International Currency Service

Wells Fargo unveiled a new international currency service this week, enabling U.S. companies to process and settle online sales transactions in the British pound and Euro. PayPal is the first Wells Fargo customer to use the new service to authorize and settle credit card transactions in those currencies. In addition to British pounds and Euros, later this month Wells Fargo will offer processing and settlement in the Canadian dollar. The new service avoids the need for foreign exchange conversion. Wells says it currently maintains a 95-99% market share of the personal payments market. Wells’ e-commerce sales grew 44% over the last year as compared with the national average of 19%. Wells Fargo took over PayPal’s U.S. credit card processing following a May 1st agreement. Wells Fargo processes nearly $4 billion in credit card sales annually for 20,000 online merchants. (CF Library 6/13/02; 6/21/02)

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JCB USA PILOT

Early next year JCB and Vital Processing Services will partner with
Honolulu-based First Hawaiian Bank to launch a JCB smart card pilot project
in Hawaii. The launch of the JCB smart card pilot in Hawaii will use smart
card terminals manufactured by Hypercom. On October 29 JCB completed its
first live end-to-end smart card transaction with Vital. JCB is the fourth
largest credit card brand in the world with over 42
million card members. JCB Cards are accepted at nearly 10 million merchants
in 189 countries and territories including more than one million in North
and South America.

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ALPHA VBV

Athens-based Alpha Bank has completed the implementation of
CardinalCommerce’s “Payment Authentication Platform” software for its card
issuing and transaction acquiring business. The implementation was
completed in connection with Alpha Bank’s adoption of the “Verified by
VISA” online authentication standards. Alpha Bank has 2.6 million
customers, 1.5 million active card accounts, over 70,000 merchants, and
30,000 POS terminals. Cardinal and several partners, including Delta
Singular, the largest VISA and MasterCard processor in southeastern Europe,
WorldWide Trust and Safe3w, a provider of strong authentication products,
recently formed a consortium to market online secure payment solutions in
Europe. CardinalCommerce and Delta Singular plan to activate MasterCard
“SecureCode” in the near future for Alpha Bank.

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ATMEL C51

Atmel Corporation has expanded its “C51” chips to address any application
using a serial, USB or PCMCIA smart card reader. The new “AT8xC5122” and
“AT83C5123” join Atmel’s line up of other “C51”-based one-chip solutions
currently used in serial smart card readers for mobile phones, PDAs and
energy meters and are available in Flash, RAM or ROM versions. Pricing is
US$4 for 10,000-unit quantity for the AT8xC5121 Flash version and US$2.50
for the ROM version. All devices retain a fully integrated DC/DC converter
with 75 to 98% efficiency, which powers the target card with the
appropriate 5, 3 or 1.8 Voltage regardless of the voltage source. An
ISO7816 UART is also integrated for easy data transfer to the card.

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Lillian Vernon MasterCard

Metris Companies/Direct Merchants Credit Card Bank has launched the co-branded “Lillian Vernon MasterCard” offering cardholders a 3% rebate on all Lillian Vernon purchases and 1% on all other purchases. For every $10 in rewards earned, cardmembers will receive a $10 Rewards Certificate in their monthly credit card statement, which can be used for any Lillian Vernon purchase.

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MONEYGRAM CHINA

Shanghai-based Bank of Communications and MoneyGram International have
signed an agreement that will offer MoneyGram service throughout China.
MoneyGram service will be introduced initially at bank branches in major
cities and then rolled out to other cities step by step. Customers will
soon be able to send funds anywhere in the world through the MoneyGram
network at any of the Bank of Communication’s 2,700 outlets in 86 Chinese
cities and five overseas outlets. Bank of Communications is the first
joint-stock commercial bank in China and is one of that country’s leaders
in the remittance business.

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FDC vs VISA

First Data confirmed yesterday it has filed a counter suit against VISA alleging “anti-competitive and monopolistic practices that limit competition, innovation and choice in the payments industry.” In April, VISA filed suit against FDC over its First Data Net, which offers a private arrangement to provide direct connections to authorize or to clear and settle transactions outside of VisaNet. Since the filing of the suit, VISA has decided to ban all private arrangements. First Data says its private network enables direct connections between merchant acquirers and card issuing banks, eliminating unnecessary detours in the payment process. FDC says VISA requires payments to go through its own network, even if a payment can be processed securely and more directly between a merchant and a card-issuing bank.

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InteliData 3Q/02

InteliData Technologies reported revenue for the third quarter of $6.0 million, an increase of 13% over the $5.3 million reported for the third quarter 2001. Gross profit for the quarter totaled $3.6 million compared to $2.9 million for the third quarter of 2001. Looking to 2003, the Company is projecting preliminary full-year revenues to be between $25 million and $30 million, or 25% growth as measured against the mid-point on a year-over-year basis. For complete details on InteliData’s 3Q/02 results visit CardData ([www.carddata.com][1]).

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

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