MONEYEXPERT.COM RESEARCH

MoneyExpert.com research has demonstrated that credit card firms are
capitalizing off the more than 4.1 million missed credit card payments over
the past 6 months. This is the equivalent of 694,506 missed payments per
month, 9% of the total credit card bill statements in the UK. Subsequently,
over this period of time, the same consumers missing these payments have
paid up to GBP 50 million in penalties and fees. Additional research shows
that 13% of those between the age of 25 and 34 have missed payments in
the past six months, the most likely demographic, and the highest total
population to miss payments is in the Midlands and Wales at 11%. This is
in opposition to the Scots with 5% of the population missing payments.

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Prepaid Specialist NetSpend Hires a New CFO

Prepaid specialist, NetSpend has hired Adam Chibib to its senior management team as CFO and promoted Steve Reesing to SVP/Corporate Development and Finance. Chibib joins NetSpend from GrowLabs. He previously served as CFO for several technology companies, including TippingPoint Technologies, Waveset Technologies and BroadJump. Reesing will move from the CFO role which he has had for 5 years. The NetSpend “Prepaid Card Network” includes leading consumer brands and companies serving the un-banked and under-banked markets, and its strategic relationships include card issuers, EFT networks and payment card associations.

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XIRING 2007

Xiring has posted a turnover of 8.1 million euro for the first half of
2007, a 38% year-on-year increase, causing a revision to the company’s
annual growth forecast, now projected at 70%. During the same period
in 2006, revenue was at one-fifth of this figure at 2.9 million euros,
mostly generated in the UK and Switzerland. In the healthcare sector,
Xiring reports H1 revenues at 3.9 million euro, up 9% year-on-year.
Also projected for 2007 is the equipment of over 10 million consumers
in Switzerland, UK, Belgium, Netherlands and Sweden. For 2006, the
company posted 12.8 million in revenue. This recent growth is a
reflection of the growing need for security software embedded in
smart card readers for authentication and digital signature in the
banking and healthcare markets.

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Motorola Joins PCI Security Standards Council

Motorola announced that the company’s enterprise mobility business is now a member of the PCI Security Standards Council. Motorola’s enterprise WLAN portfolio offers a standard feature set — requiring no additional hardware or software — for a simple, economical solution to PCI compliance. The enterprise WLAN infrastructure products include an integrated firewall between a company’s wireless traffic and the rest of the network, and support the latest encryption and authentication standards available from IEEE, including Wi-Fi Protected Access (WPA) and WPA2. The portfolio includes intrusion detection system (IDS) functionality, allowing retailers to determine what mobile devices are connected to their network. When integrated with the WLAN, Motorola’s wireless IPS solution further enhances the security features to deliver mobile client-based intrusion detection that can disable difficult to detect rogue mobile clients and devices, ensuring maximum up-time and peak network performance. To help retail stores meet PCI compliance, the wireless IPS solution also provides comprehensive compliance reporting and advanced forensics.

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TESCO ATM DEPLOYMENT

Tesco Personal Finance will be expanding the deployment of its Euro ATM
in response to the popularity of the ATM solution. The trial
introduction of
4 initial ATMs will now be increased by 20 allowing for easy access to
Euros
for travelers in the United Kingdom. The Euro ATMs are to be located near
transport hubs at Tesco branches in Ashford, Gatwick, Long Eaton,
Altrincham, Glasgow (Silverburn), Bury, Hemel Hempstead, Chester,
Finchley, Aylesbury, Port Glasgow, Dover, Hatfield, Andover and Newton
Abbott. A further five will be opened over the next few weeks across
Northern Ireland.

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SeaMiles VISA Signature Card Sets Sail

Chase has teamed with SeaMiles to launch the “SeaMiles VISA Signature Rewards Card.” Cardholders receive one point per dollar spent on everyday expenses and three points per dollar spent when booking a cruise through SeaMiles or one of its designated travel agents. Cardholders can then redeem their points for free or discounted cruises, stateroom upgrades and companion travel. In addition to offering cruise enthusiasts rewards through the new VISA card, SeaMiles’ newly launched Web site offers the ultimate resource for cruise lovers who want to explore more cruising, manage their SeaMiles account and redeem points. The enhanced Web site provides current SeaMiles members, prospective members and cruise enthusiasts with product information and instant account access.

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U.S. Bancorp Acquiring Q2 Volume Rises 12%

U.S. Bancorp reported that its second quarter merchant acquiring volume grew more than 12% over 2Q/06 to $62.85 billion, produced from 844,357 merchants. Average credit card loans were up more than 24% year-on-year to $9.1 billion. For the quarter, U.S. Bancorp’s credit card charge-offs were 3.56%, compared to 3.48% in the prior quarter, and 2.72% one-year ago. Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate and purchasing card services, consumer lines of credit, ATM processing and merchant processing. Payment Services contributed $259 million of the Company’s net income in the second quarter, a 2.4% increase over the same period of 2006 and a 12.6% increase from the first quarter. All revenue categories benefited from account growth, higher transaction volumes and business expansion initiatives. The growth in total noninterest expense year-over-year primarily reflected new business initiatives, including costs associated with marketing programs and acquisitions, as well as higher collection costs. The increase in the provision for credit losses was driven by an increase in net charge-offs of $36 million year-over-year reflecting portfolio growth, the impact of fully implementing minimum balance payment requirements and the favorable effects in the prior year of changes in bankruptcy laws. For complete details on U.S. Bancorp’s 2Q/07 performance, visit CardData ([www.carddata.com][1]).

MERCHANT ACQUIRING VOLUME HISTORICAL
2Q/05: $43,231,000,000
3Q/05: $44,600,000,000
4Q/05: $43,640,000,000
1Q/06: $49,222,000,000
2Q/06: $56,056,000,000
3Q/06: $56,411,000,000
4Q/06: $56,007,000,000
1Q/07: $57,839,000,000
2Q/07: $62,853,000,000
Source: CardData (www.carddata.com)

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

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SAF-T-PAY & NAVEGALO.COM

SAF-T-PAY has signed an alliance agreement with Navegalo.com to offer
online retail consumers secure e-payment. With this, e-commerce purchases
can be made through the customer’s local bank via Navegalo.com for local
payment, regardless of the location of the retailer. Navegalo.com is a
division
of Grupo GMS with more than 60 million hits per month and over 175,000
registered e-mail users. Aside from e-commerce functionality, Navegalo.com
offers consumer services including news, radio, free e-mail, job
listings and
chat rooms. SAF-T-PAY’s secure e-payment system allows online bank
customers to make purchases through their local bank and targets e-commerce
markets including shoppers afraid of online transactions because of
identity theft, overseas banking customers without a US-issued credit card wishing
to shop online with US merchants and the 60% of the global online banking
customers without a credit card.

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CITI & REDECARD

Citi has sold 41.75 million shares of its stake in Redecard for $400
million. This development is part of Redecard’s IPO and reduces Citi to
a 25% shareholder. The financial institution’s after tax gain from the
transaction will be recorded in the 3Q07 results. Citi has over 200
million customer accounts and does business in more than 100 countries.

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Western Union and JAG Partner

Western Union has joined forces with Jobs for America’s Graduates to launch a financial literacy curriculum aimed to train and empower students The curriculum offers key insights on the inter-relationship between payments, debt, savings and money management; elements that are essential for successful financial growth. The learning program provides culturally relevant tools and stories based on Western Union’s unique experience with minority and immigrant communities. It builds a bridge from understanding bill payments, money transfers, money orders and pre-paid debit cards to building savings toward future goals, assets and entrepreneurship. Jobs for America’s Graduates is a national non-profit corporation established for the purpose of assisting states in creating a dropout prevention and school-to-career transition system for at-risk youth based on the JAG Model. The JAG Model is delivered in approximately 700 schools in urban, rural and suburban communities in 28 states serving approximately 40,000 students in the in-school and follow-up phases of the JAG program.

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Shift4 and WaveSoft Technologies Team

Shift4 Corporation and WaveSoft Technologies Corporation,have partnered to enable WaveSoft to integrate Shift4’s $$$ ON THE NET payment gateway to offer a wireless system for its customers. WaveSoft’s wBox (Wireless-in-a-box) solution allows hospitality users to setup a complete wireless POS system. The certified $$$ ON THE NET interface enables end users to seamlessly integrate credit card payment processing into their wireless handheld units with any third party point-of-sale system. WaveSoft Technologies provides wireless handheld POS solutions with open wireless and database connectivity. Shift4 is a developer of secure financial transaction processing software and services, provides web-based, real-time enterprise payment solutions for leaders in the hospitality, retail, foodservices, auto rental and e-commerce markets.

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