Wright Express Promotes Three Execs

Wright Express has promoted Melissa Smith to CFO and EVP of Finance and Operations, David Maxsimic from SVP to EVP, Sales and Marketing and George W. Hogan, previously Wright’s VP of enterprise architecture, has been promoted to SVP and CIO. Smith will continue to oversee the Company’s finance activities, including its Utah-based industrial bank operation, while adding responsibility in other functional areas, including information technology and client services operations. Maxsimic will continue to lead the Company’s fleet and Master Card sales, marketing, and product operations, while adding responsibility for strategic initiatives and new operations, including TelaPoint, which was acquired earlier this year. Hogan joined Wright Express in 2007 as vice president of enterprise architecture. He previously was vice president, commercial loyalty and back office application development at Visa USA/Inovant.

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VeriFone Unveils PCI Secure PumpPAY

VeriFone has unveiled its solution for upgrading gas pump card payments to meet the PCI security standards. The new “Secure PumpPAY” works with pumps manufactured by virtually all US and most European suppliers and has already been installed at initial sites in Europe, Middle East, Asia and the U.S. The new solution is anchored by the PCI-approved “OP4100,” which includes an ATM-style keypad and a card reader that accepts EMV chip and magnetic stripe credit and debit cards, as well as support for all major contactless payment programs. “Secure PumpPAY” also supports existing two-wire connections to the pumps as well as Ethernet and Wireless communications. The major credit card associations have mandated that starting January 1, 2009, all new self-service pumps must have PCI-approved PIN-entry devices. Further, beginning July 1, 2010, all card transactions at pumps must be protected with advanced Triple DES encryption technology.

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Cash Systems Inks Two Major Casinos

Cash Systems, Inc. has announced a multi-year contract renewal with the Treasure Island Resort & Casino a wholly owned entity of the Prairie Island Indian Community and a multi-year renewal contract with San Manuel Indian Bingo and Casino for expanded services. Cash Systems will continue to provide it’s cash access services including all-in-1atm services and casinopc for cash advance services.

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Asset Acceptance Q3 Revenues Decline 11%

MI-based Asset Acceptance Capital reported that third quarter cash collections of $90.7 million were up more than 12% over 3Q/06. However, total revenues declined 11% to $52.6 million for the third quarter, compared to the year ago quarter. Third quarter purchased receivable revenue declined 12.8% to $52.0 million. The Company reported a net loss in the quarter of $1.7 million, compared to net income of $10.7 million in the third quarter 2006. AACC noted that the results were impacted by a sizeable impairment to purchased receivable revenue which it incurred following a comprehensive review of its collections forecasts and related models. During the third quarter, the Company spent $35.3 million to purchase charged-off consumer debt portfolios with a face value of $1.9 billion, representing a blended rate of 1.90% of face value. For complete details on Asset Acceptance Capital’s third quarter results visit CardData ([www.carddata.com][1]).

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

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Barclays Rolls-Out a 2nd Cruise Line Card

Barclays is adding another co-branded cruise line card to its fleet. The new “Princess Rewards VISA Signature” card joins Barclays’ “Carnival Cruise Lines VISA.” The new card will be available December 10th. The new Princess Cruises card earns two points for every dollar spent on Princess purchases, whether for cruise fare or onboard expenditures, and one point for each dollar on all other purchases. It also offers up to 10,000 bonus points after the first qualifying transaction, including 5,000 points for signing up and up to 5,000 more points for balance transfers within the first 30 days. “Princess Captain’s Circle” members are also eligible for an additional 5,000 bonus points when they use the card to book a cruise by January 31st. Cardholders can redeem points for discounts ranging from $100 to $2,000 off Princess cruise fares. Free cruises begin at 150,000 points, with no blackout dates or capacity limits. Barclays U.S. credit card business has more than 50 co-branded partnerships.

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GPN & PAYMENT PLANET

Global Payments have signed agreements with Planet Payment to
provide “Pay in Your Currency” to Global Payments Merchants to
offer their customers. This will give the customer the opportunity to
convert the payment to the currency of their choice and allows
merchants to market a more informed buying decision. With HSBC,
Global Payments now operates in ten countries and territories throughout
the Asia-Pacific region. Planet Payment is a multi-currency payment and
data processor allowing acceptance and processing in different
currency.

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NCLC Alleges Sub-Prime Fee Harvesting

A new report from the National Consumer Law Center examines the practice of “fee harvesting” and how it targets those consumers in the sub prime market. The report, “Fee-Harvesters: Low-Credit, High-Cost Cards Bleed Consumers,” opens a window on a shadowy submarket where savvy card companies extract hundreds of millions of dollars in fees and other revenue from the pockets of consumers in the so-called subprime market. One of the fee-harvester cards featured in the NCLC report comes with a credit limit of $250. However, the consumer who signs up for this card will automatically incur a $95 program fee, a $29 account set-up fee, a $6 monthly participation fee, and a $48 annual fee – an instant debt of $178 and buying power of only $72. Fee-harvesting is extremely lucrative for the industry. In 2006, Atlanta-based CompuCredit – one company featured in the NCLC report – collected $400 million in fees from a portfolio of fee-harvester cards that by mid-2007 had saddled cardholders with nearly $1 billion in debt. NCLC is a non-profit organization specializing in consumer issues on behalf of low-income people.

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BMO & PAYPASS

For its Mosiak MasterCards, the Bank of Montreal has implemented PayPass
technology, the first of Canadian banks to do so. This will allow
customers to
conduct purchases with no signature required and provides users much
less wait
time. This development has been implemented to provide speed, convenience
and piece of mind(citing that the payPass card never leaves the customer’s
possession) in the hopes to attract a new customer-base. Additionally,
PayPass
customers are protected with zero-liability for fraudulent transactions
and, for those
to whom it applies, rewards programs will function as usual. Using radio
frequency
to transmit payment details between the customer device and the
terminal, the
contactless payment solution currently has 19 million PayPass devices in
circulation
for acceptance at 73,000 merchant locations in nearly 20 countries.

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MasterCard Revamps its Executive Committee

MasterCard this morning announced an organizational realignment broadening some executive responsibilities, hiring a new senior executive and beginning the transition process for the retirement of its COO, Alan Heuer, at the end of 2008. Heuer has been named to the newly created position of Vice Chairman. Gary Flood, former President, Global Account Management, has been named to the newly created position of President, Products and Services which includes MasterCard Advisors, Marketing and Product. Walt Macnee, former President, Americas, who has been named President, Global Markets. Chris McWilton, who has served as CFO has been named President, Global Accounts. All of the above changes are effective today. Martina Hund-Mejean, formerly with Tyco International, will succeed McWilton as CFO effective November 15th. In addition to the above MasterCard’s Executive Committee will also include: W. Roy Dunbar, President, Global Technology & Operations; Noah Hanft, General Counsel and Corporate Secretary; and, Michael Michl, Chief Administrative Officer.

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CRYPTOMATHIC KMS

Cryptomathic security vendor has developed a GlobalPlatform-compliant Key
Management System(KMS) for distribution by the beginning of 2008. The new
solution allows cryptographic key management with a standard approach of
core
functional requirements set by the smart card specifications body. The
solution
provides for less chance of human error and investment returns by
eliminating the
need to manually install and manage the keys of ATMs, payment switches,
authorization and issuing systems. With the new KMS, installation and
management
can now be conducted from a satellite location. Cryptomathic provides
security systems for e-banking, PKI initiatives, card personalization,
ePassport,
card issuing, and key management with its software and services.

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Hypercom Revenues Soars 25% in 3Q/07

Hypercom posted a 25% increase in revenue and a 30% increase in gross profit for the third quarter compared to the year-ago quarter. The revenue surge was driven by strong demand for countertop and mobile payment terminals outside the U.S. Revenue for the third quarter was $70.8 million and gross profit was $21.2 million. North American product revenue was lower principally as a result of decreased revenue from one U.S. customer. Service revenues increased in all operating regions, with the largest increase of $4.9 million in the Asia-Pacific region as a result of the acquisition of ACG Group in early 2007. Hypercom recently announced the “Optimum T4200” global countertop platform; the “Optimum M4100 Blade” handheld mobile wireless terminal; and the “PV1310” handheld PIN Pad. For complete details on Hypercom’s third quarter results, visit CardData ([www.carddata.com][1]).

HYPERCOM REVENUE HISTORICAL
3Q/05: $66.5 million
4Q/05: $68.1 million
1Q/06: $61.0 million
2Q/06: $66.1 million
3Q/06: $56.7 million
4Q/06: $64.8 million
1Q/07: $64.8 million
2Q/07: $67.5 million
3Q/07: $70.8 million
Source: CardData (www.carddata.com)

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

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GCA & ABSA BANK

Global Cash Access(GCA) and Absa Bank has signed sponsorship
agreements allowing GCA to process cash advances in casinos
throughout South Africa. Internationally, GCA provides its cash access
solutions in over 1,000 casinos and, with the country’s gaming revenue
up 17% in 2006, South Africa is seen as a lucrative market to ensure
economic gains for the company. Furthermore, projections reveal that
the gaming market in the country will reach $2.7 billion in revenue by
2011. For Absa bank and the South African gamings market, GCA
will provide its patron-activated QuikCash terminals and kiosks for debit
card and credit card cash advance transactions and will offer its
“QuikCash Plus Web” to help administration speed transactions. Global
Cash Access serves nearly 1,000 casinos in the U.S., Canada, Europe, the
Caribbean and Asia.

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