Hitachi Consulting & Paymetric Form Alliance

Hitachi Consulting has entered in an alliance with payment card software provider Paymetric to deliver packaged card acceptance and purchasing card integration solutions for SAP payments. For companies managing customer relationships using SAP CRM, the packaged solution blends “XiPay”, Paymetric’s SAP-certified card acceptance software with Hitachi Consulting’s knowledge in SAP CRM integrations. “XiPay” enables companies to seamlessly accept, manage, and protect credit card transactions within the framework of SAP-enabled business processes and workflows. The alliance also offers a packaged solution for streamlining procure-to-pay processes in SAP. Companies can leverage Hitachi Consulting’s SAP knowledge to implement Paymetric’s XiBuy, a certified SAP add-on solution for managing and integrating purchasing card transactions in SAP.

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CO-OP Financial Opens a Fraud Service Center

CO-OP Financial Services has established a new “Fraud Service Center” with 20 analysts to research and service only CO-OP client cases. The new Center was created to specifically focus on CO-OP credit unions that use “Falcon Fraud Manager”, a neural network technology that examines signature and PIN debit transactions. The neural network uses complex mathematical models and predictive software to analyze member payment data. CO-OP’s analysts are specially trained to continuously monitor this data, identify potential trends and take corrective action to reduce fraud-related losses.

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PAYMATE USA

Paymate has announced that it will be embarking on the potential of the
North American mobile phone market with its mobile remittance solution.
With this, the company will be providing the primarily unbanked American
population, nearly 13% of the total population, with the ability to
transfer
and receive payments through their mobile phone network. This expansion
will be under the guidance of Paymate’s newly appointed Vice President
of Americas, Mr. Dhruv Singh, who will lead the growth initiatives.
Remittance across national borders is expected to reach $300B this year
around the world, with residents of North America initiating the largest
volume. Meanwhile India, Mexico, and the Philippines are the Top 3
destination countries for these remittances. PayMate is accepted by over
3000 merchants in India for various payment methods and has been
awarded “Asia’s Top 100 start-ups” two years in a row by Red Herring.

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VCT Certified for AmEx Blue Box Products

Card manufacture Versatile Card Technology has been certified by American Express Global Network Services to manufacture the American Express “Blue Box” line of card products. In order to receive this certification from American Express, VCT has shown they share a core set of attributes including a commitment to high standards of customer service, strong marketing expertise, affinity with the American Express brand image of quality security and trust. This certification will allow VCT to manufacture cards for American Express partners that include major banks, airlines, retailers, and associations. VCT is a global plastic card manufacturer.

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ASSA ABLOY EXEC

ASSA ABLOY Identification Technologies (ITG) has appointed Perry
M. Garvis as the Director of Product Marketing for Contactless
Payment to oversee the organization’s global contactless payments.
In doing so, Garvis will market the ITG contactless prelaminates, cards,
transponders, readers and OEM reader modules having to do with the
payments sector. Garvis has over 30 years experience in marketing and
sales of RFID, security and wireless technologies with such companies as
Motorola and GE Interlogix. Most recently, Garvis was employed with
Texas Instruments as the Director of National Accounts Contactless
Payments and RFID Systems. ITG employs over 1100 employees out of
its 25 offices on all continents with headquarters in Walluf , Germany.

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CU 24’s CU HERE Network Adds Allpoint

Credit Union 24 has added the Allpoint network to Credit Union 24’s CU HERE surcharge-free program. The Allpoint ATMs will be a part of the CU HERE Premium program. The combined network will provide credit unions with more than 45,000 surcharge-free ATMs nationwide. Credit Union 24 will defray the costs of the Allpoint surcharge-free ATMs during the first year of the program. The expanded CU HERE network will take effect in February 2008. Credit Union 24 participants can opt-in to the CU HERE Premium program beginning in January.

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PLANET PAYMENT & PERSAY

Planet Payment has chosen the PerSay biometric banking solution to
provide customers with its “BuyVoice” solution. “BuyVoice” provides
merchants across financial and retail sectors to market and sell to
customers
using mobile voice authentication. Additionally, PerSay’s “Shop BuyVoice”
allows these customers to shop using their voice through any mobile phone
and is soon to develop a solution that requires no more than a voiceprint,
payment details and delivery information for complete mobile shopping. The
“BuyVoice” biometric technologies allows for individual customer
verification
based on the fact that each person’s voice is as individual as a
fingerprint.
Planet Payment is a payment and data processor while PerSay provides
biometric speaker and verification products.

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India’s PayMate Eyes U.S. M-Payments Market

India’s top mobile payments company has decided to enter the North American market. PayMate has built a network of more than 3,000 merchants in India. The Company earlier this year teamed with Infonox for the delivery of diversified financial services to kiosks, ATMs and other delivery channels. The alliance will enable PayMate to have the instant ability to offer their branded transaction services on cell phones across North America. PayMate North America will be headquartered in Sunnyvale, CA. Dhruv Singh, Vice President of Americas, will head the U.S. headquarters. PayMate is funded by Silicon Valley based Kleiner Perkins Caufield & Byers and Sherpalo Ventures.

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PAGO ETRANSACTIONS

Pago eTransactions Services has extended its settlement currencies to
include settlements with Scandinavian currencies, the Norwegian,
Swedish and Danish Crowns, the Polish Zloty and the Canadian Dollar.
The acquirer and payment service provider allows merchants to choose
their respective currency to appeal to a wider customer base with this
integration of card acquiring and payment processing. Other currencies
that are accepted over the organization’s channels include Euros, Pound
Sterling, Swiss Franks, South African Rand and US Dollars. Pago is a
VISA and MasterCard acquirer operating across Europe allowing its
clients to receive payments for goods and services through its electronic
channels. Pago operates over 6,000 online-shop solutions and
transactions from about 6,500 terminals over its “Pago Platform”.

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Fargo Intros an Instant Issue Card Printer

Fargo Electronics has introduced the “HDPii Financial Card Printer”, targeted toward banks, credit unions and retailers for on-site instant issuance of debit, credit and prepaid cards. The advantages of the onsite printer means that customers will not have to wait for days or weeks to receive their card, or be concerned that it may be lost or stolen in the mail; reduced costs, allowing banks to dramatically reduce their inventory costs and the cost of mailing cards is eliminated and increase in usage, as up to 40% of cards delivered by mail are never activated and never used. By issuing the cards immediately to the customer, the activation is automatic. Fargo Electronics is a developer of secure technologies for identity card issuance systems, including secure card printer/encoders, materials and software.

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THECARD & MOBICLEAR

TheCard Scandinavia has signed agreements with MobiClear to
improve security for its business customers. These new security
solutions include the MobiClear “Card Security” and the MobiClear
“On/Off Card Security” solutions. The former requires customers
to enter a four-digit PIN over their mobile phone while the latter
affords customers the ability to cease functionality of credit and/or
debit cards when not in use. Both of these services are expected to
be implemented by March of 2008 across various service sectors
including the travel industry, retail, dining and over the Internet.
MobiClear designs electronic Personal Identification Verification
(PIV) solutions for credit/debit card users, estimating card fraud
at around $20 billion per year, while TheCard Scandinavia AB
provides business solutions to the travel industry.

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VeriFone to Restate Financials; Stock Sinks

VeriFone’s stock collapsed yesterday, losing 46% of its value, after the Company reported that its financial reports for this year were not accurate. The payment card terminal manufacturer said pre-tax income for the first nine months of this year is likely to be nearly $30 million lower than what was previously reported. The restatement is principally due to errors in accounting related to the valuation of in-transit inventory and allocation of manufacturing and distribution overhead to inventory. VeriFone’s Board of Directors have also decided to delay its fourth quarter earnings report, due out this week, pending completion of the assessment of the errors and the restatements. However, the Company noted that total revenues for the quarter ended October 31st to be approximately $238 million, a 52% increase over 3Q/06. Yesterday, shares of VeriFone closed at $26 per share, down from its previous price of $48 per share. In September, VeriFone reported that its net revenue for the quarter ended July 31st surged 57% to $231.9 million, largely driven by the Lipman acquisition. Net revenues from VeriFone’s International business increased 106% while net revenues from its North America business increased 22%. For complete details on VeriFone’s latest performance, visit CardData (www.[www.carddata.com][1]).(CF Library 9/7/07)

REVENUE HISTORICAL
3Q/05: $130.5 million
4Q/05: $134.6 million
1Q/06: $142.2 million
2Q/06: $147.6 million
3Q/06: $156.6 million
4Q/06: $216.6 million
1Q/07: $217.2 million
2Q/07: $231.9 million
3Q/07: $238.0 million
Source: CardData (www.carddata.com)

[1]: http://www.carddata.com

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