Citizens Bancshares Launches MC Biz Debit

Atlanta-based Citizens Bancshares has launched a line of MasterCard Business Debit Cards. CTBusiness Debit Cards allow businesses purchasing power without the hassle of writing a check. This Business Debit Card can be used any place that accepts MasterCard and doubles as an ATM card. CTBusiness Debit Cards feature no monthly maintenance fees, access to five debit cards per account and free access to all Citizens Trust Bank ATM’s. Citizens Bancshares’ subsidiary Citizens Trust Bank has assets of more than $340 million.

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FIME and FEIMA Support JCB J/Smart

FIME and its Asian branch, FEIMA, now supports “JCB J/Smart” interoperability testing between cards and terminals. “J/Smart” is JCB’s own credit application for smart cards compliant with EMV. FIME and FEIMA have a terminal platform that represents about 60% of the
EMV terminals now in the field, which is regularly updated with new
terminal models. JCB is actively participating in the on-going EMV migration in the global market, and has upgraded the “J/Smart” certification process to expand “J/Smart” cards around the world. In addition, JCB last year acquired one-third ownership of EMVCo in order to maintain the EMV specification standards for international interoperability of smart card payment systems.

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CTFS 2Q/05

Canadian Tire Financial Services reported that its net managed credit
card receivables for the second quarter increased 19.8% year-over-year
to $3.1 billion. The average credit card balance in the second quarter
hit $1661, up 20% from one-year ago, largely driven by its “Options
MasterCard” product. For the prior quarter, the average credit card
balance came in at $1609. Financial Services’ pre-tax earnings of $43.4
million were up 9.6% from the second quarter of 2004. Canadian Tire’s
MasterCard receivables represent approximately 91% of CTFS’ total
managed portfolio. CTFS’ retail credit card and personal loan
receivables make up the remaining nine percent of the portfolio. CTFS,
in conjunction with BMO Bank of Montreal, markets the “Commercial Link
MasterCard” while the receivables are owned and managed by BMO Bank of
Montreal. For complete details on Canadian Tire Financial Services’
second quarter performance, visit CardData (www.carddata.com)

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Asia Pay Processing Revenues Up 21%

Asia Payment Systems reports that processing volume increased by 21% to just over US$9 million on 42,500 transactions. With the addition of new clients and its involvement with Et-china, Asia Pay anticipates very strong growth in coming months as it rolls out the next stage of its China development plan. The Asia Pay’s proprietary system processes domestic and international debit and credit cards using a combination of proprietary advanced technologies and rigorous security procedures. Asia Pay aims to become a provider of world-class third-party processing services to bankcard-accepting merchants and issuers throughout Asia.

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Morgan Beaumont Revenue Triples Sequentially

Florida-based Morgan Beaumont reported net revenue for the second calendar quarter of $481,611 compared to $149,838 in the prior quarter. The year-over-year and sequential revenue increase is primarily due to the addition of new card products, an increase in prepaid card sales and related usage and transaction fees, and telecommunications services including prepaid phone cards. Morgan Beaumont, Inc. provides stored value and debit card solutions and owns and operates the SIRE Network, a national network of stored value and debit card load stations located throughout the United States.

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Infineon Transfers its RFID Software Solutions

Infineon Technologies has transferred its activities in the
area of RFID software solutions as part of a management buy out to RF-iT Solutions. The patents, trademarks, licenses, development hardware and software, as well as current customer projects and RFID demonstration applications have been transferred to RF-iT Solutions. The newly formed RF-iT Solutions will take over all activities related to RFID system solutions, including the “You-R OPEN” software. The 40 employees who were previously involved in RFID chip activities at Infineon’s development center will remain with Infineon. RF-iT Solutions is based in Austria.

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Oberthur Launches Two FIPS Certified Smart Cards

Oberthur Card Systems has received “Federal Information Processing Standard” “140-2 Level 3” certification for its “ID-One Cosmo 64 RSA D” and “ID-One Cosmo 64 RSA D” cards. Both cards comply with Precise Match-on-Card technology from Precise Biometrics. The “ID-One Cosmo 64 RSA D” is a dual interface multi-application cryptographic Java smart card specifically designed for the identity and government market.
The “FIPS 140-2” standard defines the security requirements that must be satisfied by cryptographic technologies used in security solutions that protect unclassified information. “FIPS 140-2” validation is required for any ID card products that are sold to the U.S. federal government.

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MasterCard Canada and SourceMedia Plan a Conference

MasterCard Canada and SourceMedia announced the first Financial and Payment Services Leadership Summit to be held November 7th and 8th in Toronto. Subtitled “Beyond Credit: The Future of Payments in
Canada,” the two-day summit will look at the future evolution of the
Canadian payments system, the role of consumer credit in the Canadian
economy, and the coming wave of innovation in the industry. Speakers will include key Canadian experts as well as international thought leaders such as Lawrence Bossidy, former CEO of Honeywell and
author, Executing and Confronting Reality, Malcolm Gladwell, author of The Tipping Point and the just-released Blink, and Michael Raynor, co-author with Clayton Christensen of The Innovator’s Solution.

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Bottomline Technologies Sales Up 17% in Q2

New Hampshire-based Bottomline Technologies reported quarterly revenue of $26.3 million, a 17% increase compared to 2Q/04. Net income for the quarter was $2.2 million, compared to $417,000 one-year ago. During the quarter, the company received 191 new orders for its “BACSTEL-IP” software solutions including Bank of America, British Airways, Co-Op Group Insurance and Accenture HR. BT also added United Missouri Bank and Colonial Bank as global customers and expanded its relationship with Fifth Third Bank. BT also acquired HMSL Group, a UK-based accounts payable automation services firm, in April. Bottomline provides payments and invoice automation software and services to organizations seeking more secure and efficient financial processes. For complete details on Bottomline Technologies’ latest results, visit CardData ([www.carddata.com][1]).

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

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GECF Invests $663MM in Hyundai Card

GE Consumer Finance has signed an agreement with Hyundai Card to form a strategic alliance in Korea and has released additional details.
Under the terms of the agreement, GE Consumer Finance will acquire a 43%
stake in Hyundai Card through a purchase of shares valued at $305
million, and participate in a rights issue in the amount of $162
million. In addition, GE will purchase subordinated debt in the amount
of $196 million, bringing its total investment in Hyundai Card to $663
million. The investment is GE Consumer Finance’s second in South Korea
in the last 12 months. In August 2004, GECF purchased an initial 38%
stake in Hyundai Capital Services, forming a joint venture under
which the two companies have been providing a variety of financial
services products to Korean consumers, including auto financing and
personal loans. Hyundai Card, is the third largest credit card company in Korea, with 3.4 million members and assets of more than $2.8 billion.

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ICMA Adds 6 New Members

The International Card Manufacturers Association has recently added
six new members. The new members include one principal member, or card
manufacturer, two personalizer members, two associate members and one
contributing member. The new Principal Member (Card Manufacturers) is
CardSuisse AG (Zug, Switzerland). Other new members include:
Communications Corporation of America (Boston, VA, USA);
Pittsburgh Embossing Services (Eighty Four, PA, USA); Technical Machine
Products (Cleveland, OH, USA); Fujifilm Sericol USA Inc. (Kansas City, KS,
USA); and M&M Engineering Consulting Inc.(Acton, MA, USA). ICMA is a
non-profit association of plastic card manufacturers, personalizers and
related industry participants. The group has 220 members globally.

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Northwest Airlines Extends Card Processing

Northwest Airlines confirmed that it executed a definitive term sheet that would amend and restate its credit card processing agreement until the end of 2008. The current processing agreement was set to expire in April 2006. The new terms include a provision that will allow a certain level of funds to be withheld from receipts by the processing bank, which would secure all obligations under the agreement as well as those of the co-branded credit card agreement. Other terms of the new deal include an option for prepayment of miles and fees to Northwest from the credit card issuer under the “Worldperks” program, subject to the company meeting certain requirements. U.S. Bank currently issues the “WorldPerks VISA” for Northwest Airlines. Northwest is the nation’s fourth-largest airline.

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