CMI Shows Housing Market Dragging the Economy

A monthly survey of the business economy shows that conditions modestly improved from the prior month, with an increase in the manufacturing sector offset by a decrease in the service sector. The decimated housing market continues to be the real drag on the overall economy. The seasonally adjusted “Credit Manager’s Index” edged up in June by 50 basis points. The report showed mostly small changes in the 10 components of the “Index,” with only six of the components rising. The manufacturing sector rose 1.1%, chiefly as a result of improvements in sales and bankruptcies. But, the service sector fell 0.2%. The National Association of Credit Management noted that on a year-over-year basis, the combined index was unchanged at 57.2%, remaining well above the 50 level indicating economic expansion.

Credit Manager’s Index
Jun 06: 57.2
Jul 06: 57.6
Aug 06: 57.3
Sep 06: 57.1
Oct 06: 55.3
Nov 06: 55.2
Dec 06: 54.7
Jan 07: 57.2
Feb 07: 56.6
Mar 07: 55.0
Apr 07: 56.6
May 07: 56.7
Jun 07: 57.2
Source: National Association of Credit Management

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HORTONS & MASTERCARD

The country’s largest quick service restaurant chain is gearing up to accept credit cards as well as contactless payments. Tim Hortons has signed a deal to accept MasterCards and to deploy MasterCard’s “PayPass” contactless technology. For a limited period, MasterCard will be the exclusive credit card accepted at Tim Hortons. As of April 1st, Tim Hortons system-wide restaurants numbered 2,724 in Canada and 340 in the USA. Approximately 500 Tim Hortons locations are currently installed
with MasterCard capability and more locations are being added throughout the summer. MasterCard is facilitating payment card acceptance in quick
service environments with its exclusive “Quick Payment Service” and
MasterCard PayPass programs.

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Metavante Names a New Chief Financial Officer

Metavante Corporation has hired Timothy C. Oliver, currently VP and treasurer of Rockwell Automation to serve as senior EVP and CFO. Since May 2004, Oliver has been responsible for the global treasury, contracts, pricing and investor relations functions at Rockwell Automation. Prior to joining Rockwell Automation, he was vice president for investor relations and financial planning at Raytheon Company in Lexington, Mass. Previously, he spent five years at Honeywell (formerly AlliedSignal), and served as director of finance for the $1.6 billion Aviation Aftermarket business there. Oliver also held bond trading and investment banking positions at Bear Stearns & Co. and at Kidder Peabody & Co., New York City. Oliver received an MBA degree from the New York University Stern School of Business and a bachelor’s degree in economics from Williams College. Metavante Corporation delivers banking and payments technologies to over 8,600 financial services firms and businesses worldwide.

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GULF BANK & SCTN

Gulf Bank of Kuwait has chosen selektpoints Loyalty Program which will
be implemented through Phoenix Technology Holdings “SCTN (OTC) End
to End Loyalty Solution”and Smart Chip Technologies. selektpoints is an
interoperable loyalty program that partners with “landlord banks” and
select
merchants to offer participants loyalty programs. The agreement
stipulates that
Gulf Bank will be the “landlord bank” in Kuwait and will offer customers
rewards at selected merchant establishments.

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US Dataworks First Quarter Revenue Rises 11%

Houston-based US Dataworks reported revenues for the quarter ended March 31st of $2.3 million, an 11% increase over the same period a year ago. Net loss for the quarter was $1.3 million, compared to a net loss of $47,694 for the corresponding period in the prior year. The Company recently entered into a resale agreement with Hyundai Syscomm, which has delivered initial revenues of $1.0 million. The Company also noted that during the fiscal year there was a 65% improvement in its recurring, transactional-based revenues. US Dataworks says it will approach profitability as its ATM/teller-less kiosk revenues expand over the next few quarters. The Company estimates fiscal 2008 revenues to be in the range of $12-$16 million. US Dataworks is a developer of payment processing solutions. For complete details on US Dataworks latest results visit CardData ([www.carddata.com][1])

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

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TSYS CARD TECH EMV

TSYS Card Tech has partnered with three Cyprus banks for the
implementation of EMV cards following the company’s certification
for VISA Smart Debit/Credit card(VSDC) and Mastercard M/Chip.
The EMV cards will replace the traditional magnetic-strip cards as
they reach expiration dates over the next two years. TSYS has
over 190 clients for whom it assists with EMV implementation and
supports the introduction of interest-free installment schemes. TSYS
Card Tech has clients in 75 countries with 13 offices worldwide.

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BATA Expands FasTrak in San Fran-Oakland

The San Francisco Bay Area Toll Authority and Caltrans says it is converting more lanes at the region’s state-owned toll bridges to “FasTrak”-only lanes and will start construction on a series of other improvements to the freeway approaches and toll plazas. New customers who open FasTrak accounts from July 1 through Aug. 31 can receive up to $10 in free tolls. As more toll lanes are reserved exclusively for FasTrak-equipped vehicles, drivers will find fewer available lanes accepting cash. FasTrak-only lanes can process three times as many cars per hour as lanes where drivers stop to pay cash. There is no fee to open or maintain a FasTrak prepaid toll account, and no deposit is required for customers who use a credit card to open their account and request three or fewer toll tags. FasTrak enrollment is rising rapidly, with over 650,000 accounts now open in the Bay Area, up by nearly 100,000 since late 2006.

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TD VISA

Providing “Gold Travel” and “TD Business” customers with travel rewards
on a “blackout free” basis, TD Visa has launched its “TD Visa Travel
Rewards
Center” website. The website offers customers access to points
redemption at
anytime, travel research and scheduling. For promotion of the news site, TD
Visa is announcing a contest in collaboration with Carlson Marketing. The
Contest will offer the winning cardholder a week’s vacation for four people and
160,000 “TD Points”. TD Bank Financial Group on-line financial services
firms
has over 4.5 million on-line customers and $397 billion in assets.

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GE Money to Issue Co-Branded Gap Inc. Cards

GE Money has signed a credit card renewal and expansion agreement with Gap Inc. GE Money will issue co-branded VISA cards to customers of the Gap, Banana Republic, and Old Navy. GE Money also will continue to provide private label credit card programs for Gap Inc. through 2013. The new VISA cards will be offered at more than 2,600 Gap, Banana Republic and Old Navy stores. The new cards will offer a rewards program. GE Money has been providing credit programs to Gap Inc. since 1998 and currently offers Gap, Banana Republic and Old Navy private label credit cards.

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GE MONEY & ATOS

GE Money has chosen Atos Worldline for its VISA credit card processing.
Using “SEMPRIS” core management, Atos processing offers GE Money
products based on market demands and services to generate profits in
about 3 months. GE Money also plans to implement online and offline
co-branding programs with the processing company. Atos uses “SEMPRIS”
to process card applications and card issuing to cardholder services for
7.2 million VISA and MasterCard cards. Atos Worldline handles over 500
co-branding programs and the parent company, Atos Origin, has annual
revenues of EUR 5.4 billion and it employs 50,000 people in 40 countries.

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