Tyfone Builds Patent on mTransaction Platform

Tyfone unified mobile secure transaction infrastructure for mobile banking, mobile identity management, and mobile contactless NFC payments has been awarded its second patent of 2010. This one protects its “u4ia” mobile electronic wallet technology. The Mobile Secure Transaction platform addresses high assurance identity authentication and secure access to electronic wallet information even if the mobile phone is not connected to the network at the time of transaction. Apart from secure wallet information access benefits, the algorithm authenticates a user without the pitfalls of password hacking because there is no local storage of direct hashed password or password in the clear. The mobile secure transaction platform let commerce stakeholders secure mobile transactions both online and offline at point-of-sale.

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HYPERWALLET

hyperWALLET global payment solutions has expanded its payment network into the Russian Federation, extending the company’s proprietary interlinked ACH clearing capability to 45 countries worldwide. Concurrent with this expansion is the company’s support for payment processing in roubles, and the establishment of an operational subsidiary in Moscow. With the addition of Russian roubles, hyperWALLET now supports transaction processing and payment distribution in 24 currencies. And with a Russian language localization of hyperWALLET’s web and mobile application interfaces now available, branded payment services can be readily launched in any of 13 languages.

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Citi Appoints Vice Chairman, Global Banking

Dr. Peter Orszag has been appointed with Citi as a Vice Chairman in its Global Banking business. Most recently Director of the Office of Management and Budget (OMB) under President Barack Obama and currently a visiting fellow at the Council on Foreign Relations, Dr. Orszag will be a member of the Senior Strategic Advisory Group. Prior to his role in OMB, Dr. Orszag served as the Director of the Congressional Budget Office (CBO), supervising the agency’s work in providing objective, nonpartisan, and timely analyses of economic and budgetary issues. He graduated summa cum laude in Economics from Princeton University and obtained a PhD in Economics from the London School of Economics, which he attended as a Marshall Scholar. He is a member of the Institute of Medicine of the National Academies of Sciences and the Council on Foreign Relations.

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Aircell Partners to Launch SkyMall.com on Planes

Aircell has partnered to make available SkyMall.com at no charge on nearly 850 Gogo equipped aircraft on AirTran Airways, Alaska Airlines, Delta Air Lines, US Airways and United Airlines. This will let customers shop from over 300 retailers and over 22,000 products from SkyMall with no internet access charge. And for a limited time, customers who spend $125 or more on merchandise with SkyMall via Gogo will earn a free Gogo flight pass valid on any Gogo equipped flight. With Gogo, passengers can shop from SkyMall; browse the Web; access online music, games and podcasts; send and receive e-mail; and connect to virtual private networks while flying. The easy-to-use service provides passengers with full internet access on any Wi-Fi-equipped laptop or personal electronic device at speeds similar to wireless mobile broadband services on the ground.

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Credit Outstanding Down 8.5%, Bankruptcy up 14%

The numbers are out showing consumer credit continued its decline for a
26th consecutive month, down another $4.5 billion as of October, to
sit well below $900 billion in October and down 8.5% since the year ago
period. Coincidentally, bankruptcy cases filed in federal courts for
fiscal year 2010 as of September 30 totaled 1,596,355, up 13.8% over
total FY 2009 bankruptcy filings of 1,402,816. Moreover, revolving
credit outstanding was down 13% in September 2009 to $806.1 billion and
was down 12.4% in October 2009 to $865.8 billion, when personal
bankruptcy cases totaled only 1,344,095, according to the Administrative
Office of the Courts. Since peaking at a revised $975.2 billion in the
third quarter of 2008, Americans have chopped-off more than $170 billion
in revolving credit to-date. In doing so, they filed nearly 3 million
bankruptcy cases. Also, this year saw the most filings since 2005 when
there was a rush to file prior to the implementation of the Bankruptcy
Abuse Prevention and Consumer Protection Act in October 2006. According
to new and revised data released by the Federal Reserve, revolving credit
declined at an annual rate of 9.3% in October, following a revised 10.5%
decline in September and a 10.6% drop in August. In September revolving
credit declined to a revised $806.1 billion and to a revised $810.0
billion in August. March 2009 posted the largest contraction over the
past 24 months, dropping more than $14 billion(CardFlash Library,
2010/12/09).

BANKRUPTCY FILINGS
Total VS Personal
2010 1,596,355 1,538,033
2009 1,402,816 1,344,095
2008 1,042,993 1,004,342
2007 801,269 775,344
2006 1,112,542 1,085,209
Source: Administrative Office of the Courts;
For complete historical data, visit CardData (www.carddata.com)

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The Bancorp InsurCard Prepaid Card Awarded

The Bancorp Bank Payment Solutions Group’s “InsurCard Visa Prepaid Card” was honored as the winner of the “Best International Prepaid” category at the OSCARDS award ceremony in Paris. The “InsurCard” offers great benefits for insurance companies as the card enables the insurer to control payments and ensure on-time payments to claimants that are in a difficult position. An injured worker or a displaced homeowner can access their funds immediately anywhere that Visa debit cards are accepted. The OSCARDS recognized extraordinary innovation in bank card applications for 15 winners from a shortlist of 64 nominees from the 500 new cards listed in the 2010 Innovative Cards Report. Winners were chosen from a panel of international experts in the field of card payments.

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MoneyGram Makes $75 Million Debt Prepayment

MoneyGram International payment services will make an optional $75 million prepayment on its tranche B term loan under the senior secured credit facility. The loan payment will be made Friday, Dec. 10, 2010. With this, MoneyGram International will have paid $165 million toward its outstanding debt obligation in 2010 and a total of $352 million since Jan. 1, 2009. This represents a 35% decrease in the company’s total outstanding debt since Jan. 1, 2009. MoneyGram International is focal on letting consumers who are not fully served by traditional financial institutions meet their financial needs.

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CharityChoice Visa Gives Gift of Shopping and Charity

CharityChoice charity gift cards and in charitable corporate incentive and rewards has launched prepaid network-branded cards for the Holiday season. They are now offering both a new CharityChoice Visa card and an American Express-branded rewards card. Available in popular denominations worth $25, $50 and others, the gift card recipients can spend 10% towards a donation at CharityChoice and spend the remainder at their favorite stores to buy merchandise. These rewards cards will focus on corporate programs while continuing to serve the needs of small businesses and personal donors. The co-branded CharityChoice prepaid reward card, through its partnership with InteliSpend Prepaid Solutions for the American Express-branded reward card and 1to1 Card for Visa, has opened a new horizon in charitable gifting to give users access to both merchandise or charity.

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BluePay Offers Merchant Loans to Small Businesses

In addition to its wide range of payment processing services, BluePay secure credit card processing solutions now offers merchant lending programs and assistance for growing businesses. This lets businesses qualify for merchant cash advances, merchant funding and merchant account lending. The right merchant loan can provide the opportunity for secure, streamlined payment processing and business operations. BluePay’s payment processing services help improve business, as well, with services including e-commerce payment gateways, electronic invoicing, secure credit card equipment, mobile and wireless payment solutions, Level II and Level III processing capabilities, and much more.

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BB&T Expands Cardtronic’s Allpoint Network

Allpoint Network of Cardtronics surcharge-free ATM network inked
multi-year agreement with NC-based BB&T to provide surcharge-free ATM
access in Florida and Texas. With this, BB&T’s Texas and Florida debit
cardholders can access Allpoint’s 40,000 ATMs worldwide. The
surcharge-free ATMs located at a variety of nationally-known retailers
in Florida and Texas are branded with the Allpoint logo. Allpoint
surcharge-free ATM network has over 40,000 ATMs in leading national and
regional merchant locations across the United States, United Kingdom,
and Australia for greater access, convenience, and savings to customers
of financial institutions.

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COINSTAR MONEY TRANSFER

Coinstar Money Transfer has inked agreements with state owned bank of Philippines Land Bank to develop remittances business from Italy. This is another key component of the Coinstar Money Transfer aggressive development strategy in Italy to broaden consumer’s options for a fast and reliable money transfer service aiming to the Filipino community, who will finally be able to send money from any Land Bank branch in Italy at competitive fees.

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Small Businesses on Networking Sites 3X in 3 years

Social networking by small business owners has nearly tripled in the past three years, jumping 23% in the past six months alone, but less than a third of owners are using it to promote their businesses. In polls conducted in April and October of this year, the percentage of small business owners who are members of an online social networking community increased from 48 percent to 59 percent. But only 29 percent of all small businesses said last month that they have ever used social networking websites to promote their businesses. Discover has been surveying U.S. small business owners about the issues that affect them for more than four years through the Small Business Watch. The first poll about social networking was conducted in October 2007, when only 22 percent of small business owners said they were members of a “popular general-interest online community.” In April 2010, the question was rephrased to ask if they were “a member of any online social networking community such as Facebook, Linked-In, MySpace or Twitter,” and 48 percent said they were. By October of this year, the number climbed to 59 percent.

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