its Internet Planner,
an annual survey of Canada’s Internet population. A key insight from this
year’s survey is the continued increase in the number of consumers
accessing the Internet to use financial services. More than half (59%) of
all Internet users currently access online financial services. The
growth in online financial services use by females over the past four
years has outpaced the growth shown by male Internet users (+12 points and
+5 points respectively since 2002). The Internet Planner includes data,
analysis and commentary highlighting potential trends and opportunities
for the future of Internet use by Canadian consumers.

Canadians Embrace Electronic Payments

A new report suggests that Canada represents one of the largest markets for electronic payments in the world. More than 50% of $600 billion in annual consumer spending takes place on bank credit cards, debit cards and retail cards. Boston-based Mercator Advisory Group says its research shows that political and economic stability, as well as a robust telecom infrastructure and consumer credit data, contribute to the high per capita use of plastic payments cards. As a result, the size and maturity of the electronic payments market has been drawing a number of U.S. banks to get serious about the market.

DirectCash Purchases ATM assets of Moneta Systems

DirectCash Income Fund has purchased the ATM assets from Edmonton, Alberta-based Moneta Systems, Moneta Management, and Moneta Financial
Services through its DirectCash ATM Processing Partnership for $4.8 million. Acquired assets include 260 ATMs and long-term ATM processing and service contracts, inventory, and vault cash. DirectCash is the largest branded ATM provider in Canada, operating under the trade name DirectCash ATM, and is one of the providers of branded non-financial institution debit terminals and prepaid products.

HBC Closes its Financial Services Sale

Hudson’s Bay Company announced the completion of the sale of the Company’s
Financial Services operations to GE Money, the Canadian consumer lending
unit of General Electric Company for approximately $355 million. As part
of the agreement, Hbc and GE Money have entered into a 10-year alliance
under which GE Money will provide credit marketing and analytic
support, credit servicing and customer care for Hbc’s 3.1 million retail
cardholders. Hbc customers will be able to continue to use their Hbc
cards. Goldman, Sachs & Co. and BMO Nesbitt Burns Inc. served as
advisors to Hbc on the transaction.