CoreISSUE Cleared

CoreCard Software’s CoreISSUE has completed test requirements for the MasterCard Global Clearing Management System and the Integrated Product Messages format. GCMS with its IPM format is MasterCard’s new clearing system and message format. Financial services organizations using CoreISSUE to process their MasterCard portfolio can utilize features offered by GCMS and IPM such as a simplified chargeback process, multiple clearing and settlement cycles.

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PAYMASTER CONTRACT

Kingston-based Paymaster Jamaica has signed a non-binding MOU with Colorado-based Equitex to form a jointly owned and operated company to replicate the Paymaster Jamaica financial services business model throughout the Caribbean and North America. The initial focus of the new Paymaster Worldwide, Inc. entity will be the international funds remittance business between the United States and Jamaica. Equitex will develop, market and implement a stored value card program through the newly formed company. Paymaster Jamaica will market the stored value card on a worldwide basis. Paymaster Jamaica, began operations in 1997, offering improved revenue collection and customer care facilities to businesses, institutions and consumers on the island of Jamaica.

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Retail Pro Enhanced

Retail Technologies International, the developer of Retail Pro software, has teamed with Paymentech and TeleCheck to streamline credit card processing, check verification and guarantee for Retail Pro users. Retail Pro users will have one complete solution that links their PPM to their POS system for complete integration of credit card processing, check verification and guarantee. The PPM will offer debit card and gift card solutions in time for Christmas. Retail Pro users who implement Paymentech and TeleCheck solutions will save time and money since transaction data is automatically written into the Retail Pro database. There will no longer be a need to enter information twice, once to process the transaction and then again to enter it into the retail system.

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CATUITY STOCK & ADVISOR

Catuity announced a fully underwritten one-for-eight renounceable Rights Offer of shares of common stock at AUD $5.25 per share to raise approximately AUD $5.295 million. The company also announced that James Clark has been named an advisor to its Board of Directors. Clark is co-founder, Executive Chairman and President of Texas-based CloverWorxs and is a Director and Chairman of the Board of the Information Communication Institute of Singapore. From 1995 to 2000 Clark was co-founder and Executive Chairman of two start-up companies, TreLos Inc. and Dascom Inc. Meanwhile, Catuity says its stock offering will be used to extend its current business operations to include data aggregation and analytics software. Under the Rights Offer, only Australian and New Zealand resident shareholders will be entitled to subscribe for one new share of common stock for every eight shares registered at 5 p.m. AEST on July 9, 2002. Residents of countries other than Australia and New Zealand are Non-Qualifying Shareholders and will not be able to take up their Rights, but will receive any value from the sale of their Rights on the ASX after the deduction of expenses of such sale.

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10,000 CoinStars

Coinstar has installed its 10,000th supermarket-based, coin-counting machine and now has machines in 47 states and the District of Columbia, as well as in Canada and the United Kingdom. Since its inception, Coinstar has processed more than $4.5 billion worth of coins, turning change into spendable currency. Today, Coinstar processes and reintroduces into circulation more coins than are produced by the U.S. Mint.

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CREDIT SCORES

Kredi Kayit Burosu, the only credit bureau in Turkey, has formed a partnership with Fair, Isaac to provide member institutions of KKB with consumer credit scores. KKB currently holds information on more than 30 million consumer credit accounts and delivers 600,000 credit reports to the Turkish consumer credit industry every month. Under the new partnership, KKB will deliver credit bureau scores along with consumer credit reports provided to its members, both online and in batch mode, for use in account origination and for portfolio review purposes. KKB was established by eleven major Turkish banks in 1995.

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Accesspoint Settles

Los Angeles-based Accesspoint announced it has settled the various shareholder derivative lawsuits filed in March by its former officers and directors, including James Bentley, Tom Djokovich and certain other related individuals and entities. The lawsuits, which were filed in March 2002, alleged eleven causes of action including breach of contract, misappropriation, unfair competition, unfair business practices and the imposition of a constructive trust, and sought undetermined compensatory damages and special and resulting damages, all to be determined at trial.

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Whopper Pay

VISA is reaching into fast food with a major pilot enabling consumers to plasticize their Whoppers. The program, underway through August, includes about 100 Burger King restaurants in the Atlanta area. Three of the restaurants involved in the pilot are testing a drive-thru payment system which enables customers to swipe their cards at the order board before placing their food orders. By the time the customer drives up to the food pick-up window, the payment transaction will have already been completed. The test will determine the best card solution based on speed and accuracy of transactions, overall customer satisfaction, average ticket size and other measures. Burger King operates more than 11,370 restaurants in all 50 states and 58 countries. More than 11 million customers visit Burger King restaurants each day, with the drive-thru accounting for more than 60% of its business. The VISA pilot is similar to a Chicago pilot involving use of ExxonMobil’s Speedpass at McDonald’s restaurants.

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I-Buying Leader

The USA continues to lead the world in online purchasing and spending. About 32% of Americans are online purchasers compared to an average of 15% outside the USA. Taylor Nelson Sofres Interactive’s third annual Global e-commerce Report also showed that, in terms of online spending, the worldwide median average spent during the past four weeks was $99, while in the United States it is $162. Korea, Germany, Norway and Great Britain follow the USA in online purchasing. However, 40% of Americans do not feel comfortable providing their credit card information online, and 30% of Internet users across the 37 countries interviewed feel the same. The Taylor Nelson Sofres Interactive report concludes that a direct correlation exists between Internet penetration and e-commerce and there is an expectation that other countries will eventually catch up to U.S. e-commerce levels. The report involved interviews with 42,238 people across 37 countries/territories in the early part of 2002.

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AmEx & Financial Literacy

The American Express Foundation announced this week it has awarded $500,000 from its Economic Independence Fund to 18 non-profit organizations across the USA. Each of the organizations receiving an Economic Independence Fund grant will use the funds over a one-or-two year period to offer training for financial literacy programs or to teach direct financial literacy education to under-served population groups, including the newly employed, young workers, individuals moving from welfare to work and immigrants.

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