MTV Debit MasterCard Targets Vietnam Youth

Vietnam’s Vietcombank has teamed with MTV Asia to launch a debit card targeted at the youth market according to this week’s issue of CardFlash International. The “Vietcombank-MTV MasterCard” offers special discounts at music retailers, resorts, electronics stores and other youth oriented retailers. The bank said the new card is part of the State Bank of Vietnam’s plan to promote cashless payments throughout Vietnam. The card was introduced in a ceremony last week featuring the “Double Trouble” twins from Malaysia.

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CrossCheck and FPN Partner for Checks

CA-based CrossCheck has teamed with the Franchise Payments Network to provide check services including guarantee and conversion to FPN clients. FPN, an electronic payments company dedicated to the franchise segment, will add CrossCheck’s Standard Guarantee, ChecksByNet, Check Conversion Plus(SM) and Business Office Conversion Plus(SM) to its payment service offerings. Franchise Payments Network (www.franchisepayments.net), is the only payment processing company that focuses entirely on the franchise industry. CrossCheck, Inc. (www.cross-check.com) provides check approval and guarantee for a variety of merchants nationwide.

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Two Cross-Border Card Fraudsters Nailed

A U.S. district court has barred two defendants in an FTC cross-border telemarketing fraud case from engaging in deceptive credit card marketing. The complaint filed by the FTC alleged that the companies falsely claimed that consumers who paid a fee ranging from $159 to $236 would be guaranteed a low-interest rate, high-credit limit, and no-annual-fee MasterCard or VISA card. The Commission charged that since August 1999, the defendants had operated boiler rooms in Toronto, targeting U.S. consumers with no credit or poor credit histories. After paying for the promised cards, however, consumers did not receive them. Instead, they got packages containing coupons and discounts for travel, recreation, automobile services, medical plans, satellite service, and cellular telephones. The FTC received assistance from the U.S. Attorney’s Office for the Southern District of Illinois and Canadian authorities.

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PSCU Hires a Former VISA USA EVP

FL-based PSCU Financial Services has hired Steve Ruwe, former VISA USA EVP of Operations and Risk for 13 years, as Chief Risk Officer. Prior to joining PSCU Financial Services, Ruwe was Visa USA’s Executive Vice President of Operations and Risk for 13 years. As a highly regarded risk management expert, Ruwe has testified before Congress numerous times on issues related to data security, Internet gaming, and Internet pharmacies. PSCU Financial Services is owned by more than 500 member credit unions representing over 10 million cardholder accounts and more than 345,000 online bill payment subscribers.

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GE Money Promotes Green to SVP/CFO

GE Money has named Robert Green as SVP/CFO. He has been CFO for the Americas since March 2006. From April 2004 to March 2006, Green was the Chief Financial Officer for the Bio-Sciences unit within GE Healthcare. Prior to this role, Green served in successive financial services finance roles including Manager of the GE Capital Audit Staff, CFO for European Equipment Finance and CFO for Americom. GE (NYSE: GE) is Imagination at Work — a diversified technology, media and financial services company focused on solving some of the world’s toughest problems.

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Cardtronics Second Quarter Revenues Jump 6%

Houston-based ATM specialist Cardtronics reported record second quarter revenues of $73.3 million a 5.9% increase over 2Q/05. The increase was primarily attributable to incremental revenues associated with the Company’s United Kingdom operations, which began in May 2005 with the acquisition of Bank Machine Limited. However, the increase was partially offset by higher ATM cash costs and higher selling, general and administrative costs. Cardtronics posted net income for the second quarter of $800,000, compared to net income of $1.4 million for the same period in 2005. Average transacting ATMs for the second quarter totaled 25,755. Average cash withdrawal transactions per ATM per month during the second quarter increased 5.7% to 408 from 386 during the same period in 2005. The Company now expects full-year revenues to be in the range of $280 to $290 million, up from the $270 to $290 million range that was previously communicated. For complete details on Cardtronics’ latest results visit CardData ([www.carddata.com][1]).

CARDTRONICS REVENUE HISTORICAL
2Q/05: $69.2 million
3Q/05: $71.7 million
4Q/05: $69.8 million
1Q/06: $58.3 million
2Q/06: $73.3 million
Source: CardData (www.carddata.com)

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

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Cash Technologies Teams with Topline

Los Angeles-based Cash Technologies has signed a five-year sales and licensing agreement with Topline Solutions to integrate “Claim-Remedi’s ProIdentify” insurance verification software into Topline’s patient payment management system. The agreement also allows Topline to market ProIdentify as a stand alone product through existing and future customers. Topline Solutions, Inc. was formed to address the problem of steadily rising patient receivables in medical practices and institutions. Cash Technologies, Inc. develops and markets innovative data processing solutions in the healthcare and financial services industries.

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CyberSource Lands Two First Data Execs

CyberSource has hired two former First Data executives including George Barby as VP/Worldwide Operations and Carolyn Brackett as VP/Channels & Alliances. Barby will direct CyberSource’s global information technology operations and technical services. Brackett will lead the continuing development of CyberSource’s long term channel and referral partner strategies. CyberSource Corporation is a leading provider of electronic payment and risk management solutions. CyberSource solutions enable electronic payment processing for Web, call center, and POS environments.

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RBC Cash Index Falls in August

The latest “RBC CASH Index” declined to 74.8, compared to 80.1 in July due to a drop in confidence regarding economic expectations but offset by solid consumer confidence in job security. The RBC CASH Index is a monthly national survey of consumer attitudes on the current and future state of local economies, personal finance situations, savings and confidence to make large investments. Royal Bank of Canada (TSX, NYSE: RY) uses the initials RBC as a prefix for its businesses and operating subsidiaries, which operate under the master brand name of RBC Financial Group.

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MC Supports Real-Time HSA Transactions

MasterCard is introducing a new system enhancement and service designed to increase the use of “Flexible Spending Accounts” and other medical reimbursement plans by enabling third-party administrators to substantiate purchases in real time using item-level data collected at the point-of-sale. Currently, a significant percentage of eligible transactions are declined at the point-of-sale because they cannot be adequately substantiated in real-time. The service, which has a patent pending, is the first offering of its kind and provides a more streamlined solution for benefit administrators and merchants. Merchants will now only need to provide SKU/UPC/NDC data to MasterCard, and they should experience much higher approval rates.

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