PRACTICALMONEYSKILLS.CA

Visa Canada has re-launched ‘practicalmoneyskills.ca’ “Practical Money
Skills” website, providing an easy-to-navigate user interface with cost
calculators, budget templates, games and quizzes for better personal
finance management. Personal finance information on the site is
organized into ‘Saving & Spending’, ‘Credit & Debt’ and ‘Life Events’
with sub-topics in each category paired with corresponding calculators,
brochure and information. Visa Canada’s “Choices & Decisions: Taking
Charge of Your Financial Life”, a curriculum based financial literacy
resource program developed by educators, is available free for download
and hard copies of the kit may be ordered through the site’s Educators
section. Visa has committed to reaching 20 million people with financial
literacy information globally by 2013.

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SAI & DEXXIS

In conjunction with Smart Aplikasi Indonesia(SAI), Gemalto digital
security is set to deploy its “Dexxis Instant Issuance” solution in
Indonesia to enable on-the-spot delivery of secure microprocessor-based
banking cards. “Dexxis Instant Issuance” is designed to meet the needs
of the 90% of the unbanked population with decentralized instant card
issuance in-branch in a matter of minutes. The “Dexxis” solution offer
includes EMV smart cards, servers, software, printers, and training to
deploy the solution over a secure TCP/IP trusted network in the banking
and retail environment. Using fingerprint biometric authentication from
the software inside the chip, the smart cards provide a higher level of
security to the cardholder, eliminating the need to remember the PIN
code and logging up to 150 transactions.

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DYNAMIC SITE SOLUTION

Rakuten Ichiba has adopted the Akamai Japan K.K. transaction “Dynamic
Site Solution” Internet shopping portal. Rakuten adopted the “Dynamic
Site Solution” to accelerate the performance of its eCommerce site and
is offloading some of its web content to the Akamai globally-distributed
network to help extend its infrastructure. Rakuten online shopping
portals in Japan has a membership of around 30,000 retail stores online,
operates the “Rakuten KC” credit card and financing service and “e-BANK”
online banking service. Rakuten needed a solution that could meet its
growing server needs, an increasingly pressing issue, to offer a low
cost and convenient method for highly scalable and reliable customer
services without having to make enormous investments in space and time
to expand its own infrastructure.

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OTI ASEC

The Poland-based On Track Innovations (OTI) subsidiary, ASEC, is set to
provide the Transport Department of the City of Warsaw with 700,000
public transportation and street parking contactless e-tickets. Warsaw
residents use OTI’s contactless cards for bus, tram, and metro rides, as
well as for street parking. Expected to start this year, the new
contract will peg the total number of cards supplied for this program to
2.7 million. OTI provides contactless microprocessor-based smart card
solutions for homeland security, payments, petroleum payments and other
applications while ASEC also serves as an e-ticketing operator for
Warsaw City Card system and provides a sales network system,
infrastructure, distribution service and maintenance for loading of
transportation electronic cards around the city, which generate direct
revenues from transaction fees.

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FTC Charges Catalog Credit Card Issuers

The FTC has filed a complaint in federal court against
Low Pay, Inc.d/b/a as LPC Inc., lowpaycard.com, and mylpcard.com; LP
Capital Holdings, Inc.; Century Luxury, Inc.; the
Mardan Afrasiabi Living Trust; Mardan M. Afrasiabi; and Ramin Rahimi.
alleging that their catalog credit card operation deceptively marketed
its card.
The defendants are charged with violating the FTC Act and the FTC’s
Telemarketing Sales Rule (TSR) by falsely representing that the card
could be used to
fully finance purchases; that it would provide access to a no-fee, low
cost, or
guaranteed cash advance benefit; and that consumers could improve their
credit ratings by using the card. They also failed to disclose that they
would
debit from consumers’ bank accounts the advance fees, a non-refundable
annual fee,
and 30% of a product’s price plus shipping costs. In addition, the
defendants falsely claimed that they would refund the $120 activation
fee to
consumers who returned the card and catalog in timely fashion. The
defendants also
allegedly violated the TSR by charging an advance fee for a guaranteed
extension
of credit.

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PAYPAL CURRENCY

PayPal has added five new currencies and now supports payments in 24
currencies. The total number of supported currencies now include the
U.S. Dollar, Australian Dollar, Canadian Dollar, Hong Kong Dollar,
Singapore Dollar, Taiwan New Dollar, New Zealand Dollar, Euro, Swiss
Franc, Czech Koruna, Swedish Krona, Danish Krone, Norwegian Krone,
Hungarian Forint, Mexican Peso, Philippine Peso, Malaysian Ringgit,
Chinese RMB, Israeli New Shekel, Pounds Sterling, Brazilian Real, Polish
Zloty, Thai Baht and Japanese Yen. The company also launched its “PayPal
X” global payments platform for third-party developers, ushering in a
new generation of innovative payments, for which the first Application
Programming Interface (API) will be Adaptive Payments with a new
currency conversion API to automatically convert currencies using live
exchange rates.

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SEPT ABS

Charge-offs amongst credit card-backed securities remained in double digits for the third consecutive month in September. However, delinquency eased for the fourth straight month after surging to a record 5.5% in May. Charge-offs leapt 90 basis points while 60-to-180 day delinquency nudged down by 20 basis points. The Fitch “Charge-off Index” increased for the eighth straight month in September to 11.4%, compared to 10.5% in the prior month and 6.6% one-year ago. Fitch says
the gradual improvement in delinquencies is a potential positive factor; however, they remain concerned by the ongoing impact of the current economic environment, and does not expect to see improved charge-off performance in the near term. The elevated level of charge-offs was driven most notably by MBNA’s trusts. Fitch noted that the high charge-off levels are consistent with personal insolvency levels.
In September, the Fitch “Delinquency Index” decreased from 5.0% in August to 4.8%. Until May delinquency rose for nine consecutive months.
The Fitch “Monthly Payment Rate Index” and Fitch “Yield Index” finished the quarter positively, increasing 0.6% and 0.8%, respectively.

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PREPAID SUMMIT

eCommLink prepaid debit processor has announced its sponsorship for the
international Prepaid Cards Summit 2009 to be held in Rome on November
12 and 13. This year’s event will focus on market analysis, best
practices and new opportunities in the European prepaid market. The
Summit is also to focus entirely on prepaid cards and the role they will
play in mass market payments across Europe, which eCommLink chose as a
strategic illustration of its commitment to the market, Italy in
particular. eCommLink enables program managers and financial
institutions to maximize revenue from their prepaid debit programs with
a flexible prepaid processing platform supporting prepaid debit
programs, including general spend, payroll, teen, gift, travel,
government and loyalty cards.

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VeriFone and Heartland Payment Systems Put on Mitts

VeriFone and Heartland Payment Systems are clashing over claims that
Heartland is not able to support its customers that use VeriFone
terminals due to a patent infringement issue. VeriFone says it has
informed Heartland that it will terminate its support relationships with
Heartland, effective end of day December 31st. VeriFone says it is
taking action to prevent any disruption to merchants after determining
that the pending litigation over Heartland’s continual infringement of a
VeriFone patent is likely to impact Heartland’s ability to maintain
service levels with its customers. Meanwhile, Heartland has pending
litigation against VeriFone, in which Heartland claims that VeriFone is
attempting to line its own pockets by charging merchants unnecessary
recurring expenses. VeriFone estimates that 75% of Heartland customers
in the retail, restaurant and petroleum markets rely upon VeriFone
systems and is asking merchants to register for free support before
December 15th. Heartland says it customers should not be fooled by
VeriFone’s offer. Heartland says it is fully capable of servicing all of
its customers and VeriFone is not able to support its customers.
Heartland says VeriFone can’t because its customers operate on a
proprietary payments processing platforms. Heartland is the only entity
that can provide full service – including ongoing service of VeriFone
terminals – to them.

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GEMALTO & SERVERSIDE

Gemalto digital security has subscribed to a capital increase in
Serverside Group, with an option to acquire the company at a later date,
with which Gemalto also entered a worldwide distribution agreement under
undisclosed terms. In doing so, Gemalto will consolidate Serverside’s
results as of September 2009. Serverside’s “AllAboutMe”
software-as-a-service platform allows users to upload custom images and
designs on their payments cards, delivering robust ROI to card issuers
by creating a personal bond between the consumer and the card.
Personalized cards make for “top of wallet” usage for greater card usage
and average spend increase.

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VISA REMITTANCE

Visa retail electronic payments network has extended the global reach of
its “Visa Money Transfer Service” to greater China and the United Arab
Emirates. Visa additionally has launched a new managed service that
reduces the time and development investment required to offer the
transfer and foster more rapid adoption. The “Visa Money Transfer
Service” gives consumers a secure way to send funds directly to
recipients’ Visa cards domestically and internationally to make
person-to-person payments or make account transfers. Sender channels
through which a Visa Money Transfer can be initiated include internet
banking, Automatic Teller Machines (ATM), self-service kiosks, in person
at a bank branch, or via the telephone. This is made available to
consumers in greater China, including Hong Kong; Georgia; India;
Indonesia; Kazakhstan; Malaysia; Russia; Singapore; Sweden; Ukraine; and
the United Arab Emirates through the ICBC Visa Money Transfer program
and EPS Hong Kong.

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