StolenID Search for Consumers is Launched

CA-based TrustedID has introduced “StolenID Search”, a free global service that allows consumers to check a secure database to find out if their personal information has been stolen or compromised. “StolenID Search” will initially cover two types of information: credit cards and social security numbers. Individuals enter their information into a secure search engine to learn if any of their information has been stolen or compromised. The search results will return a simple “found” or “not found” response. Individuals who receive notification of a match will be directed to additional resources to take appropriate next steps to protect themselves. The new service contains more than 2 million pieces of information. TrustedID,is a provider of identity management and protection solutions.

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FDC Certifies ACH Direct PaymentsGateway

ACH Direct has announced that its “PaymentsGateway” platform to process credit cards payments has been certified to process by First Data. “PaymentsGateway” processes retail, e-commerce, direct marketing, recurring transactions and “Level 2 Commercial Cards” market segments. ACH Direct processed $6 billion in electronic funds transfer transactions in 2006.

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Affluent Cardholders Hit the Brakes in 4Q/06

The nation’s most affluent cardholders, with average incomes above $150,000, are hitting the brakes this year over concerns about the state of the overall economy. The “Luxury Consumption Index,” by PA-based Unity Marketing, showed a decline of 5.1 points in the fourth quarter, dropping to 98.2 points, down from 103.3 in the third quarter. The typical luxury consumer spent less on luxury purchases in the period, dropping 3.4% from $13,432 during the third quarter to $12,982 in the fourth quarter. Unity says the dollar’s continued decline against the Euro and pound sterling and continued political instability in the Persian Gulf region accounts for the current softness in luxury demand.

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INSIDE Unveils Multi-Payment Brand Contactless Chip

Inside Contactless has introduced a platform for contactless bank card
payments. The new payment system is supported by “Micropass’ L4-2G”
with intelligent hardware offering optimum read distance and requiring
minimal
power consumption. The new “MicroPass L4-2G” also features a new open software development
environment that makes it easier for card manufacturers, integrators and
other third parties to develop and deploy EEPROM resident applications
and data files with the core payment applications of MicroPass. Software
development tools, a technical support environment, and a developers
program will be phased in through 2007. INSIDE has been rapidly growing over the past two years with more than 12 million chips delivered for contactless payment cards in the US market.

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AMEX INTL 4Q/06

American Express reports that gross dollar volume on its international cards rose 23% and its international cardbase expanded 7% during the fourth quarter, compared to the year ago quarter. The AmEx International Card & Global Commercial Services unit posted fourth quarter net income of $231 million, down 1% from $233 million a year ago. Total net revenues for the quarter increased 6% over the year ago period to $2.4 billion. However, the increases were partially offset by the impact of card-related operations sold in Brazil, Malaysia and Indonesia earlier in the year. International card loans rose 17% to $9.7 billion. Delinquency on total card loans (30+ days) declined to 2.9% versus 3.1% in the prior quarter. Charge-offs on total card loans also decreased to 5.7% compared to 5.9% for 3Q/06. International card volume rose to $43.8 billion, up sharply from $38.6 billion in the prior quarter. The total number of international cards-in-force grew by 200,000 from the prior quarter to 29.9 million cards. AmEx also reported that its Global Network & Merchant Services posted fourth quarter net income of $201 million, up 21% and that net revenue increased 20% to $869 million. Spending on Global Network Services cards increased 67% from year ago levels and cards-in-force increased 39%. For complete details on American Express’ fourth quarter results, visit CardData (www.carddata.com).

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Open Source Card Fraud Prevention System Testing

The U.K.’s Risk IDS has introduced the industry’s first open source card fraud prevention system. The Company says that not only is the system completely free for banks to use but also there are many features that simply do not exist in competing fraud systems. Risk IDS provides a system for transaction fraud, application fraud and money laundering in a single integrated system. Fraud can be managed on different customer accounts yet brought together in a single customer view. Risk IDS gets its revenue exclusively from banks paying for consultancy services and customization. The software is a currently a Beta release for fraud prevention only. The software is distributed under the “CDDL Open Source License.”

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Russian Post Selects VeriFone SC 5000 Payment System

Verifone will provide point-of-sale transactions to terminals in conjunction
with Multi functional Processing Company(MPC), a long-term partner of
Russian Post, a payment card processor in post offices across Russian
Federation.
Verifone’s highly secure unit, the “Verifone SC 5000,” will be used at all
branches
of the Russian Post in the country. MPC has purchased 13,000 Verifone SC
5000 units.
Verifone is the global leader in secure electronic payment solutions and
provides
expertise, solutions and services that add value to the point of sale
with merchant-operated,
consumer-facing and self-service payment systems for a wide variety of
markets.

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Commerce Bank Strips Fees from a New Biz Card

NJ-based Commerce Bank has introduced a no-fee credit card for small business that has eliminated all membership and penalty fees. The new “VISA Platinum for Small Business” also offers cardholders the ability to earn quadruple “VISA Extras Rewards Points” for every dollar spent compared to the typical award of one point for each dollar spent. Commerce says the new business card has no annual fee, no late payment fee, no over-the-limit fee, no cash advance fee, no balance transfer fee and no default pricing. The new small business credit card will carry an annual percentage rate of Prime plus 4.99%. Commerce Bank is also a significant and innovative player in the VISA gift card market.

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ICICI Bank to Use PayQuik’s QuikRemit and QuikAgent

ICICI Bank has announced that Payquick will provide international
remittance technology in support of the banks’ global remittance
incentives. ICICI will use PayQuik’s “QuikRemit” and “QuikAgent” technology. This allows customers money transfers to more than 50
countries and a safe, fast, secure platform for sending or receiving
money regardless of the currency. Payquicks’ platform allows
organizations to quickly enter and serve international remittance, a
$240 billion a year market. Payquick has established relationships with
financial institutions in 20 of the top 25 fund transfer countries and
processes between 10,000 and five million transactions per year with each client.

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SunTrust 4Q/06 Credit Card Volume Soars 45%

Atlanta-based SunTrust posted a 36% increase in outstandings and a 45% gain in sales volume during the fourth quarter, compared to one-year ago. According to CardData, the nation’s 42nd largest bank credit card issuer had fourth quarter credit card outstandings of $340.1 million and credit card volume for the quarter of $679.5 million. The issuer’s accountbase grew 16.6% to 86,674 accounts. Cards-in-Force at year-end were 235,636, an increase of nearly 18% year-on-year. In December, SunTrust signed an agreement with InfiCorp Holdings for issuing consumer credit cards. Under terms of the agreement, InfiCorp will market, originate and service SunTrust-branded cards starting in the first quarter of this year. SunTrust will be engaged in the underwriting process for the new cards, and will have the option to purchase card assets for its own loan portfolio. In October 1999, SunTrust entered into an agreement with MBNA, which expires this month, under which MBNA purchased SunTrust’s consumer credit card portfolio and marketed personal card products and services to the bank’s customers. The business, corporate and purchasing card portfolios were not part of that transaction and continue to be maintained by SunTrust. For complete details on SunTrust’s fourth quarter performance, visit CardData ([www.carddata.com][1]). (CF Library 12/12/06)

OUTSTANDINGS
4Q/05: $249.9 million
1Q/06: $261.0 million
2Q/06: $292.8 million
3Q/06: $300.0 million
4Q/06: $340.1 million
Source: CardData (www.carddata.com)

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

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