VISA Selects RFI-Smart for Card Testing

RFI-Smart has the full approval from VISA to offer a one-stop test
service for contactless cards and terminals with all necessary services
from pre-qualification to security for both contact and contactless
cards at a single site. The Company says the newer contactless cards and
terminals are in high demand and quality testing is critical during the
development stages. RFI is a worldwide services company recognized
by the smart card industry as a key consulting and testing specialist in
financial services, ID & security and telecom.

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CUETS Implements Fair Isaac Products

Mastercard supplier CUETS is implementing Fair Isaac’s
“LiquidCredit” service and “Capstone Decision Accelerator” to automate
and improve its credit card application decision processes. The “LiquidCredit” and “Capstone Decision Accelerator” services are designed for new accounts
and help businesses develop and maintain the policies, practices and
procedures that define the business strategies used in account
originations. “Capstone Decision Accelerator”
leverages the power of Fair Isaac “Blaze Advisor” software to provide
companies with proven rules management technology that supports the
entire process for designing, building and maintaining rules-based
decision applications. CUETS is a national supplier and partner in the
Canadian co-operative system, providing a complete range of advanced
payment systems and services to credit unions, caisses populaires,
cardholders, merchants and other organizations.

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Logic Group Launches PCI Compliant Services

The Logic Group has announced a range
of PCI compliance consultancy services in support of the new worldwide
data security standard (PCI : DSS) being introduced by MasterCard
International and VISA International. The new standard has been created in
order to address the increasing levels of security breaches and card
fraud. The Logic Group services will help retailers and financial
services organizations obtain PCI compliance with minimal disruption and
cost and can either manage the entire compliance program
or work with in-house resources and their appointed outsourced partners.
The Logic Group manages information and transactions securely for large
and medium sized businesses across its European home market.

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Asta Funding Profits Jump 51% in Q4

NJ-based debt buyer Asta Funding posted a 51% rise in net income to $9.3 million during the fourth quarter. Revenues were $20.3 million, a 46.5% increase over the prior year’s quarter. Asta’s purchases for the quarter amounted to $2.1 billion of face value receivables for a purchase price of $102.4 million, consisting primarily of credit card portfolios with approximately 13% of the purchases during the quarter coming from telecom portfolios. Net collections from consumer receivables acquired for liquidation was $46.2 million for the quarter, up 25.5% from the prior year’s quarter. The Company recently signed a deal to acquire TX-based VATIV Recovery Solutions, which provides nationwide bankruptcy and deceased account servicing. For complete details on Asta Funding’s latest results, visit CardData ([www.carddata.com][1]). (CF Library 2/6/06)

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

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GECF Europe Welcomes New President and CEO

GE Consumer Finance has announced the appointment of William H. Cary to
president and CEO, GE Consumer Finance-Europe, effective March 1st.
In his new role, Cary will be responsible for a region comprising
24 countries with more than 22,000 employees and approximately 20
million customers. Cary most recently served as vice
president, Corporate Investor Communications, a role he held since 2004.
Immediately previous to this role, he served as vice president for
Financial Planning and Analysis. He has extensive operating and global
experience in GE, including positions as CEO of GE Capital Vendor
Financial Services, and vice president, Capital Markets and Finance for
GE Capital in Asia. With approximately $70 billion in assets, GE
Consumer Finance-Europe earned more than $1.3 billion in net income in 2005.

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Lipman Revenues Jump 27% from Prior Quarter

Terminal manufacturer Lipman Electronic Engineering reported fourth
quarter revenues of $68.8 million, an increase of 5% over the prior year
and a 27% increase over the prior quarter. During the quarter, Lipman
launched the “NURIT 8210” multi-application integrated POS terminal,
developed jointly with Yapi Kredi Bank in Turkey, which placed an order
for 35,000 terminals. Lipman also had follow-on orders totaling $6
million from banks in India for the “NURIT 8320” landline POS terminal.
In Mexico there was an initial order valued at $2.2 million for Lipman’s
“Dione Secura” PIN Entry Device from a major bank. Additionally, an
initial order valued at $3 million was placed for Lipman’s “Dione
Secura” PIN Pads and “Xpress” card readers from retailers in Germany.
For complete details on Lipman’s fourth quarter performance, visit
CardData (www.carddata.com).

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Keycorp Rolls Out PetroPay POS System

Keycorp Limited has developed “PetroPay,” a point-of-sale solution
for independent and mid-sized petroleum and auto service retailers. The
solution is a comprehensive terminal management system that addresses
the need of smaller oil and gas businesses for centralized management
and processing of station data, previously only available to the large
chains. The system also manages a variety of non-financial indicators
and allows users to easily pull up management reports, set up regional
coupon programs, and tailor applications according to their specific
needs. Keycorp Limited is a provider of secure electronic transactions,
with solutions from smartcards and point-of-service transaction systems
to payment engines and managed services and is a founding member of the
MULTOS consortium.

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Commercial Spending to Grow 6% in 06

Commercial spending in the U.S. grew 8.2% last year and is expected to reach $17.4 trillion this year. Small business spending grew 5.4% last year to $4.7 trillion and is expected to slow slightly to 4.3% in 2006. According to VISA’s latest “Commercial Consumption Expenditure” Index, mid-sized companies spent $3.3 trillion, large companies spent $7.2 trillion and government agency spending was $1.1 trillion last year. Growth in government spending is expected to be 3.9% and reach $1.2 trillion this year. VISA introduced the Index last year.

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ONESMART PAYPASS

MasterCard has introduced its contactless payment solution to Malaysia
with the launch of “OneSMART MasterCard PayPass.” The new card is an
internationally accepted, dual-interface contactless EMV payment
solution. MBF Cards, RHB Bank Berhad and Southern Bank Berhad have
issued cards to support the launch of “PayPass.” More than 30 merchant
chains have signed up to accept PayPass cards in the country.
Approximately 25,000 international merchant locations, mostly in the
U.S., now accept PayPass. MasterCard has other “PayPass” pilots in
Asia-Pacific including Thailand, Taiwan, Philippines and Japan.

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BofA & VISA Launch a Prepaid Olympic Card

Bank of America and VISA have launched an “Olympic” prepaid VISA card to be used by each athlete and staff member for their daily per diem at the upcoming Games. The card, featuring the image of a flag bearing the U.S. Olympic Rings, providing a better alternative to cash and checks, gives immediate access to their funds throughout Torino and at tens of millions of locations worldwide. They are protected by Visa’s Zero Liability policy in the event of loss or theft and will help reduce administrative and processing expenses for the USOC.

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Gemplus Notified of AMF Fine

Gemplus International announced that the Commission
des Sanctions of the AMF (Autorite des Marches Financiers) has notified
GISA of its decision in connection with the proceeding brought against
Gemplus International. The Commission des Sanctions rejected most of
the claims made against GISA by its college. The Commission ruled that
GISA had not communicated any misleading information with respect to its
accounting results for September 2001, November 2001 and July 2002 and
also noted that GISA was not required to make any provision in its 2001
financial statements for the loan granted to its former chairman, Marc
Lassus, by one of GISA’s indirect subsidiaries in 2000, therefore ruling
out the claim that these financial statements were inaccurate. However, the Commission des sanctions considered that GISA had included
inaccurate information with respect to the Company’s security in
connection with the loan granted to Marc Lassus and imposed upon GISA a
fine of EUR 600,000, an amount significantly lower than that initially
mentioned in its report.

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NOVA Renews and Expands Century Bank Deal

Massachusetts-based Century Bank has renewed its contract with NOVA Information Systems and has also sold its rights to future royalty payments for a portion of its merchant credit card customer base for $600,000. Under the new agreement NOVA will continue to provide Merchant processing, and customer service and support to Century Bank’s new merchant accounts opened beginning August 1, 2005, as well as, pay Century royalties for those sales. Nova and its affiliates euroConex and Elan, specialize in providing merchant processing services.

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