Cash Systems’ CFO Departs

Minneapolis-based Cash Systems announced that CFO David Clifford is leaving the company for personal reasons. Chris Larson, the Company’s COO and former CFO, will assume the position on an interim basis until a permanent replacement is found. The Company also announced a new contract with Boomtown Casino and Hotel in Reno. The deal includes check cashing, ATM and cash advance services, as well as the “All-In-1 ATM” product, which offers an array of cash services such as debit card withdrawals and credit card cash advance at the point of sale.

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Citizens Upgrades Debit Cards to PayPass

RI-based Citizens Financial Group is offering Citizens Bank and Charter One Bank customers with MasterCard “PayPass” payment technology on their debit cards. This month, customers receiving reissued cards are also being given the “PayPass” feature. In March, Citizens and Charter One will begin replacing all other existing customers debit cards with PayPass-enabled debit cards. MasterCard “PayPass” is now accepted at approximately 25,000 merchant locations in the U.S. at retailers such as McDonald’s, CVS, Duane Reade, 7-Eleven, Regal Cinemas and Wawa. Citizens Bank Park in Philadelphia, PA has also installed PayPass readers at all of its concessions. Citizens has more than 1,600 branches and approximately 3,100 ATMs in 13 states.

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eFunds Revenues Up 6% in 4Q/05

AZ-based eFunds reports that fourth quarter net revenue increased 6% to $138 million, compared to the fourth quarter of 2004. Operating income increased 23% to $20.2 million, or 15% of net revenue, compared to $16.4 million, or 13% of net revenue, reported in the equivalent quarter of 2004. For 2005, the Company reported net revenue of $501.7 million, down 9% compared to the $552.1 million of net revenue reported in 2004. The decline is reflective of the disposition of the Company’s ATM deployment business in late 2004. The decline was partially offset by acquisitions completed by the Company last year and organic growth in its continuing businesses. Reported operating income for 2005 was $75.2 million, or 15% of net revenue, as compared to $58.5 million, or 11% of net revenue, for the prior year. The Company says it expects full-year net revenue for 2006 to increase approximately 15% to 25% over full-year 2005 net revenue. For complete details on eFunds’ fourth quarter performance, visit CardData ([www.carddata.com][1]).

eFunds Revenues Historical
4Q/03: $135.4 million
1Q/04: $140.9 million
2Q/04: $140.7 million
3Q/04: $140.1 million
4Q/04: $130.5 million
1Q/05: $114.2 million
2Q/05: $116.3 million
3Q/05: $133.2 million
4Q/05: $138.0 million
Source: CardData (www.carddata.com)

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

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VASCO Profits Up Six-Fold in 4Q/05

VASCO Data Security International reported revenues for the fourth quarter of $17.5 million, an 88% increase over the year ago quarter. Net income for the quarter soared from $0.5 million for 4Q/04 to nearly $3.0 million for 4Q/05. During the quarter, VASCO signed 251 new customers and shipped 2,425,000 “Digipass” authentication products. Also, Friesland Bank (The Netherlands) agreed to use VASCO’s “Digipass 815” card reader for retail banking. For complete details on VASCO’s latest performance, visit CardData ([www.carddata.com][1]).

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

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SBI Card Introduces a Railway Rewards VISA

SBI Card has formed an alliance with the Indian Railway Catering and
Tourism Corporation to launch a co-branded VISA card. Passengers will be
able to use the “SBI Railway Card” to book tickets online and accumulate
points under the new frequent travel program. The new card
also features a specially-commissioned exclusive sketch by renowned
Indian cartoonist, Shri R K Laxman. SBI Card is a joint venture between
GE Money and the State Bank of India. SBI Cards has more than 2.3
million cards-in-force and is India’s largest VISA card issuer. IRCTC is
the world’s second-largest railway and the world’s largest employer with
1.54 million employees. Indian Railways carries over 14 million
passengers daily.

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Overall Banking Metrics Strong in Q4

A new report shows that large regional U.S. banks posted record earnings in the fourth quarter driven by strong loan growth and continuing excellent asset quality, listless noninterest revenues and good expense controls. The report from Standard & Poor’s Ratings Services says the net interest margin remained flat for the industry as a whole, with roughly half of the banks within this group reporting incremental improvement and the other half reporting continued pressure. However, S&P doesn’t anticipate any meaningful asset quality deterioration across the sector in the near term. S&P noted that nonperforming asset levels are the lowest they’ve been in years and net charge-off levels are about as good as they’re going to get.

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Waffle House Joins the P-Generation

The “Good Food Fast” restaurant that required cash has finally joined the plastic generation. GA-based Waffle House has been a cash-only business for 50 years but will begin accepting VISA and MasterCard next month. Credit cards will be accepted in the 713 company- owned restaurants in Alabama, Florida, Georgia, Mississippi, North Carolina, Oklahoma, South Carolina and Texas. Waffle House system operates more than 1,500 company and franchise restaurants in 25 states. Some franchise restaurants now accept credit cards or have ATMs in the restaurant. The Company expects most franchise owners will also offer the card option.

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Pay By Touch Hires an Online Entrepreneur

San Francisco-based Pay By Touch has hired Bill Townsend, formerly with Lycos, GeoCities, NewsAlert, as EVP, office of the CEO. Townsend’s 20 years of diverse business experience span education, media, and technology. Prior to joining Pay By Touch, Townsend was a partner and managing director of Interminds, LLC, a management-consulting firm that assists companies with strategic planning, troubleshooting, consumer adoption, incubation, and pre-IPO guidance. He also served as chief marketing officer of Cyber Operations, a technology research and development firm conducting military and government initiatives, and vice president and director of marketing for Ketchum, a global Top 20 advertising agency, where he ran global new business. Pay By Touch is the global leader of biometric authentication, personalized rewards, and payment solutions.

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Cybertrust Becomes a VISA Qualified QDSC

Virginia-based Cybertrust has been recognized by VISA USA as a PCI “Qualified Data Security Company”. Cybertrust is authorized to provide Payment Card Industry (PCI) on-site security audits, ensuring merchants and service providers who store, process or transmit payment card data consistently apply PCI measures and controls to defend against data exposure and compromise. As a QDSC, Cybertrust has met stringent requirements of financial stability, technical capability and industry experience, resulting in the qualification of Quality Data Security Professionals (QDSPs) authorized to perform PCI Data Security Assessments. Cybertrust is the global information security specialist.

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Railway Rewards Card Launched in India

India’s SBI Card has formed an alliance with the Indian Railway Catering and Tourism Corporation to launch a co-branded VISA card. Passengers will be able to use the “SBI Railway Card” to book tickets online and accumulate points under the new frequent travel program. The new card also features a specially-commissioned exclusive sketch by renowned Indian cartoonist, Shri R K Laxman. SBI Card is a joint venture between GE Money and the State Bank of India. SBI Cards has more than 2.3 million cards-in-force and is India’s largest VISA card issuer. IRCTC is the world’s second-largest railway and the world’s largest employer with 1.54 million employees. Indian Railways carries over 14 million passengers daily.

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MobileLime Upgrades its NFC Payment Platform

Boston-based MobileLime has introduced a next generation platform for its “Near Field Communication” solution that enables consumers to get rewards and pay for purchases by waving their cell phone over a contactless reader. Users with an NFC compatible phone will just click the lime from the menu screen, choose the credit card they want to use and wave their phone over the contactless reader that’s integrated with the point of sale system at checkout. For added security, the user can configure a PIN required to complete each transaction. With the simple shop ‘n go technology, consumers can automatically redeem Clip ‘n Go mobile coupons, get rewards and pay for purchases at their favorite merchants. MobileLime is the first U.S.-based company to turn the mobile phone into a marketing, loyalty and payment device.

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