Advanta Terminates May 11th Cash Tender Offer

Advanta Bank Corp.has terminated its
previously announced cash tender offer for up to $1.4 billion of “Advanta
Business Card Master Trust’s Class A senior notes” made on May 11, 2009.
The Bank is terminating the ABS
Offer because it recently has been determined that a
regulatory condition to the tender offer will not be satisfied. The
tender offer consideration will not be paid or become payable to senior
note asset-backed holders who validly tendered their notes in connection
with this offer and all tendered notes will be
returned to the holders. As a result, the
Company will not be able to complete all of the components of the plan
it previously announced which together were intended to limit the
Company’s credit loss exposure and maximize its capital and its
liquidity measures. The Company expects the Bank to enter into an agreement
with its regulators in the near term about its operations.

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YAGOYASAN

For the integration of InComm technology, FUJITSU ADVANCED SOLUTIONS
LIMITED (FASOL) has launched its “YAGOYASAN” tool, which will streamline
operations for retailers carrying gift cards. InComm stored-value gift
and prepaid services network of 145,000 retail and sales locations
worldwide allow for the deployment of parameters in existing POS systems
and are linked to easy-to-use, low-cost, POS activation technology while
“YAGOYASAN” is scalable to retailers of all size throughout Japan.
Retailers implementing the new integration tool have no need for the
specialized knowledge of the ISO8583* standard, as developing a system
connecting to InComm’s advanced point-of-sale technology is fully
automated, while InComm processed nearly $8 billion in retail sales
transactions in 2008 through 145,000 retail locations.

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U.S. Small Business Bankruptcies Nearly Double

A new report reveals that commercial bankruptcies nearly doubled between March 2008 and March 2009. California, Texas and the Western part of the U.S. lead the list. The Equifax study found that the Chicago MSA increased to 199 bankruptcies from 67 in March 2008; Dallas increased to 162 from 73; Portland to 145 from 65 and Denver 157 from 58. Los Angeles, Riverside/San Bernardino and Sacramento metropolitan areas led the nation in small-business bankruptcy filings in March 2009
Metro areas with the fewest small-business bankruptcy filings remain scattered nationwide, with Charleston, WV, Columbus, GA, Norwich, CT, and the state of Hawaii. Equifax defines a small business as a commercial entity of less than 100 employees. There are more than 25 million small businesses in the USA.

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CITICONNECT

Citibank Berhad and Lembaga Hasil Dalam Negeri Malaysia (LHDNM), sole
government income tax authority, have partnered to launch the
“CitiConnect” e-Tax online tax settlement solution. As the first foreign
bank in the country to provide online tax payment services to its
corporate customers, Citi Berhad’s “CitiConnect” solution offers users
24/7 convenience through its secure, online channel to initiate tax
payments to LHDNM using its built-in online form. Citibank was among the
first to introduce online financial solutions in Malaysia and offers its
wide range financial services in more than 100 countries worldwide.

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Consumer Spending Decline Stabilizes in May

The pace of decline in real consumer spending appears to have stabilized, however, recovery is being delayed by a sharp increase in consumer savings. The Deloitte “Consumer Spending Index” declined 1.35% in May from an downwardly revised gain of 1.44% a month ago. Deloitte says the recovery is being delayed by a sharp increase in consumer savings, which has risen to 5.7% from zero a year ago. Furthermore, the weakness in May was driven almost entirely by falling home prices, which are down nearly 14% over the past year, undermining small gains in real wages, a declining tax burden and current stabilization in new unemployment claims. Deloitte projects that when a recovery takes hold and spending strengthens, consumers will likely remain focused on value.

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EPAY DEBIT

EPAY online payment platform has launched its “EPAY debit card” for
personal and business money access worldwide. The “EPAY debit card” was
designed to provide consumers and small businesses access to all
participating ATMs worldwide; POS transaction capability; online
purchase capabilities; the option to establish payout card capabilities
and money remittance around the globe. Additionally, business owners are
allowed to issue 2-300 cards to their employees for payroll, commission
and benefits payment options, can pay affiliate commissions worldwide
and reduce the transaction costs of cash transfers & wires. EPAY online
payment gateway allows money transfers from around the world through its
debit cards with a variety of benefits over traditional bank accounts.

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First Data Captures More Wells Fargo Business

Wells Fargo has expanded its agreement for card processing services with First Data. Under the terms of the agreement, WF will move its newly-acquired Wachovia credit card portfolios to FDC for processing. WF will also add the “Wells Fargo Private Label” card accounts and the “Personal Credit Management” line of credit accounts to the existing Wells Fargo portfolios serviced on FDC’s system. FDC already provides data processing services, statement/letter production and mailing, plastic card personalization and fraud services for WF’s seven million plus cardholder accounts within its consumer credit and small business card portfolios. Wells Fargo has been a First Data client since 1971.

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BCI & MAGNEPRINT

MagTek secure electronic payment technology has deployed its
“MagnePrint” card authentication technology through 552 of the 996 Banco
Credito Inversiones (BCI) ATMs. Able to transforms the typical magnetic
stripe card into a dynamic token allowing the issuing bank to assess and
validate authenticity, “MagnePrint” allows the issuing bank to identify
a card as authentic or not. Using the magnetic stripe 54 byte dynamic
value-which changes with every swipe-the card is either authenticated or
declined by the “MagnePrint” enabled ATM. Subsequently, BCI has reported
4.4 million transactions on the upgraded ATMs, non of which were
detected as fraudulent. CA-based MagTek electronic devices and systems
offers banks reliable issuance, reading, transmission and security of
cards, checks, PINs and other identification documents in over 40
countries.

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Moody’s Rates BofA and Target Card ABS

Moody’s Investors Service has assigned a definitive rating of Baa1 to
the “Bank of America Class
C” credit card notes and has placed under review for possible downgrade
the Aaa ratings of the senior classes of
asset-backed notes issued by “Target Credit Card Master Trust”. The
Bank of America rating is based on the quality of the underlying credit
card receivables, the transaction’s structural protections, the
expertise of FIA Card Services, National Association as servicer, and the
credit enhancement from subordinate classes of notes in the series of
which the notes are a part. On March 2 2009, BAC added
credit enhancement for the benefit of all classes of currently
outstanding Trust securities (classes A, B and C) by creating a
subordinated, Class D interest sized at approximately 8%. The Target
review is primarily driven by substantial deterioration in some of
the Trust’s key performance metrics such as the Trust’s charge-off rate
which has increased substantially over the last 12 months,
nearly doubling from a rate of 8.7% in April of last year to reach an
all-time high of 15.7% in April 2009. This pace of deterioration exceeds
that of the industry as measured by Moody’s Credit Card Index. In
addition, the Trust’s principal payment rate, a measure of the
principal payments that obligors make on their balances each month, has
been falling consistently since early 2007.

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APACS & HYC

Hypercom has announced its payment solutions have been accredited for
use in the UK by Association of Payments And Clearing Services (APACS).
Hypercom payment solutions accredited by APACS include its “Artema
Modular” unattended payment terminal, its “P2100” PIN Pad, and its
Optimum “T4200” platform with options for dial, IP and GPRS
connectivity, the M4200 Bluetooth and GPRS mobile terminals, and the
“S9” PIN Pad. “Artema Modular” is meant for use at kiosks, vending and
other self-service machines while Optimum “P2100” PIN Pad provides users
an integrated privacy shield, a high-contrast full graphics display,
color-coded and DDA (Disability Discrimination Act) compliant keypad and
complies with Chip & PIN standards. Hypercom payment technology delivers
secure, end-to-end electronic payment products and services to retailers
in more than 100 countries.

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TASC Warns Consumers on Credit Counseling

The Association of Settlement Companies (TASC) warns to exercise caution
when seeking credit counseling and is fully supporting the Credit Card
Accountability, Responsibility and Disclosure (Credit CARD) Reform Act
designed to protect consumers. The act seeks to stamp out deceptive
practices used by credit card companies to lure consumers into debt,
companies which ironically contribute to credit counseling companies
through pre-arranged agreements while debt settlement companies receive
fees only from the debtor client. TASC was established in 2005 as a
non-profit watchdog for self-regulating debt-settlement and seeks to
help individuals overcome financial distress, promotes fair business
practices, consumer protection and industry standards for the industry.

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SINOPAY GPP

Sino Payments payment card processing services is deploying its “SinoPay
GPP” (Global Processing Platform) in Shanghai and Macau to service Asian
regional supermarkets and retailers, mostly in China. With a volume of
16.7 billion bankcard-based transactions in China valued at nearly $18.6
trillion-a 22.5% and 14.1% increase respectively over 2007-the card
processing industry serves 1.2 million merchants and 1.8 million POS
machines for the 1.8 billion payment cards currently in circulation.
NV-based Sino Payments converts transaction processing systems, focusing
on providing IP credit and
debit card processing services.

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