OCEAN 2010-1

Moody’s Investors Service has assigned a provisional rating of (P)Aaa to Ocean 2010-1 Beneficial Interests backed by credit card receivables valued at approximately JPY 10 billion.
The rating addresses the expected loss posed to investors by the legal
final maturity date. The underlying assets comprise credit card receivable. Having factored in receivables’ attributes, historical data on the seller’s entire pool, ongoing performance data on existing securitization pools, and credit card industry trends, Moody’s estimates the annual default rate at 12% to 14%; the rating agency also believes that the monthly principal payment rate will range from 5% to 7%, and the yield from 16% to 18%. These parameters are estimated based on the transaction’s definition, which may differ from the seller’s definition. The structure allows for timely payments of
dividends (in scheduled amounts, on scheduled payment dates), and ultimate payment of principal by the legal final maturity date. The seller, as initial Servicer, has substantial experience in the credit card industry. Moody’s has examined the seller’s operations and considers the company sufficiently capable of servicing the underlying pool. If a servicer replacement event were to occur, the Asset Trustee would be able to dismiss the Servicer. A back-up servicer will be appointed at closing.
The principal methodology used in rating the transaction was “Moody’s
Approach To Rating Credit Card Receivables-Backed Securities,” published in April 2007

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nuBridges Launches PCI-DSS Complaint Tokenization Program

nuBridges has introduced its partner program for software application vendors to leverage tokenization to support their customers in reducing scope for PCI DSS compliance and audits. Helping eliminate points of risk related to the protection of Personally Identifiable Information (PII), the no-cost nuBridges “Tokenization Partner Program” helps third-party vendors integrate and test their solutions with its “Protect Token Manager” and “Format Preserving Tokenization” solutions. Ultimately, its allows software application vendors to help customers gain an extra layer of data security; reduce PCI audit scope and the initial and annual costs of PCI DSS compliance and audits; and to expand beyond payment card number protection to protect any type of sensitive and confidential information. The “Tokenization Partner Program” offers users no cost qualified third-party testing; education and guidance on tokenization; and assistance in enabling third-party applications to utilize tokens in place of credit card numbers.

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CASH MANAGEMENT

The cash management business has penetrated into 72% of bank deposits,
but only 26% of corporate clients use cash management products, across
China. This indicates the penetration rate is higher among large
companies than among SMEs. SMEs account for more than 60% of China ‘s
GDP, and their annual growth rate has reached 46%. The overseas accounts
receivable of SMEs have exceeded US$70 billion, and are growing by US$10
billion every year. This indicates there is a substantial and growing
need from SMEs for mature cash management services, according to Celent
Research, and many Chinese companies are subsequently facing cash flow
problems from the impact of the financial crisis. These findings were
published in Celent’s “Cash Management in China: High Growth Market,
Penetration of SMEs Still Low.”

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DeviceFidelity Intros Contactless In2Pay microSD v2

TX-based microSD solution provider DeviceFidelity has rolled out the “In2Pay microSD v2” for trials in the
second quarter of this year. The “In2Pay microSD v2” is Trusted Service Manager (TSM) ready, allowing
TSM client software on mobile devices to interact with the In2Pay Secure
Element through a new Java based Application Programming Interface
(In2Pay API). The “In2Pay” solution transforms any mobile phone with a microSD memory
slot into a mobile contactless transaction device, offering a
full-featured user interface that supports multiple mobile operating
systems. With “In2Pay v2”, DeviceFidelity builds on the plug-and-play
features of previous versions to meet the growing market demand for a
mobile contactless solution that can interact with wallet solutions of
established TSM vendors and can be issued through multiple delivery
channels. It also In2Pay v2 makes it easier
for third party developers to create new value-added applications for
mobile devices, such as couponing, loyalty programs, dynamic security,
one-time password, virtual credit card numbers, and two-factor
authentication.

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ICT PROGRESSION

The ICT industry’s track record in addressing sustainability challenges through innovation varies enormously. Vodafone, Nokia and HP are all demonstrating promising product and service developments, in which many others show little progress. According to the latest research from the ‘Tomorrow’s Value Rating,’ Vodafone is ranked first in the ‘Tomorrow’s Value Rating’ of the ICT sector with a score of 60%, reflecting its strong, all-round sustainability leadership, and is followed by Nokia (55%), HP (52%), with AT&T (28%) and Verizon (23%) trailing at the foot of the table. Mobile health initiatives offer a significant opportunity for positive impact, in which Vodafone appears to also be taking a lead.

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ID Watchdog COO Issues Letter to Shareholders

Consumer identity protection provider ID Watchdog has released a letter to shareholders from Daniel
Mohan, President and Chief Operating Officer, providing investors with
an update on current business initiatives, and insight into management’s
expectations for 2010 and beyond. ID Watchdog is the provider of idCHECK and ID
Watchdog Plus services, the only identity theft protection company
that offers patent-pending, three-tiered comprehensive monitoring,
detection and resolution for identity theft. The company proactively
detects problems at their source and administers immediate identity
theft resolution services to ensure complete peace of mind for its
clients. ID Watchdog’s products have been developed with input from
industry experts; national consumer advocacy groups; federal, state, and
local law enforcement agencies; consumer protection agencies; and adhere
to the guidelines published by the Consumer Federation of America.

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Merchant Warehouse to Demonstrate its Payment Solutions

Merchant Warehouse credit card processing is set to demonstrate its “MerchantWARE” Mobile applications, integrated with MagTek’s encrypted Bluetooth card reader, at the 26th Annual International Pizza Show 2010 at the Las Vegas Convention Center, March 2-4. Designed for the on-the-go workforce, the “MerchantWARE” product suite of PA-DSS compliant solutions includes “MerchantWARE Transport” & “MerchantWARE Secure Encrypted Card Reader” PA-DSS compliance solutions. MagTek’s Bluetooth card reader encrypts all credit card data at the point of swipe before it is accessed by the mobile device and is securely transmitted and stored at the Merchant Warehouse gateway and data vault. The “MerchantWARE” suite of certified payment processing solutions provides end-to-end encryption and tokenization and enables developers to create superior POS systems that deliver a variety of payment processing solutions for their customers.

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athenahealth Deploys Elavon Payment Processing

athenahealth internet-based physician services has entered into a
strategic relationship with U.S. Bancorp and its subsidiary, Elavon, to
launch a new Integrated Payment Processing service. Offering a new
Credit Card Plus (CCP) solution for athenahealth physician clients
nationwide, the payment processing service has been designed to
streamline patient paper check and credit card transactions to enable an
improved and secure checkout process for physicians and their patients.
This allows athenahealth clients access to a comprehensive suite of
integrated financial services, including merchant processing through its
“athenaCollector.” This allows secure payment and deposit of patient
transactions by practice staff through the athenahealth web-based
software platform. Elavon provides end-to-end payment processing
services to more than one million merchants in the United States,
Europe, Canada and Puerto Rico.

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Hypercom Posts 4Q/09 Revenue of $117.4MM, up 16.0% Q/Q

Hypercom terminal manufacturer has reported net revenue for 4Q/09 up 16.0% to $117.4mm, compared to $101.2mm posted for 3Q/09 thanks to higher product shipments in Northern and Southern European markets. Net revenue was down, however, 2.6% compared to $120.5 mm in 4Q/08 thanks to lower revenue from the Americas. Gross profit for the quarter was $38.1 mm, up from $34.0mm in 3Q/09 and from $33.2mm since the year ago period. Meanwhile, net income for the 3Q/09 was $0.6mm, compared to $1.2mm the previous quarter and a loss of $74.8mm in 4Q/08. Net income before discontinued operations for the three months ended December 31, 2009 was $4.6 million, compared to $4.0 million or $0.07 per fully diluted share in the prior quarter and a loss of $2.5 million the same period in 2008. These results were thanks in part to Hypercom’s commencement of its “medCompact” healthcare terminal as part of the migration to the government’s new “e-Health” card program in Germany; the introduction of the “HyperSafe Secure” cardholder data POS encryption solution; and its contract with Intermarche French retailer for the deployment of the Hypercom “Wymix PIN Pad” at over 1,500 locations. For complete details on Hypercom’s latest performance visit CardData (www.carddata.com).

HYPERCOM REVENUE HISTORICAL
4Q/07: $89.5 million
1Q/08: $71.7 million
2Q/08: $125.4 million
3Q/08: $121.1 million
4Q/08: $120.5 million
1Q/09: $ 83.6 million
2Q/09: $106.8 million
3Q/09: $101.2 million
4Q/09: $117.4million
Source: CardData (www.carddata.com)

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Bill2Phone Keeps Online Commerce Card Free

TX-based BSG Clearing Solutions has introduced Bill2Phone giving
online shoppers an alternative method of billing via their home phone.
Consumers wanting to buy online subscriptions, digital music,
filmed entertainment, online games, information services, computer tech
support and more can now quickly and securely charge these services to
their home phone bill. To prevent unauthorized charges, every Bill2Phone
merchant can use BSGs state-of-the-art authentication and verification
system. Before Bill2Phone, the payment alternatives have been limited,
and have
still required consumers to link their credit card to an account or
provide direct access to their private banking information. There are
approximately 20 million
American households who choose to not use credit cards while 75%
of internet users don’t like giving out their credit card number,
especially online.

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Love’s Travel Shop Installs Retalix StorePoint POS Solution

POS solution provider Retalix and TX-based Love’s Travel Shops have
completed the rollout of the Retalix StorePoint suite.
“Retalix StorePoint” is a POS and back office software system that helps
convenience and travel center retailers improve productivity, control
costs and increase sales. “StorePoint” includes integrated forecourt
automation for both gasoline and commercial fuel, Electronic Payment
Software (EPS), Foodservice, Cash and Inventory Management modules.
Additionally, Retalix StorePoint supports an integrated payments switch
from Postilion to handle all of the various fuel and fleet purchases
inherent in the travel stop industry. “Retalix StorePoint HQC”
complements “Retalix StorePoint POS” and Back
Office by managing sites and providing consolidated business
intelligence. Features include central pricebook management, reporting
and analytics software to effectively manage a chain’s item and price
information.

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TxVia Offering Allows Third-Party Prepaid Card Processors

TxVia payment processing has introduced solutions to allow third parties to become processors for prepaid cards. With this, TxVia eliminates the hurdles associated with entering the prepaid card processing business, including cost, time and risk of creating processing platforms. The prepaid platforms no longer require extensive, time-consuming development to meet even the most basic requirements thanks to TxVia offering processors a secure online environment. This environment for developing prepaid platforms provides application development, data storage and other tools essential for a multi-tenanted, massively scalable end-to-end prepaid card processing system. Subsequently, clients can create multiple customized, interoperable platforms to offer a full range of prepaid card products.

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