AIRPLUS & UOB CARD

AirPlus International, in conjunction with United Overseas Bank, has
introduced the “AirPlus Corporate Card” for the South East Asia Market.
The card is designed for medium to large scale businesses and offers such
benefits as travel data management, settlement services, and business
travel
solutions. AirPlus has 32,000 corporate customers worldwide, and settles
flight tickets from more than 260 airlines.

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I.C.E Cuts its Loss for 2Q/07

CA-based International Card Establishment reported that net revenues of $2.25 million were flat compared to one-year ago. However, its second quarter net losses was $295,221, compared to a loss of than $3 million for the year-ago quarter. The improved loss was driven by lower General and Administrative costs. The Company says it has been working on forging several strategic alliances with independent sales channels that offer access to a large merchant base. I.C.E. is a provider of diversified products and services to the electronic transaction processing industry. For complete details on I.C.E.’s second quarter performance visit CardData ([www.carddata.com][1]).

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

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CARD LOANS 2Q/07

The Hong Kong Monetary Authority has reported 2Q07 survey results
showing that, after a 6.3% decrease in 1Q07, card receivables have
increased by 2.1%. Other information collected through the survey
shows that the total number of credit card accounts rose 2.4%, the
amount charged to credit cards fell HK$.2 billion, charge-offs
increased by 9 million, and the charge-off ratio rose by .13%.
Additionally, the survey shows that delinquency rose by HK$14 million
since 1Q07 and the amount of rescheduled receivables remained stable
at HK$51 million.

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ABA Releases a Consumer Credit Card Guide

The American Bankers Association has developed, “Guide to Credit Cards”, a free resource to help consumers make informed choices about credit cards. The new publication is designed to help cardholders and applicants better understand the specifics of credit card use, improving their ability to successfully benefit from the ease and convenience of this financial tool. The guide covers a range of important but often confusing topics, providing clear and easy-to-understand answers to such questions as: why are there different annual percentage rates and how do they work; what exactly are grace periods, and how do they work; how are payments allocated to outstanding balances and how can a consumer choose the right card.

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ABS 2Q/07

Charge-offs for credit card-backed bonds in the U.K. retreated after peaking in the prior quarter. For the second quarter charge-offs dropped 50 basis points to 7.3%. Delinquencies, among asset-backed credit card securities, also improved dropping 10 basis points to 3.9% for the second quarter, compared to the March level. According to FitchRatings, its “Yield Index” ended the quarter at 19.9%, which represented a decrease of 30 basis points versus March 2007. The quarter also witnessed a decline in the “Monthly Payment Rate” which declined to 17.2% from 17.7%. Fitch noted that this is a possible indicator of the increasing financial stress of U.K. credit card borrowers following the recent interest rate rises.

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CO-OP Claims Big Savings for 7-Eleven ATMs

CA-based CO-OP Financial Services, which operates CO-OP Network and its 25,000 surcharge-free ATMs, has saved CO-OP Network credit union members nearly $50 million in surcharges at 5,500 7-Eleven ATMs. Through this relationship transactions have increased to two million per month. During 2006, 7-Eleven stores worldwide generated total sales of more than $44 billion. CO-OP Financial Services (formerly CO-OP Network) is the nation’s largest credit union service organization.

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I4 Commerce Becomes Bill Me Later, Inc.

MD-based I4 Commerce has changed its name to Bill Me Later, Inc. effective immediately. The Bill Me Later name best reflects the company’s focus on enhancing the retail purchasing experience by enabling customers to shop without using a credit card and to be billed for their purchases at a later date Bill Me Later Business was announced in June 2007 to make the Bill Me Later payments solution available to retailers serving the small business market. The company will continue to offer the entire Bill Me Later platform, which includes the flagship Bill Me Later payment system, Preferred Account private label financing, promotional financing options, and the new Bill Me Later Business small business payment service. Bill Me Later is a technology company helping to connect leading merchants with high value customers by improving the purchase experience.

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5K NYC Taxis to Have PayPass By Dec

MasterCard and VeriFone Transportation Systems report that more than 5,000 NYC taxis are anticipated to accept “PayPass” by December. Philadelphia already has more 1,600 Philadelphia taxis already equipped with VeriFone systems that accept the contactless technology. Both firms are also engaged in a pilot program in Las Vegas taxis scheduled to be completed later this year. VeriFone estimates that “MasterCard PayPass” cuts approximately 45 seconds off the transaction time in taxis when compared to cash, and 15 seconds when compared to swiping a traditional payment card. MasterCard has more than 16 million “PayPass” cards and devices in use at more than 55,000 merchant locations worldwide as of the second quarter. VeriFone Transportation Systems is a joint venture between VeriFone and TaxiTronics, a company that services over 8,000 of the taxi meters in the city cab fleet.

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Mighty Responds to Experian Settlement

Mighty Net, the owner of CreditReport.com responded to its recent settlement with Experian’s ConsumerInfo.com over a trademark infringement case lawsuit. Mighty Net denied and continues to deny all claims of ConsumerInfo, in an effort to appease their concerns, Mighty Net modified and/or removed particular aspects of the landing page about which ConsumerInfo voiced concern. Notwithstanding Mighty Net’s good faith efforts to resolve this early on, ConsumerInfo continued forward with its lawsuit. Mighty noted it launched its Web site prior to ConsumerInfo.com, has grown to be the one of the largest privately owned companies in its sector and that clients value its personalized business practices and reliable credit monitoring services. Experian Consumer Direct filed suit against Mighty Net in March 2006 for trademark infringement, claiming that Mighty Net copied Experian Consumer Direct’s URLs, logos, and the look and feel of its Web sites in order to drive traffic and create interest in Mighty Net’s products and services. (CF Library 8/13/07)

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Pershing Changes its Ceridian Position

Hedge fund Pershing Square has made an about face over its objection to Ceridian’s proposed sale to Fidelity National Financial and private equity firm Thomas H. Lee. Pershing Square says it now it intends to fully support the $5.2 billion buyout. The hedge fund said that significant recent developments in the credit markets raised its confidence that the deal is the highest all-cash price reasonably attainable for the company. In a proxy filing filed this week with the SEC, Pershing Square stated that, if elected, its nominees plan to fully support the company’s efforts to complete the transaction as soon as possible. Pershing Square also disclosed that its nominees plan to make no changes in management pending the completion of the deal. Pershing Square owns about 15% of Ceridian. (CF Library 7/27/07)

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AmEx Inks a BankAtlantic Agent Deal

BankAtlantic has become the first Florida bank to become an agent offering American Express business cards. The new “Business Gold Rewards Card” and the “CardSimplyCash Business Card” offer access to the “OPEN Savings” program for small business customers. The “Business Gold Rewards Card” includes automatic enrollment in the “Membership Rewards” program. The “SimplyCash Business Card” offers up to 5% cash back annually on gas, office supplies, and wireless purchases and 1% on most other purchases. The agent bank agreement calls for the companies to jointly market small business charge and credit cards that carry the BankAtlantic and American Express brands. The two new cards will be marketed to BankAtlantic’s small business customers in nearly 100 stores in Florida.

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SmartCard Marketing Teams with Kahnawake

San Antonio-based SmartCard Marketing Systems has signed a significant agreement with Kahnawake Your Server Solution to provide exclusive service with the prepaid cards and “Velocitymoney” platform. The platform allows the subscriber to alter their place of origin for the purpose of the transaction so hackers or unprotected processors don’t put the customer at risk. Once the customer or merchant has been authorized and properly screened, they will become recipients of the new service features that will create a protected host environment.

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