Sub Giant Launches a Reloadable Cash Card

The world’s largest submarine sandwich franchise has introduced its first reloadable cash card at more than 21,000 restaurants in the U.S. and Canada. The new “SUBWAY Cash Card” follows SUBWAY’s decision last year to ditch its paper “stamp” loyalty card for a plastic electronic loyalty card. The new cash card is available for load amounts between $5 and $100. Customers also have the option of registering their cards online to protect their balance for lost or stolen cards, and to qualify for other potential rewards. Independent Purchasing Cooperative, the purchasing organization for SUBWAY, signed the Chockstone deal in June 2005.(CF Library 6/21/05)

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JUMBO MASTERCARD

ABN AMRO and Jumbo Electronics have teamed to launch a co-branded MasterCard. The new card offers five reward points for every Dirham spent on the card and, if total purchases exceed AED 1500 over a 3-month period, cardholders will earn enough points to off-set the annual fee. The new “ABN AMRO Jumbo MasterCard” also offers the option of buying high-value products in fixed installments at preferential interest rates. Jumbo has 31 branches across the UAE. ABN AMRO launched its first chip-based credit card in 2000 followed by its “Smart
Traveler Card” for premium frequent travelers. The bank also launched the UAE’s first credit card designed exclusively for women – the “Al Ameera Card.”

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AAA Expects Brisk VISA Gift Card Sales

AAA reports that purchases of its “VISA Gift Card” during the months of November and December 2005 increased by 77% compared to the same period in 2004 and that the average value of a card purchased through AAA is $115.00. Serving close to 50 million members at more than 100,000 retail and travel locations in North America, AAA’s Show Your Card & Save network comprises the largest member discount program in North America. However recent research by AAA found that only 4% of AAA members were aware that they can get discounts at retail stores. AAA provides more than 50 million members with travel, insurance, financial and automotive-related services.

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Capgemini Obtains Clearance to Acquire Kanbay

Capgemini and Kanbay International announced have received early termination of the waiting period for U.S. federal antitrust review of Capgemini’s proposed acquisition of Kanbay. The parties now have clearance from U.S. federal antitrust agencies to complete the
acquisition. On October 26th, Capgemini, a provider of Consulting, Technology and Outsourcing services, and Kanbay International, a
global IT services firm focused on the financial services industry, entered into a definitive merger agreement. The combination of Kanbay and Capgemini will create a top-tier global IT services firm with unparalleled domain knowledge in the financial services vertical, seamless consulting and technology expertise,and market leading offshore resources.

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Corillian Signs Bremer Financial

MN-based Bremer Financial has selected Corillian to provide online banking and payment services. In addition to Corillian Consumer Banking and Corillian Payments, Bremer will implement Corillian Family Banking and Corillian Personal Money Manger (PMM). Bremer Financial Corporation is a privately held, $6.6 billion regional financial services company jointly owned by its employees and the Otto Bremer Foundation. Corillian is the market leader of online banking, payment and security solutions to the financial services industry.

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ICICI OneSource Becomes Firstsource Solutions

ICICI OneSource has renamed itself as Firstsource Solutions. The company also announced that it had filed the “Draft Red Herring Prospectus” with the SEBI as a precursor to its planned listing on the Bombay Stock Exchange and the National Stock Exchange. ICICI OneSource major investors include Metavante and Aranda Investments. The company has over the last four years grown significantly in scale and capabilities, with a CAGR of 74.4% in revenues over the past two fiscal years and has built a customer base of over 60 customers including 13 “Fortune 500” and “FTSE 100” companies. It is among India’s top three pure play BPO companies with over 9,000 employees and 17 delivery centers across India, US, UK and Argentina and a center under development in Philippines.

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Fifth Third Processing Renews Three Deals

OH-based Fifth Third Processing Solutions has renewed three contracts for merchant processing services. The deals include: Abercrombie & Fitch; Belk Department Stores; and Stein Mart. Abercrombie & Fitch operates 357 Abercrombie & Fitch stores, 173 abercrombie stores, 377 Hollister Co. stores and 12 RUEHL stores in the U.S. NC-based Belk Department Stores has more than 275 stores in 16 states. Stein Mart operates 268 retail stores throughout the USA. Fifth Third Bank Processing Solutions processes over 17 billion ATM and POS transactions per year for more than 1,500 financial institutions and over 137,000 retail locations worldwide.

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Near Field Group Tops 100 Members

The NFC Forum, which is holding a quarterly meeting this week in San Diego, reports its membership roster has grown to over 100 organizations. The organizations that are new to the Forum join a prestigious membership group composed of major players in their respective industries, including Sponsor-level members HP, MasterCard International, Microsoft Corp., NEC, Nokia, NXP Semiconductors, Panasonic, Renesas Technology, Samsung, Sony Corporation, Texas Instruments, and Visa International. The NFC Forum, www.nfc-forum.org, was launched as a non-profit industry association in 2004 by leading mobile communications, semiconductor and consumer electronics companies.

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eFunds to Process All AmEx Prepaid Cards

In what is probably the largest prepaid deal to-date, American Express and eFunds Corporation have inked a global, multi-year partnership wherein eFunds will provide processing services for the entire AmEx portfolio of prepaid cards. Included in the deal is processing services for AmEx-backed gift cards sold by shopping centers nationwide; the “Travelers Cheque Card”; and incentive cards issued by American Express Incentive Services, a joint venture of American Express and Maritz. Last week American Express expanded its gift card program, now offering extras at 20 retailers, restaurants and other partners. AmEx also added three new themed “Gift Cards” including “Gift Cards Especially for Kids,” “Especially for Teens,” and “Especially for Birthdays.” All of these cards will be processed by eFunds. Sales of American Express Gift Cards have more than doubled every year since 2002. (CF Library 11/29/06)

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Fiserv Hires & Promotes Five Executives

WI-based Fiserv has hired two seasoned top executives and made three other senior leadership appointments this week. Rahul Gupta, formerly with eFunds, will serve as Group President, Payments and Industry Products. He will oversee various payments businesses, risk management solutions and industry products. Thomas Warsop, formerly with EDS, will become Group President, Financial Institutions. He will manage large, non-core account processing financial institution solutions, which include all lending and global item processing businesses. Fiserv also promoted Tom Neill to Group President, Depository Institution Core Processing and promoted Mike Gantt to Group President, Health and Insurance Group. Matthew Epstein, formerly with Merrill Lynch, was named Senior Vice President, Strategic Partnerships.

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InComm & Green Dot Networks Handshake

Atlanta-based InComm has signed Green Dot, the nation’s largest provider of retailer-sold prepaid debit cards and operator of the “Green Dot Financial Network” to a distribution agreement. Green Dot will be able to use the InComm “Fastcard Network” for activation of its prepaid debit cards, and InComm will have access to the “Green Dot Financial Network” for reloading of its own prepaid debit cards. Also, Chicago-based Signature Days, an online provider of experience gifts, has partnered with InComm to distribute its gift cards nationwide. InComm has more than 10,000 retail store distribution locations nationwide.

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New England CU Group Promotes CO-OP

New England Credit Union Services has teamed with CO-OP Financial Services to promote the sale of CO-OP network memberships in the greater New England market. New England Credit Union Services will market and promote CO-OP Financial Services Membership, facilitating access to 25,000 surcharge- free ATMs, including nearly 6,000 deposit sharing ATMs. New England Credit Union Services, LLC is a company owned in partnership by the Massachusetts Credit Union League, the New Hampshire Credit Union League and the Rhode Island Credit Union League. CO-OP Financial Services is the nation’s largest credit union service organization.

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