VeriFone Vx 510 Approved by GIE

VeriFone has received CB5.2 certification
from Groupement des Cartes Bancaires for its “Vx 510” countertop payment
solution. The “Vx 510” is a member of Vx Solutions, VeriFone’s
next-generation payment terminal family providing a range of
connectivity protocols, high security and consistent user
interface. Compliance to the “CB5.2” standard is mandatory for POS
suppliers operating in the French market. “Vx 510” runs on VeriFone’s
“Verix” multi-application operating system that contributed significantly to the rapid certification process. Vx Solutions extend VeriFone’s product lines targeted at the countertop merchant, wireless TablePAY and multi-lane consumer activated market.

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VISA’s First Card Security Summit Underway

VISA’s is hosting its first “Card Security Summit” in Washington, DC this morning with Rudy Giuliani and John Coghlan as keynote speakers. The summit, titled “Cardholder Security in the New Electronic Payments Age,” will cover a wide range of current issues, including, reducing the threat of data compromises, protecting customer information, fighting fraud and helping ID theft victims.

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VISA COMMERCIAL

VISA International reports that global gross dollar volume for its four commercial payment solutions was up 27% year-on-year for the
four quarters ended June 30th. The record US$255 billion in GDV was driven by business development and government adoption of VISA Commercial. One-year ago VISA hit the US$200 billion milestone in worldwide commercial volume. In 2001, VISA reached the US$100 billion mark. VISA’s commercial payment solutions include “VISA Business,” “VISA Corporate,” “VISA Purchasing,” and “VISA Commerce.” VISA made the announcement at the annual “EuroFinance International Cash and Treasury Management” conference in Berlin.

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Oberthur Buys a South African Card Firm

Oberthur Card Systems has acquired South Africa’s card manufacturer Africard for approximately $3 million. The Johannesburg company will be renamed Oberthur Card Systems South Africa. Africard has been in business for 15 years and has a production capacity of 30 million cards per year. South Africa has more than 20 million banking cards in circulation. Oberthur is the number one supplier of Visa and MasterCard payment cards worldwide.

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Oberthur Card Systems Acquires Africard

Oberthur Card Systems has acquired South Africa’s card manufacturer Africard for approximately $3 million. The Johannesburg company will be renamed Oberthur Card Systems South Africa. Africard has been in business for 15 years and has a production capacity of 30 million cards per year. South Africa has more than 20 million banking cards in circulation. Oberthur is the number one supplier of VISA and MasterCard payment cards worldwide.

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TransFirst Hires an ePayment Sales Exec

Dallas-based TransFirst has hired Michael Phelan, formerly with First National Bank of Omaha, as VP/Sales for ePayment Services division. Phelan, who has 18 years of experience in the financial and related payment services industries, will be responsible for generating and leading sales strategies, increasing market share and expanding the overall presence of TransFirst’s ePayment Services division. This division specializes in payment processing solutions for merchants that primarily focus on card-not-present transactions such as, direct marketing, e-commerce, catalog orders and non-profit organizations. TransFirst is a provider of transaction processing services and payment enabling technologies.

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Bankruptcy Filings Enter the Final Wave

Personal bankruptcy petitions in August soared by nearly 24% from last year and were up about 15% from the prior month. It is expected that filings for September will exceed 175,000, a new monthly record. New bankruptcy laws will take full effect on October 17th. The August year-over-year increase was more than 30,000 filings. About 156,000 filings were made during August, compared to 125,783 for August 2004 and 136,074 in the prior month. In the first eight months of this year, there have been 1,119,522 personal bankruptcy filings.

Monthly Filings Historical
Aug 04: 125,783
Sep 04: 127,664
Oct 04: 133,404
Nov 04: 116,952
Dec 04: 113,957
Jan 05: 99,705
Feb 05: 103,457
Mar 05: 165,459
Apr 05: 170,130
May 05: 142,915
Jun 05: 145,946
Jul 05: 136,074
Aug 05: 155,836
Source: CardData (www.carddata.com)

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Bankruptcy Law May Benefit Some Filers

A Dallas-based law firm says its analysis of the new bankruptcy law shows that many people will benefit by waiting to file after the new law goes into effect on October 17th. The Armstrong law firm says people with very low or no payments on their houses or cars and people who are making 401(k) contributions or 401(k) loan repayments may benefit dramatically by waiting to file. The firm says the new law requires that the debtor’s actual expenses are compared to a schedule of standard expenses published by the IRS. For certain expenses, the debtor can claim the higher of his actual expenses or the IRS’ allowed amount. For other expenses, he must claim the lower of the two amounts. Under existing law, debtors must generally use only their actual expenses, as long as they are reasonable and necessary. Armstrong says it’s the variation between actual expenses and the IRS allowed expenses that may benefit some debtors.

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LEGIC Opens Sales Office in Paris

LEGIC Indentsystems has opened a sales office in Paris to meet the needs
of the French contactless smart card technology market. LEGIC offers
“all-in-one” card technology with the capability of handling 127
different applications. In addition to access control systems, contact
less payments, tracking time and attendance, vending machines, quick
service restaurants high security applications using biometrics can be
implemented onto the card. LEGIC’s products include the LEGIC RF
Standard, ISO 15693 and ISO 14443 compliant read/write chip sets,
security modules and transponder chips.

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e-Port Enables Automated Food Service

Pennsylvania-based USA Technologies reports that California-based KRh Thermal System has purchased “e-Port” systems to network and credit card enable 500 “HOT Choice Connect Systems” automated food service locations nationwide. KRh Thermal will offer the e-Port services as a component of their HOT Choice Connect Systems. This feature will provide operators of the HOT Choice Diner the ability to track all aspects of diner performance via a web-based communication platform. USA Technologies provides networking of wireless non-cash transactions, associated financial/network services and energy management. KRh Thermal Systems is a technology and product development company in the foodservice sector.

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