Citi Lands the DoD Travel Card Contract

Citi announced it has been selected to administer the U.S. DoD “Travel Card” program. The program, the largest under the GSA’s umbrella “SmartPay 2” master contract, currently has 1.2 million cardholders accounting for 61% of government-wide travel spending in 2007. Citi will immediately begin working with the Defense Travel Management Office and the DOD Service Commands to implement a program customized to meet their requirements, as well as to plan for an effective and smooth transition from the previous provider. The DTMO was established in 2006 to serve as the central point of contact for commercial travel within the DOD. It is responsible for establishing strategic direction and managing all commercial travel programs, including the travel card program. The new official travel cards will activate on November 30th.

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Q4 CARD SURVEY

The Hong Kong Monetary Authority has published its 4Q07
credit card lending survey, reflecting an 8.8% increase in card
receivables, due largely to salaries tax payments, and a 1.6% increase
in total cards issued. Moreover, since 3Q07, the survey demonstrates
the amount customers spent with their credit cards reached HK$24.6
billion, up HK$.2 billion, the charge-off amount dropped HK$38 million
and the annualized charge-off ratio dropped by .37%. Also for 4Q07,
the delinquency ratio dropped to 0.35% and rescheduled receivables
remained at HK$52 million, while the combination of the 2 ratios
declined to 0.42%.

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OpSource Level 1 PC1 DSS Compliant

CA-based OpSource has announced “Level One” compliance with the “PCI DSS.” In order to successfully comply with the Level One PCI DSS, merchants and service providers must demonstrate compliance with 12 requirements in categories such as building and maintaining a secure network, protecting cardholder data, maintaining a vulnerability management program and maintaining an information security policy. As a Level One service provider, OpSource demonstrated its compliance by successfully undergoing a stringent, annual, on-site PCI data security review covering over 250 compliance points. OpSource delivers Web applications and software-as-a-service for on-demand companies.

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DAVID JONES & AMEX

For its general purpose credit card, David Jones has decided to partner
with American Express. Following David Jones’ evaluation for the assurance
of the most beneficial terms of an alliance, this partnership also
includes the
transfer of David Jones’ receivables to the card company and the launch of
a partnership card by the end of 2008. Under the terms of agreement, the
David Jones American Express card can be used wherever in the world
American Express is accepted and offers gift reward points intent on
generating
subsequent new accounts throughout Australia. The Australian credit card
market is a promising one in which to support the new David Jones credit
card given its annual receivable of $36.9 billion, 11.8 million accounts and
strong growth at nearly 18% per annum. The American Express merchant
network provides products/services designed to appeal to over 80% of
card member spending needs, David Jones employs over 10,000
and is projected to generate approximately $38 million before 2013 as a
result of the aforementioned agreements.

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NOV DEBT

Credit card debt climbed again in November setting a new record of A$41.9 billion. Credit card volume slipped slightly to A$18.3 billion after hitting a new high in the prior month. Year-on-year credit card debt has increased 10.3%, compared to November 2006. Card volume is up 11.6% compared to one-year ago. Credit card limits also reached a new high at A$113.4 billion, marking the 15th consecutive month of A$100+ billion. According to the Reserve Bank of Australia there are currently 13.9 million credit card and charge card accounts in Australia, compared to 13.2 million one-year ago.

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GLOBALPLATFORM CARD V 2.1.1

The GlobalPlatform smart card specifications body has decided to make available
its technical documents, including the “Card version 2.1.1,” “v2.2 Mapping
Guidelines of Existing v2.1.1 Implementations” and its “Card Benchmark v1.0
Specifications,” for purchase by non-member organizations. This development
is in response to the Organization’s desire for widespread
implementation of
its specifications in response to the needs of worldwide markets.
GlobalPlatform is a member driven association which provides smart card
infrastructure development across various industries around the world.

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FASTEST & ATMULATOR PLUS

Paragon Application Systems has provided the licensing of its “FASTest”
and “ATMulator Plus” ATM software to GRG Banking ATM
manufacturer for the developing and testing of new features. GRG
Banking provides technological advancements over a service network
for the Chinese ATM market and, with these recent developments, the
Paragon software will allow for international expansion to assist testing
of an integrated chip card and application offerings, along with software
expansion. Paragon Application Systems provides ePayment software
tools for over 400 financial institutions in more than 80 countries while
GRG Banking Equipment Company Chinese ATM manufacturer
employing over 1500 and is a co-operation partner of DeLaRue and
Hitachi.

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CRYPTOMATHIC EXPANSION

Cryptomathic security solutions has opened offices in Montreal, Canada,
to support North American consumers and mark the
Organization’s global expansion. Recently appointed Boris Schumperli
will oversee the Canadian operations, bringing with him consulting
experience
in the smart card security industry, which was established in response
to high
demand for security solutions in the banking sector throughout the
significant
region, namely in EMV data preparation solution demand. Cryptomathic
security solutions provider has over 20 years’ experience assisting
companies
in various sectors around the world.

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OBERTHUR & XPONCARD

Oberthur Technologies has propositioned XPonCard shareholders for
the acquisition of the respective organization’s stock at SEK 157 per
share, 34% higher than the price on February 18 , 2008 and an offer
of which the board of directors is recommending acceptance. Upon
acceptance of the offer, expected to close between March 12 and April
4th of 2008, the total value of the transaction is projected to reach SEK
704 million. With this development, Oberthur and XPonCard project
smart card sales of nearly EUR 735 million and XPonCard will be more
able to compete in a fast globalizing market with access to Oberthur’s
product portfolio and will be afforded production cost savings. Moreover,
the offer price is subject to adjustments, XPonCard provides card concepts
for secure payment through its sales offices in 16 countries while Oberthur
had sales of EUR 733.4 million in 2007, providing secure technologies in
various sectors.

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Ceridian Promotes Sheridan to EVP

MN-based Ceridian has promoted Michael Sheridan to EVP, general counsel and secretary. Sheridan was formerly general counsel of Comdata and its subsidiaries, including Stored Value Solutions, for the past 11 years. Sheridan also served as Comdata’s associate general counsel from 1991 to June 1996. Sheridan holds a B.A. from Vanderbilt University and received his J.D. from the University of Tennessee College of Law.

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