PCI DSS/PED

The PCI Security Standards Council will be hosting annual community
meetings to take place later this year in Orlando from September 23-25
and Brussels from October 21-23. As a global, open industry standards
body providing management of the Payment Card Industry Data Security
Standard (DSS), PCI PIN Entry Device (PED) Security Requirements and the
Payment Application Data Security Standard (PA-DSS), the Council’s
primary objective for the meetings will be to address the next version
of PCI DSS, announced as 1.2, the continued rollout of PA-DSS and the
latest in PED Security
Requirements. In doing so, industry experts will address the latest
issues surrounding payment card security, updates from the members of
special interest groups will be disclosed, while pre-conference
workshops will be held for Qualified Security Assessors (QSAs) and
Approved Scanning Vendors (ASVs). Attendance to the community meetings
is restricted to current participating organizations, QSAs, ASVs and PED
laboratories.

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GFG GROUP NETWORK

GFG Group has partnered with Open Solutions requiring Open Solutions
Canada to refer GFG Group’s Simfonie (Mobile payments), Cadencie (card
management) and Finsim (certification engine) products/services to its
North American and international clients. This will provide both GFG and
Open Solutions the opportunity to support business growth initiatives in
the North and South American markets with a focus on supporting
opportunities in emerging markets. Open Solutions Canada designs,
builds, integrates and operates banking and payment technologies for
financial institutions, retailers, independent sales organizations (ISOs), third-party organizations and processing centers worldwide while Open Solutions Canada directly supports more than 30 Canadian financial institutions through its network.

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MASHREQBANK & CHIPS

Mashreqbank is now using “CHIPS”, private-sector, USD wire-transfer
payments system operated by The Clearing House Payments Company. “CHIPS”
streamlines operations for financial institutions multilateral netting
to maximize the use of liquidity without daylight overdraft charges,
serving banks in emerging economies around the world. This allows
Mashreqbank to reduce costs and manage the growing volume of wire
transfers. Mashreqbank was founded in 1967 as Bank of Oman and was among
the first in the UAE to provide travellers’ checks, credit cards and
ATMs while the Clearing House and CHIPS settles over 40 million check
and electronic payments with a value of $2.4 trillion each day for
financial institutions around the world.

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InstaMed Releases a Healthcare White Paper

Healthcare payment network InstaMed has released its second white paper focused on the growing business problem of payment assurance between payers and patients as health plan members take on greater payment responsibility. The white paper introduces a payment assurance framework for payers and areas of opportunity that payers can address as network discounts come under attack and threaten the payer value proposition to employers. InstaMed is registered with Visa and MasterCard as a PSP of U.S. Bank. InstaMed is Payment Card Industry Level One certified and fully accredited by the Electronic Healthcare Network Accreditation Commission as a healthcare clearinghouse and currently supports the healthcare payment processing needs of over 600 hospital and clinic locations.

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A/P SMART CARDS

Given the region’s massive technological advancement in recent years,
Research and Markets has announced the addition of “Strategic Assessment
Of The Asia Pacific Smart Card Markets” to their offering. The new
report discloses product quality and innovation is displacing pricing as
the primary business factor while market participants are making
significant headway toward smart cards’ increasing convergence of
applications and integration for product advancement. Research also
demonstrates contactless cards and mobile phones for transactions will
become increasingly evident in 2008 across Singapore, Taiwan, and Japan
with NFC phones, contactless subscriber identity modules (SIM) and radio
frequency-based SIM.

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FNDS3000

FNDS3000 Corp has been approved as an issuing 3rd-party processor in
South Africa, allowing FNDS3000 to operate and process cards in
cooperation with financial institutions across the country. As a
processor, FNDS3000 will be managing highly sensitive financial
information requiring its registering for regional certification and
will be issuing cards to their backlog of more than 250,000 cards.
Furthermore, the company is currently testing cards on its platform for
its pilot program to launch in July.

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KB MULTIMEDIA CARD

KB Card has introduced the world’s first multimedia credit card, enabling users to listen to music and watch video clips and digital multimedia broadcasting. The new “&d MasterCard” combines a large memory chip with display functions. The card has a 2.4-inch screen to play videos and listen to tunes. A two-gigabyte memory chip is installed
in the credit card, and a four-gigabyte memory chip is in the terminal,
allowing the product to store up to six gigabytes of data. Including the terminal, the product costs W230,000.

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Credit Card Delinquency Levels-Off in April

Delinquency on managed U.S. credit card loans hit 5.47% in April, the highest level in five years. However, sequentially delinquency has moved up slower, rising a mere 46 basis points since December and only five basis points since March. Earlier this week, Capital One reported that U.S. Card delinquency edged down in May for the fourth consecutive month this year. For May, 30+ day delinquency for Capital One dropped from 3.81% from 3.90% in April. The data suggest that delinquency and charge-off rates may have moderated for 2008. But, Capital One says it expects charge-offs to rise later this year due to expected seasonal patterns typically seen in the fourth quarter coupled with significant weakening in economic indicators.

APRIL DELINQUENCY
2004: 5.21%
2005: 4.68%
2006: 4.03%
2007: 4.72%
2008: 5.47%
Source: CardData (www.carddata.com)

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Avis Becomes a SWA Preferred Partner

Southwest Airlines has added Avis Rent a Car as a “Preferred Partner” to its “Rapid Reward” program. “Rapid Rewards” members will save up to 25% on Avis rentals and will earn “Rapid Rewards” credit when renting from Avis. Rapid Rewards Members earn credits by flying or using the program’s “Preferred Partners,” like Avis. It takes eight roundtrips to qualify for a SWA award, but members can accelerate their earnings by using the “Southwest Airlines Rapid Rewards Visa Signature Card,” doing business with any of the airline’s other Preferred Partners, or by purchasing Southwest’s Business Select fares when flying. Once it’s earned, Southwest Airlines allows the Member to transfer the Award to anyone.

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Western Union Raises its Growth Objective

Western Union raised its long-term EPS growth objective to 15% to 18%, up from 12% to 14%, and reaffirmed its long-term revenue growth objective of 10% to 12%, excluding acquisitions. The company also said that it expects to deliver financial results for 2008 that will likely be at the higher end of both its revenue growth guidance of 9% to 11% and non-GAAP EPS guidance of $1.25 to $1.29. On a GAAP basis, including $0.07 per share of expenses related to 2008 restructuring activities, the company expects to deliver EPS in the range of $1.18 to $1.22.

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