A number of leading global banks including Banco Bilbao Vizcaya Argentaria (BBVA), Bank of America, BNP Paribas, Barclays Plc, Santander Direkt, and U.S. Bancorp have launched a new joint partnership–GCPS, L.L.C.–to provide corporate and purchasing products to multinational clients worldwide. GCPS is teaming with Visa International to deliver new solutions to help multinational corporations and governmental organisations seamlessly manage employee expenses, procurement, and purchasing data on a global basis.

Today’s multinational clients–including large corporations and government agencies that operate across several countries–spend the equivalent of trillions of pounds around the world for procurement of goods and services as well as employee expenses for travel, entertainment, and supplies. Spending can involve thousands of employees in hundreds of different offices. Such multinational clients require increasingly innovative and flexible commercial products and services. Yet few financial institutions today have global capabilities to issue and service payment products, relying rather on local partners in other countries to handle issuing, processing and service functions on behalf of their multinational customers.

As an unprecedented consortium of leading commercial lenders, GCPS brings a new level of service and convenience to the world’s largest organisations by offering the global ability to issue Visa corporate and purchasing payment services, with a single point of contact and pricing, integrated with commercial banking services, across borders and continents. GCPS also enables multinational clients to enjoy a single contract, improved market coverage, global data management services, and consistent service levels.

“GCPS provides its partnership network with the expanded global capability necessary to thrive in today’s global economy,” said Jeff Rankin, chairman of GCPS and senior vice president, Commercial Card Services, Bank of America. “While we all have our own company and business unit priorities, this alliance, built in the spirit of co-operation and flexibility, will allow each of us to provide a broader range of products and services to our individual clients.”

“Visa is keen to help our Member financial institutions give their multinational customers the most effective payment solutions, with the best data management, and the flexibility to use point-of-sale, telephone, wireless, Internet, and other payment modes any time, any where, any way,” said Roger Swales of Visa International. “We are pleased to be helping GCPS bring to its multinational customers the value of our premier brand, acceptance at more than 22 million locations worldwide, and our global network’s unmatched reliability and capacity.”

Note To Editors

About GCPS, L.L.C.

GCPS, a global commercial payment solution, is a for-profit, limited liability company formed in May 2001. Through its founding partners, which include Banco Bilbao Vizcaya Argentaria, Bank of America, BNP Paribas, Barclays Plc, Santander Direkt, U.S. Bancorp, and Visa International, the GCPS goal is to deliver global solutions for issuing commercial products and services to multinational clients.

About Banco Bilbao Vizcaya Argentaria

BBVA is a leading financial group in Spain and Latin America. With a market value of over 50 billion euros, it is the second largest group in market capitalisation in the euro area. Established in 37 countries, it has the largest branch network under a single brand in the world, with nearly 9,000 branches and more than 11,000 ATMs worldwide. The BBVA Group employs more than 100,000 people, and has a market share of about 20 per cent in Spain and 10 per cent in Latin America, where it is a leader in the banking, private pension funds and e-banking markets. Finally, it is the largest Visa issuer in the Latin America Region.

About Bank of America

One of the world’s leading financial services companies, Bank of America is committed to making banking work for customers like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation’s largest financial services network, including approximately 4,400 domestic offices and 13,000 ATMs, as well as 38 international offices serving clients in 190 countries, and an Internet Web site that provides online access for more than 3 million customers, more than any other bank. Bank of America stock (ticker BAC) is listed on the New York, Pacific and London stock exchanges, and the company’s Web site is bankofamerica.com.

About Barclays Plc

Barclays PLC is one of the largest financial services groups in the United Kingdom and is a leading provider of co-ordinated global services to multinational corporations and financial institutions in the world’s main financial centres. Barclays, through subsidiary Company Barclaycard, is also the UK’s leading issuer of corporate charge cards. A member of Visa, Company Barclaycard is welcomed at more than 613,000 places in the UK and over 22 million worldwide. No other charge card is accepted in more places.

About BNP Paribas

BNP Paribas is the leading banking group listed in France. It is number one in France in corporate credit cards with 100,000 units currently issued. It is ranked number two in the euro area in terms of earnings (EUR4.124 billion in 2000). BNP Paribas employs 80,000 people worldwide and has one of the world’s largest international networks, extending across 85 countries. BNP Paribas is a major player in retail banking, corporate and investment banking, private banking, asset management, securities services, insurance and private equity. Eighty of the world’s top one hundred companies have chosen BNP Paribas as their banker.

About Santander Direkt

Santander Direkt Bank AG was established in 1994 as the legal successor to Banco Santander S.A. VISA Card Services, and is now an affiliated company within the Banco Santander Central Hispano (BSCH) group. BSCH is one of the top 10 banks in Europe. With around 726,000 customer relationships in the credit card, financial investment and loans segments, Frankfurt-based Santander Direkt Bank is one of the largest German direct banks. It regards itself as an innovative provider of financial services for specialised card and bank products.

About U.S. Bancorp

Minneapolis-based U.S. Bancorp, with assets in excess of US$160 billion, is the 8th largest financial services holding company in the United States. The company operates 2,231 banking offices and 5,208 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of Firstar Banks and U.S. Bank. Visit U.S. Bancorp on the web at usbank.com and Firstar Bank at firstar.com.

About Visa International

Visa is one of the world’s leading payments brands and the largest payments system worldwide. Visa-branded cards generate almost US$2 trillion in annual volume and are accepted at over 22 million locations around the world. The Visa organisation plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet-based payments and is pioneering the creation of u-commerce, or universal commerce–the ability to conduct commerce anytime, anywhere, over any type of device.


Infrared Capture

The technology to conduct secure credit card transactions via an infrared line-of-sight data path was demoed last week at Retail Systems 2001. Using Compaq iPAQ’s infrared capability to beam card data to an IR-enabled XPOS retail system, running ‘QuickSell Commerce’ retail management software and the ‘XPOS’ authorization system, the transactions were completed in about 2 seconds. ‘QuickSell Commerce’ generated POS screens, tallied sales, and stored’purchase information, customer demographics, credit card data and’authorization codes to provide complete CRM, inventory and historical data. The XPOS system then transmitted a digital receipt via infrared beam to the customer’s iPAQ for later transfer into tax, bookkeeping and other programs.



LML Payment Systems
Inc. filed its Annual Report on Form
10-K for the fiscal year ended March 31, 2001 with the
Securities and Exchange Commission with respect to results for its fiscal year
ended March 31, 2001. For more information regarding LML’s results for the
fiscal year ended March 31, 2001, please see the Form 10-K as filed with the

LML is pleased to announce record fourth quarter revenues of approximately
$2.9 million, an increase of approximately 10% or $267,342 from the fourth
quarter last year and an increase of 12% from revenue of $2.6 million from the
third quarter. LML had earlier reported first and second quarter revenues of
$2.1 million and $2.5 million respectively.

Earnings before income taxes, interest expense, depreciation and
amortization for the fourth quarter was a loss of ($1.3 million) or
($0.07) per share. Net loss for the fourth quarter was ($2.5 million) or
($0.15) per share which includes $1.2 million in non-cash amortization and
depreciation expenses primarily associated with recent corporate acquisitions.
For the year ended March 31, 2001, LML earned record revenues of
approximately $10.1 million, an increase of approximately 237% or $7.1 million
from last year. Earnings before income taxes, interest expense, depreciation
and amortization for the year was a loss of ($1.9 million) or ($0.11) per
share. Net loss was ($5.2 million) or ($0.34) per share which includes
$3.1 million in non-cash amortization and depreciation expenses primarily
associated with recent corporate acquisitions.


— LML reports three consecutive quarters of revenue growth for the fiscal
year 2001.

— LML reports record revenue of $2.9 million for the fourth quarter

— LML reports record revenue of $10.1 million for the year

The Corporation, through its subsidiary LML Payment Systems Corp., is a
financial payment processor providing check processing solutions including
Electronic Check Conversion (whereby paper checks are converted into
electronic transactions), electronic check verification, electronic check
re-presentment (whereby returned paper checks are re-presented for payment
electronically), and primary and secondary check collection to supermarkets,
grocery stores, multilane retailers, convenience stores and other national,
regional and local retailers. We also specialize in providing selective
routing, including real-time monitoring of check, debit, credit and EBT
transactions for authorization and settlement through our flagship transaction
processing product REPS (Retail Electronic Payment System). The Corporation’s
intellectual property estate, owned by subsidiary LML Patent Corp, includes
new U.S. Patent No. 6,164,528 regarding Internet checking transactions, in
addition to U.S. Patent No. 5,484,988 which describes a “Checkwriting point of
sale system,” which, through a centralized database and authorization system,
is capable of providing and administering various electronic payment services
for customers and businesses. Also included in our intellectual property
estate is a recently received Notice of Allowance from the United States
Patent and Trademark Office for a new patent based upon United States Patent
Application Serial No. 09/562,303. The new patent describes corporate checks
and electronic fund transfers (EFT) and relates to existing U.S. Patent No.
6,164,528 and U.S. Patent No. 5,484,988 (described above).


Wings Clipped

Bank One confirmed yesterday it will transition its Internet-only bank into the parent bank’s technology and operating infrastructure. By the end of this year, WingspanBank.com customers will be moved to BankOne.com. Customer notices will be issued starting this summer. Bank One says it wants merge WingspanBank’s resources and knowledge base into its other Internet initiatives to provide all of its customers a broader online banking experience. WingspanBank.com opened its virtual doors two years ago with the promise of revolutionizing the way people manage their finances. WingspanBank.com’s goals were to enable customers to have checking accounts, pay bills online, apply for loans, make and manage investments, and tap into sources on the Internet to find the best deals on mortgages and insurance. The Internet-only bank also offered its own branded VISA credit card. Bank One invested more than $100 million in the development of WingspanBank.com. (CF Library 6/25/99)



MasterCard Canada and Travelocity.ca,
Canada’s online travel expert, have teamed to provide consumers with a safe
and convenient way to purchase travel online.

To celebrate this partnership, MasterCard Canada and Travelocity.ca have
introduced an exclusive bonus rewards offer in collaboration with Cathay
Pacific. Consumers who use their MasterCard card to purchase any Cathay
Pacific ticket on Travelocity.ca will receive an additional 5,000 AAdvantage
bonus miles with each purchase until July 15, 2001. In addition, consumers
also can take advantage of Cathay Pacific’s special round trip airfare between
New York and Vancouver for only $449, earning an additional 2,500 bonus miles
for travel booked in Economy Class, and 5,000 bonus miles for Business Class

“Travel is one of the most popular online purchases and there is
tremendous opportunity for MasterCard and Travelocity to reach this fast-
growing market,” said Tracy Folkes Hanson, Vice President, Marketing and
Communications for MasterCard Canada. “MasterCard prides itself on aligning
with the world’s leading brands and it only made sense to affiliate with the
leader in online travel services. MasterCard Canada believes this partnership
will provide consumers worldwide with a safe and convenient way to shop for
travel on the Internet.”

In addition to offering value and convenience to travel consumers, both
MasterCard and Travelocity.ca are committed to providing a safe and secure
online shopping environment. MasterCard Canada recently implemented a Zero
Liability policy. For cardholders that have taken reasonable care to
safeguard their cards, this policy eliminates the former $50 liability fee for
cardholders who experience fraud through unauthorized transactions. The
policy applies to all consumer card purchases, including those made over the

“By forming this alliance, MasterCard not only becomes the preferred
method of payment for Travelocity.ca members, but it is propelled into the
online travel market and positioned as a leading currency for the e-commerce
age,” said Terrell B. Jones, president and chief executive officer,
Travelocity.com Inc. (Nasdaq TVLY) “We are confident that our alliance with
MasterCard will continue to help Travelocity fulfill our brand’s promise to
provide the best tools to change the way the world shops for and buys travel.”
In addition to the Cathay Pacific promotion, MasterCard and Travelocity.ca
are collaborating on other future promotions designed to encourage consumers
to use the Internet for travel purchases.

About MasterCard

MasterCard International has the most comprehensive portfolio of payment
brands in the world. More than 1.7 billion MasterCard(R), Cirrus(R) and
Maestro(R) logos are present on credit, charge and debit cards in circulation
today. An association comprised of more than 20,000 member financial
institutions, MasterCard serves consumers and businesses, both large and
small, in 210 countries and territories. MasterCard is the leader in quality
and innovation, offering a wide range of payment solutions in the virtual and
traditional worlds. With more than 21 million acceptance locations, no card
is accepted in more places and by more merchants than the MasterCard Card. In
2000, gross dollar volume exceeded US$857 billion. MasterCard can be reached
through its World Wide Web site at http//www.mastercard.com.

About Travelocity.ca

Travelocity.ca, Canada’s online travel expert, provides reservations
capabilities for 95 percent of all airline seats sold, more than 50,000
hotels, more than 50 car rental companies, direct booking for VIA Rail and
thousands of vacation and cruise packages. This reservations capability is
paired with access to a vast database of destination and interest information.
To date, Travelocity.com has sold more than 16 million airline tickets and has
more than 27 million members.


AmEx Small Biz Booklet

Over the past seven years, the number of small and mid-sized businesses that use corporate credit or charge cards has tripled, from 17 percent to 50 percent, according to an annual survey conducted with National Small Business United.

“When used properly, credit and charge cards can be an excellent way to start or grow a business,” says Todd McCracken, President, National Small Business United (NSBU). “But like any line of capital, charge and credit cards need to be chosen and managed effectively.”

To help educate small businesses, American Express Small Business Services and NSBU have created a free brochure entitled: “Corporate Charge and Credit Cards . . . How to Make Them Work Best for Your Growing Small Company.” The brochure contains advice on selecting the right corporate credit or charge card and using it wisely, as well as tips on managing payments and maintaining adequate records.

Notes NSBU’s Todd McCracken: “A small business credit or charge card can provide purchasing power and save an entrepreneur both time and money. We hope this brochure will help small businesses better understand how to leverage these tools and help their businesses grow.” American Express Small Business Services and NSBU offer the following tips on using a corporate charge or credit card wisely:

– Choose only one card. Do your homework and select the right card for your business. Having one card makes it easier to track spending; keep records in order and evaluate your monthly purchases.

– Ask the experts. Work with your accountant and/or financial planner to develop a budget of what you should be spending each month on a credit or charge card.

– Analyze your monthly and quarterly statements. What are things you purchase most often’ Are those expenses increasing or decreasing’ View and download this information off your card issuer’s web site regularly into spreadsheets that can help you better track and analyze this data.

– Use your corporate card for business purposes only.

– Do your best to pay off your card each month. If you can’t, then pay more than the minimum on a monthly basis.

– Don’t mix and match. Make your payments from a separate, dedicated business bank account.

“Corporate Charge and Credit Cards . . . and How to Make Them Work Best for Your Growing Small Company” can be downloaded from the American Express Small Business Exchange Web site (www.americanexpress.com/smallbusiness) and the NSBU Web site (www.NSBU.org). For instructions on downloading, visitors to the American Express site should click on the “Manage Your Business” section of the homepage and then click on the reference to the brochure. Visitors to NSBU’s site will see a reference to the brochure on the site’s home page.

Hard copies of the brochure are also available by writing to American Express Public Affairs, Small Business, 200 Vesey Street, New York, NY, 10285-4809.

About American Express

American Express Small Business Services is a unit of American Express Travel Related Services Company, Inc. solely dedicated to serving companies with fewer than 100 employees. Small Business Services provides a broad range of financial services, including charge and credit cards, equipment financing, term loans and lines of credit. To obtain more information about the Small Business Services group, visit the Small Business Exchange at www.americanexpress.com/smallbusiness.

About National Small Business United

National Small Business United is the nation’s oldest bipartisan advocate for small American businesses. Representing a growing network of small business owners, NSBU empowers small businesses, taking action on legislative and regulatory issues while playing a key role in shaping federal policy in the interests of small business.



Euronet Worldwide, a leading provider of secure electronic financial transaction solutions, is teaming with Inteligo Financial Services S.A. and Bankgesellschaft Berlin (Polska) S.A. to provide debit card services for an estimated 150,000 Inteligo Internet and mobile banking clients in the next 18 months.

“Konto Inteligo” is Poland’s newest remote banking brand. With the backing of Bankgesellschaft Berlin (Polska) S.A. (a fully owned subsidiary of Bankgesellschaft Berlin AG), Inteligo has aggressive plans to expand service offerings throughout neighboring countries. It is the second bank in Poland to use Euronet’s debit card outsourcing services. The outsourcing program supported by Euronet’s operation center includes debit card, charge card and credit card management capabilities; low up-front investment cost, flexibility and speed to market. This debit card outsourcing program enables Inteligo’s clients to access their accounts from Euronet ATMs across Poland.

Euronet’s outsourcing program enables the issuance of the VISA Electron cards, authorizes financial transactions and provides access to VISA network gateway services. Through remote terminal access, daily transactions of Inteligo account holders will be monitored in the system, enabling the Bank to retain customer service functions in its own call center. The outsourcing program also provides direct access to all relevant client information for Inteligo’s consultants.

“Euronet has helped us to build the infrastructure required to support our card operations in a very short period of time,” said Grzegorz Dlugosz, Retail Banking Operations Director for Bankgesellschaft Berlin (Polska) S.A. “We avoided capital outlays on the application and hardware purchases in addition to internal overhead. Now, we are able to offer our clients access to a more extensive set of financial transactions on Euronet’s ATM network in Poland. Our product offering is focused on individual and small business clients, who want the convenience associated with modern electronic banking solutions.”

“We are honored to aid Inteligo in their ambitious project to create a new remote bank,” said Michael Brown, Euronet Worldwide Chairman and CEO. “This debit card program will increase transaction volume across the Euronet ATM network in Poland. We enable start-up operations to function as established institutions by providing quick-to-market outsourcing solutions in local markets supported by high-quality professional service.”

About Euronet Worldwide

Euronet Worldwide is an industry leader in providing secure electronic financial transaction solutions. The company offers financial payment middleware, financial network gateways, outsourcing and consulting services to financial institutions and mobile operators. These solutions enable their customers to access personal financial information and perform secure financial transactions — any time, any place.

The company has processing centers located in the United States, Europe and Asia, and owns and operates the largest independent ATM network in Europe. Euronet was recently ranked number two on the Deloitte & Touche Technical Fast 500, a ranking of the fastest-growing technology companies in North America. With corporate headquarters in Leawood, Kansas, USA, and European headquarters in Budapest, Hungary, Euronet serves more than 200 clients in 60 countries. Visit our web site at www.euronetworldwide.com.

About Inteligo Financial Services S.A.

Inteligo Financial Services S.A., with headquarters in Warsaw, Poland, is owned by Inteligo Group (51%) and Bankgesellschaft Berlin AG (49%). The company goal is to establish Inteligo as the leading brand in direct/remote banking and non-banking financial services via offering best value, best customer experience and relevance in innovation. Inteligo is focusing on serving individual and small business clients via electronic channels, such as the Internet and wireless services. Inteligo is not going to establish typical physical branches, but will concentrate on primarily electronic touchpoints, with key emphasis on Internet and mobile channels.


PayPoint Tulsa Center

To provide state-of-the-art disaster recovery protection for its retail clients, Los Angeles-based PayPoint Electronic Payment Systems has opened a second data center in Tulsa, Oklahoma. The new 10,000 square foot data center is designed to handle 100 percent of PayPoint’s payment processing load in an emergency. Because the new center is planned to process 30 percent of PayPoint’s ongoing day-to-day transactions, it will also enhance the company’s normal operations.

“With the growing use of plastic, payment processing is increasingly important to retailers,” says PayPoint’s Chief Technology Officer Rick St.Cyr. “A retailer’s business can be seriously impacted if their payment processor’s data center goes down due to earthquake, fire, flood, storm or terrorism. Because we’ve made the investment in internal, fully-redundant dual processing, we can offer retailers true real-time disaster recovery backup with minimal transition time. We believe this makes us differential in the industry.”

PayPoint’s new data center is a virtual clone, or mirror, of its main Los Angeles data center. Both centers house identical processing, networking, and monitoring equipment. These nerve centers enable PayPoint to authorize and settle millions of payment transactions per day for grocers, convenience stores, restaurants, gas marketers, and specialty stores nationwide.

In normal operating mode, the Los Angeles center will process 70 percent of PayPoint’s transactions while Tulsa will handle 30 percent. Tulsa will focus on processing transactions for East Coast retail locations. All transactions are immediately replicated at both sites. In case of a disaster at the L.A. site, Tulsa will begin handling 100 percent of PayPoint’s transactions. If Tulsa went down, L.A. would handle 100 percent of the load.

“Our retail customers will find this new data center very attractive,” says PayPoint Sales & Business Development VP Fred Coblentz. “Not only does it add peace of mind, but it will enhance their operations. Having a second data center to help carry the normal load improves our speed, flexibility, and performance. For our retail customers, it means greater reliability and faster response time.”

A PayPoint project team spent several months planning, designing, testing, and starting up its new dual processing system. Once the Tulsa site was selected, new computer equipment was ordered and a network was designed to move data between the two centers. The team tested and perfected the dual processing center system over the last few months.

PayPoint is a leading national electronic payment processor offering credit, debit, gift card, check, EBT, proprietary card, and e-commerce processing. Its clients include major supermarkets/grocers, petroleum retailers, quick service restaurants, convenience stores, and specialty retailers.


Providian Leadership

Over the past two years Providian has gone through a dramatic transformation, from an aggressive card issuer targeting the unbanked and credit challenged, to the most enthusiastic and leading issuer of next generation bank credit cards. Yesterday, Providian, the nation’s eighth largest bank credit card issuer, confirmed it has now broken through the one million card mark for the issuance of its new ‘smart VISA’ cards. Providian’s ‘smart VISA’ card is currently being offered by invitation and online through the ‘GetSmart’ brand. The issuer recently upgraded holders of ‘Aria’-branded cards to ‘GetSmart’cards. Last month, Providian merged its e-commerce products and services under its GetSmart unit. The new ‘GetSmart smart VISA’ card is being offered in three product levels with interest rates ranging from prime +1.99% to prime +12.49%. Earlier this month Providian upgraded its chip card memory from 8K to 32K, added an array of new card colors, and indicated plans to migrate about 95% of its portfolio to smart cards. According to CardData, Providian has more than 17 million accounts. The Providian ‘smart VISA’ was introduced on September 12, 2000. To-date nearly eight million smart payment cards have been issued by American Express, Fleet, First USA, and Providian. (CF Library 9/12/00; 5/15/01; 6/13/01)


Oberthur Gets DeFore

Oberthur Card Systems of America named Daniel DeFore director of marketing responsible for magnetic stripe cards, personalization and related fulfillment services (data-mining, data- warehousing, one-to-one marketing), a significant portion of the company’s operation and growth strategy. DeFore will be located at Oberthur’s Chantilly, Virginia facility.

“As Oberthur moves towards offering more than just traditional personalization services, Dan will help us identify and anticipate what our customers’ need to maintain a competitive advantage,” noted Philippe Tartavull, CEO for Oberthur Card Systems for the Americas. “Dan’s expertise in bringing innovative services to customers for MCI and AOL provides Oberthur with an exceptional skill set as we broaden our product offerings to create one-to-one services for telecommunications and financial institutions and their customers.”

A 15-year veteran in product marketing, DeFore most recently led MCI WorldCom as a senior manager in charge of company-wide CRM tools designed to reduce costs, improve revenue contribution and improve customer retention. He also spearheaded several strategic cross-channel partnerships which drove incremental sales.

DeFore served as a manager in America Online’s e-commerce business operations division. At AOL, he fueled major growth for the unit through online customer service management, vendor negotiations, streamlining financial transactions and assisting in the development and execution of a comprehensive e-commerce strategy.

About Oberthur Card Systems

Oberthur Card Systems (Paris Stock Exchange – Code SICOVAM 12413), a global leader and the innovator in the smart card industry, is shaping the future by offering the ultimate in SIM, WAP, 3G (IMT-2000/UMTS), e-wallet technologies & Internet-based card management services coupled with a firm commitment to open standards.

Championing EMV migration, Oberthur is the world’s #1 supplier of MasterCard and Visa cards, #1 in banking, e-commerce, m-commerce and pay-TV, Oberthur is also the #1 in Java(TM) and GSM technologies.

Oberthur Card Systems has an international reach ensured by 30 sales offices and 20 manufacturing sites across the five continents. Oberthur Card Systems had sales of 451.1 million Euros in 2000.


Credit Tightening

Credit card issuers are continuing to tighten underwriting standards as the economy stagnates. The OCC’s seventh annual ‘Survey of Credit Underwriting Practices’ found that underwriting standards tightened more significantly during the 12 months covered by the 2001 survey than in either of the previous two years. The research showed that 32% of the banks tightened retail standards, while 20% eased standards. Banks cited the economic outlook as the most frequently cited reason for tightening standards, followed closely by change in risk appetite and product performance/portfolio quality. Examiners also reported that the level of inherent portfolio credit risk increased in the past year. Last month, the Federal Reserve found that one-fifth of banks reported they had tightened standards on credit card loans during the first quarter, compared with 12% in the fourth quarter. In addition, 19% of survey respondents, on net, reduced credit limits on these loans. The ‘May 2001 Senior Loan Officer Opinion Survey on Bank Lending Practices’ found that expected future increases in consumer delinquency rates were the main reason cited for changing consumer-lending policies. (CF Library 5/15/01; 5/18/01)


USTT Signs Betson

USA Technologies, Inc. has teamed with Betson Enterprises, one of the United States’ largest distributors to the vending and entertainment industry, to immediately begin selling its e-Port intelligent vending technology.

USA Technologies announced Thursday that Betson Enterprises was the latest, and the biggest distributor to sign on as an authorized reseller of the e-Port(TM) family of offerings. Last week, USA Technologies announced that five new distributors had joined the authorized reseller program, bringing the total number of distributors in the program to more than twenty worldwide. USA Technologies’ network of resellers now spans the American and Canadian market, and major overseas geographies, including Europe, the UK, and the Asia Pacific region.

Betson Enterprises is considered one of the biggest manufacturers and distributors in the United States covering a variety of growing and competitive industries, including vending machines, interactive video games, redemption games, and other high skilled and innovative entertainment and services technology. Betson Enterprises is also backed by a global marketing organization with proven import and export experience, and important parts and supply strengths.

“e-Port with its credit card payment capability allows customers to conduct cashless transactions, including microtransactions for as low as $1.00. This offers consumers and vending machine operators added convenience and simplicity,” said Steven Betti, CEO, Betson Enterprises. “It overcomes the need for coins and notes, strengthens security, and provides streamlined auditing control. The interactive multimedia display that comes with e-Port will allow vending operators the ability to provide promotional product information, opening up greater opportunities for us to sell more vending machines,” he said.

Betson Enterprises is made up of 10 distributorships, a wholesale supplier of coin-operated parts and billiard supplies, an export division, and an equipment wholesale division that sells products to other distributors. Included among its list of suppliers are: Games – Sega, Stern, Dynamo, Namco, Konami, Jessler, Merit, Coastal, JVL, Skee-Ball, U-wink, Apple Photo, Smart and Elaut. Vending – Automatic Products, Automated Merchandising Systems, Dixie-Narco, Royal Vendors, Vendo, Vendtronics, Fastcorp, Zanussi, USI, Appart, American Changers, Rowe, Mars, Coinco, Conlux, Amana, and Panasonic.

“Betson Enterprises is an ideal strategic partner for distributing our e-Port family of offerings worldwide,” said Stephen P. Herbert, President and Chief Operating Officer, USA Technologies, Inc. “Betson Enterprises has the global experience and presence to deliver e-Port quickly and efficiently to all our customers, wherever they are located, whatever industry they serve. USA Technologies will work closely with our new partner to leverage e-Port technology to add value to their customers and to drive Betson’s business results,” he said.

The USA Technologies Authorized Reseller Program was launched a little more than a year ago. It offers USA Technologies greater distribution of its technology, new marketplace opportunities and expanded distribution channels worldwide. USA Technologies expects to more than double the number of authorized resellers to fifty by year’s end, and to have more than one hundred distributing e-Port by the end of 2002.

e-Port is the world’s first non-PC e-commerce device that can be embedded into vending machines, and almost any kind of point-of-sale terminal, including gas pumps, office equipment, postage machines, and ATMs. The technology converts unattended points of sale terminals into intelligent “store fronts” connected to the Internet. The solution is capable of communicating operational data to operators, conducting cashless micro-transactions and providing interactive media at point of sale. The e-Port can come fitted with an interactive video screen that features rotating banner advertisements, giving customers the opportunity to make add on purchases, and location owners the ability to promote and advertise products and services, and provide free access to web based media such as news, sports and weather.

About USA Technologies:

USA Technologies is recognized as a leader in cashless micro transactions and interactive media technology and associated financial services. USA Technologies provides credit card activated and other cashless systems, allowing end users, ranging from consumers to business professionals, to communicate, conduct business or make ordinary commerce transactions, outside of the home or workplace. USA Technologies is an IBM (NYSE: IBM – news) Business Partner and an inaugural member of the Sprint (NYSE: FON – news) Enabling Application Service Provider Program for e-commerce. It has also established relationships with a number of global IT, multimedia, and telecommunications companies including Marconi Online Systems, RadiSys Corporation, DoubleClick Inc., and Xerox Corporation. Visit the USA Technologies home page at [www.usatech.com][1].

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