CoreCard Software Releases CoreISSUE

Card management provider CoreCard Software has released the newest version of CoreISSUE that includes functionality to support companies
including manufacturers and distributors that want to offer revolving credit
repayment terms to their customers. CoreISSUE is designed to handle the complex needs of modern credit card
issuers and handles all types of finance programs from simple “net 10” terms,
conditional sales contracts, nominal option leases and all revolving credit programs.
CoreCard also released the next white paper in its ongoing series
entitled “Accounts Receivable Management for Manufacturers and Suppliers – Going
Beyond the Basic Receivable Programs Found in Accounting Systems”. This latest
paper looks at how many companies find themselves unable to establish innovative
revolving credit repayment terms due to the limitations of their existing accounting and
“order to cash” systems. The paper examines how companies can offer repayment programs that
satisfy the needs of the market from extended term payments including revolving
credit to being able to offer conditional sales contracts and nominal option leases.

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U.S. Leading Economic Index Points to a Recovery

The clouds are continuing to point to a recovery as the Conference Board “Leading Economic Index” for the U.S. increased 30 basis points in October, following a 100 basis points gain in September, and a 40 basis points rise in August. The interest rate spread, initial unemployment claims (inverted) and stock prices contributed positively to the index for October, more than offsetting declines in consumer expectations, residential building permits and the index of supplier deliveries. After having fallen steadily since mid-2007, The Conference Board “LEI” for the U.S. has risen for more than half a year now, appearing to have reached a trough at the end of the first quarter. Meanwhile, The Conference Board “CEI” for the U.S. has been essentially flat since June, after generally declining since November 2007. All in all, the behavior of the composite indexes suggests that the recession is bottoming out and that economic conditions will continue to improve in the near term.

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FRB Issues New Gift Card Rules

The Federal Reserve Board has announced proposed rules that would
restrict the fees and expiration dates that may apply to gift cards.
The proposed rules would prohibit dormancy, inactivity, and service fees
on gift cards unless: (1) there has been at least one year of inactivity
on the certificate or card; (2) no more than one such fee is charged per
month; and (3) the consumer is given clear and conspicuous disclosures
about the fees. Expiration dates for funds underlying gift cards must be
at least five years after the date of issuance, or five years after the
date when funds were last loaded.

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Visa Renews Prepaid Visa RushCard

OH-based underbanked service provider UniRush Financial Services has
renewed its relationship with Visa and will continue to offer the
“Prepaid Visa RushCard.”
UniRush will enable its “Prepaid Visa RushCard” products to participate
in Visa ReadyLink, Visa’s prepaid load network, extending the
convenience and security of reload services to RushCard members.
Once enabled, Visa ReadyLink will allow RushCard members to add funds to
their Prepaid Visa RushCards at nearly 50,000 locations nationwide.
RushCard recently unveiled a number of product enhancements which
include budgeting tools, text alerts, and an opt-in credit service,
through which members can report their transaction information to
LexisNexis and PRBC; credit reporting agencies and lenders can use the
information as a
supplement for applicants with no credit or little credit history. The
service is
free and is included in the RushPath to Credit program, a program that
helps members
gain access to low-interest loans, and money management pages, which allow
members to track their spending, deposit and balance trends.

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Planet Payment Names a New CFO

NY-based multi-currency payment and data processor Planet Payment has named Robert J. Cox, previously with Harris Interactive, as Chief Financial
Officer and Treasurer and Seth Asofsky, currently the Company’s CFO, to the
role of Senior Vice President, US Region. Prior to working at Harris Interactive, Cox was the Senior Vice
President, Chief Financial Officer and Treasurer of DealerTrack Holdings, Inc., a
publicly traded provider of on-demand software and data solutions for the automotive retail
industry. Cox served in the top finance role at DealerTrack for nearly
eight years. During his tenure, revenue at the company grew from $1 million to over
$240 million through a combination of organic growth and acquisitions. Prior to
DealerTrack Cox held senior financial positions at Triton International Inc., and Green
Stamp America Inc. Cox holds a
Master of Business Administration, Finance from Columbia University
Graduate School of Business and a Bachelor of Business Administration, Accounting from St.
Bonaventure University, and is a New York State Certified Public Accountant.
Asofsky has acted as Planet Payment’s CFO during its critical
growth phase and its maturation from a private company start-up to a publicly traded,
full service,registered third party processor, now operating in 10 countries around
the world. During his tenure, the Company achieved its first quarters of EBITDA
profitability and put itself firmly on the road to positive cashflow.

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GE Money to Issue The Tile Shop Card

GE Money will provide MN-based The Tile Shop with a new consumer financing program.
The Tile Shop revolving credit card is
part of the “GE Money Home Design program” and enables consumers to
enjoy affordable monthly payments, generous credit limits, competitive
interest rates and special promotional financing options. The card is
managed by GE Money’s Sales Finance unit, which provides billions of
dollars of consumer financing through more than 145,000 small business
locations on Main Streets across the United States. The Tile Shop has 43 stores
nationwide.

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Chase Adds Two More Ink Business Cards

Chase has slipped two more credit cards into its portfolio of business
cards. The new “Ink” and “Ink Capital” offer additional purchase rewards
or an interest-payment refund to customers with Chase business checking
accounts. “Ink” with “Exclusive Benefits” is a no-fee business card for
customers who want to maximize their rewards. Chase business checking
customers earn a 20% bonus – or 1.2 points for every dollar they spend
on the card – with no limits on the points they can earn, and the points
never expire. The rewards points can be redeemed for millions of rewards
options through “Ultimate Rewards,” including cash back, gift cards,
unrestricted travel, and brand-name merchandise.
“Ink Capital” with “Exclusive Benefits” is a no-fee business card for
customers who want to manage their cash flow with a low interest rate.
Chase checking account customers earn a refund of their 12th month’s
interest each year when they have their monthly payment automatically
deducted from a Chase checking account.

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NCO Financial Launches a Consumer Site

Account receivable management service NCO Financial Systems
that it has launched “www.consumerhelpunit.org”, its new consumer help website.
Through the new website, U.S. consumers can communicate with NCO, 24
hours a day, days a week, 365 days a year. Consumers can communicate via email or opt
to have a representative call them with just the click of a button. NCO’s outsourcing portfolio includes accounts receivable
management, customer relationship management services and back-office
services for a diversified customer base.

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VISA CANADA POST

Just in time for the Vancouver 2010 Olympic and Paralympic Winter Games,
Visa Canada is set to offer its three new Olympic and Paralympic Winter
Games-themed Visa prepaid cards available in 1,500 Canada Post retail
locations across the country. Issued through Citizens Bank of Canada for
use anywhere Visa cards are accepted, the “Visa Canada Post” prepaid
card is a convenient payment option for 2010 Winter Games attendees in
three pre-set denominations to chose from: $25, $50 and $100. To
highlight the new Olympic and Paralympic Winter Games-themed Visa
prepaid cards, Visa is holding a contest to win a collector set of ten
Vancouver 2010 Olympic and Paralympic Winter Games Visa Prepaid Cards.

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Zoot Names a New Sales and Marketing Chief

Instant credit decisioning and loan origination solutions provider
Zoot has appointed Paul Thielemann to SVP, sales and marketing.
Thielemann brings more than 20 years of financial industry know-how from
both an IT and business perspective to this role. He has experience in
the mortgage lending, consumer lending, credit card processing, and
insurance fields. In his new position, Thielemann will lead all aspects
of client service activities and the company’s sales efforts. His focus
will be on building and maintaining strong relationships with clients
and prospects by introducing new ideas, supporting their values and
visions, as well as responding to their needs and strategies.
Zoot Enterprises provides credit decisioning
and loan origination solutions through a configurable, scalable and
reliable platform to large and innovative U.S. financial services
institutions.

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