BANKS PLAY DEFENSE AT HOUSE OF COMMONS STANDING COMMITTEE ON FINANCE - Issue 17 - June 2007

BANKS PLAY DEFENSE AT HOUSE OF COMMONS STANDING COMMITTEE ON FINANCE

Ottawa, April 17, 19, 2007. When MP Judy Wasylycia-Leis asked all the banks appearing before FINA and MP’s present whether anyone supported her draft bill to end bank ATM surcharges, there was laughter in the room and one heckler said “not even the competition bureau”. That moment encapsulated the extent to which Canadian banks and Interac have cast the status quo in stone and short of an NDP government, no change appears imminent on this topic. Testimony by Richard Taylor of the Competition Bureau did not raise concerns over competition in today's banking services market, but instead reiterated the position taken by the Bureau in its 1996 consent order on Interac. The full minutes of all FINA hearings on ATM fees and electronic payments are available via the FT web site, fronteritimes.

One after another, Canada's big banks, CIBC, NBC, RBC, TD, BMO and BNS went under the spotlight of the House of Commons Standing Committee on Finance (FINA) to justify the status quo of levying surcharges on ATM transactions of noncustomers. None of the witnesses who appeared before FINA who is invested in the current business plan of ATM machines had criticism of the surcharges that are disliked by most Canadians and have attracted the ire of the NDP under the leadership of MP Judy Wasylycia-Leis. A group of witnesses representing community organizations, such as the Canadian Community Reinvestment Coalition, the Canadian Consumer Initiative and Consumers Association of Canada complained about the cost of accessing cash to disadvantaged and rural Canadians as well as the lack of transparency on the part of the banks in disclosing the correlation, if any, between cost and pricing of ATM surcharges.

FINA also heard from a third group of witnesses in the form of Canadian payments entrepreneurs such as Joseph Iuso and Brian Crozier of UseMyBank, an online payment facilitator and Susan Ransom of VisionCraft Development Corporation, a cheque imaging and EFT business. The entrepreneurs were less opinionated on ATM surcharges than the banks and community groups, but did have complaints concerning the lack of competitiveness in Canadian payments markets owing to bank dominance therein and the lack of accountability of banks in respect of preventing cheque fraud.

Cost and Competition

Each of the witnesses on the defense of the status quo on ATM fees sidestepped the question of how the amount of ATM surcharges, also known as convenience fees, are actually calculated and what relationship they bear to the actual cost of supplying the services. Wasylycia-Leis posed the question pointedly to the banks: “All of you, as banks, charge up to $5.15, if you apply every single cost. That is a mark-up of what, 500% or 600% or more? It seems to me that it's well beyond the notion of gouging. Gouging is after 15% or 20%, is it not?”

Responses to this line of questioning from the banks included the following:

TD: “The issue of fees and costs in particular, I know, are of interest to this committee, and it's a complicated question to answer. First, I'm not about to disclose my cost structure, especially with my competition sitting right beside me. That is proprietary information, and we do compete strongly.”

BMO: “I will have to echo the comments made on that subject earlier. First of all, the matter of costs on any one service is a very challenging thing to determine, and we would not disclose it if we did have those costs.”

BNS: “[…] So we don't look at this as one specific cost setter. It's part of an integrated part of opening up a new branch system. We don't divulge that for competitive reasons.”

Interac: “Interac Association does not set or regulate fees charged by our members to consumers or merchants. In fact, as an association of competitors, competition law expressly prohibits us from setting or influencing this marketplace pricing. We are, however, committed to full and fair fee disclosure for consumers. Our regulations require ABM operators to display their fees, providing consumers with an opportunity to cancel a transaction if they do not wish to pay the fee.”

The cost for a bank to supply an ATM transaction to a customer of another bank that is a member of Interac does not constitute a large portion of the typical $1.50 surcharge charged to Canadian ATM users. MPs observed that it is impossible to discern how the banks compete on the surcharge issue given that the surcharges are of uniform amount, usually $1.50. Banks were represented on this issue in the media and initially at FINA by the Canadian Bankers Association (CBA), evidencing at least some level of cooperation between banks on the surcharges issue. In another example of bank uniformity on the issue, five of the six banks that testified at FINA made a point of stating what percentage of their own customers' transactions were carried out at their own ATM machines. Here are the numbers:

BNS 75%

TD 80%

CIBC 90%

RBC 80%

BMO 85%

According to testimony of the CBA, ATM fee revenue to Canadian banks is about $153 million and as a percentage of bank revenues that would be some very small fraction of 1%. The 10% to 20% of transactions carried out by customers at machines that are not of their bank therefore constitute all of the $153 million in ATM fee revenue.

UseMyBank

UseMyBank, that was profiled in Issue 5 of the FT, had three principal points to make to the committee. The first was a demand that regulators, by amendment to Rule H-6, treat the Canadian banking system as an infrastructure operated by the banks, to which access should become a matter of right rather than privilege for non-FIs such as UseMyBank. Iuso, of UseMyBank, cited access to telephone infrastructure as a precedent for this kind of promotion of healthy competition. The second was a call for a change to Rule E-2 such that electronic payments need not be initiated by the bank's website, thereby allowing third parties to participate in the payment process. The current rule creates a monopoly for the banks on initiation of electronic payments.

Finally, UseMyBank, leaning on the infrastructure status of banks in Canada, called for an extension of the Bank Act regulation requiring banks to open accounts for almost any individual to include rights of access to banking services for corporations.

VisionCraft

On the subject of bank liability for fraudulent cheques, Susan Ransom of VisionCraft Development Corporation testified that the CPA 006 standard is currently implemented, “consumers are being subjected to excessive cost and risk and VisionCraft sees these increasing in the future. The portion that dealt with cheque scanning in Bill C-37 is one page. The equivalent U.S. legislation, which is generally called Check 21, is 18 pages plus a 144-page final rule, which provides recourse to consumers in the face of mistakes and losses caused by scanning. Check 21 does not require scanning or truncation of cheques. It is voluntary. The banks are acting as a cartel in this matter, and no one is being given a choice. This is directly in contravention to what's happening in the U.S., where the universal commercial code requires that all cheque issuers put as many fraud features as possible on their cheques or they risk liability should a fraudulent cheque be passed.

For a full pallet of links and background on the FINA hearings, please visit the FT web site frontiertimes.ca.

EMERGIS LEADS IN CANADIAN PCI COMPLIANCE

Montreal, April 19 07 - Emergis Inc. announced the launch of its Payment Card Industry (PCI) security services as part of its Assure Security solutions portfolio. “We are proud to be the first Canadian company to be certified by PCI to provide complianceservices,” said Yogen Appalraju, Vice-President, of Security Solutions at Emergis. In the U.S. there are at least a dozen PCI consulting entities already actively helping banks, merchants and processors become compliant with the standard that most industry participants agree is de rigueur.

In an interview with the FT Appalraju explained that they will be initially targeting level 1, 4A and 4B merchants as potential clients. When asked what percentage of Canadian merchants he believed were non-complaint, Appalraju said “a lot”. Amex has reportedly sent letters to Canadian merchants giving notice of a fine that will be imposed on merchants that were not compliant as of March 2007.

Appalraju said that Emergis' PCI compliance services are distinguished from other suppliers of such services by the skills and experience of the bilingual Emergis team which includes individuals who used to work on the enforcement side of compliance.

In the U.S. former Visa and MasterCard compliance officers can fetch top dollar consulting on how to comply with the PCI standard.

The PCI Data Security Standard (DSS), established in 2006 and endorsed by American Express, Discover Financial, JCB, MasterCard Worldwide and Visa International, requires merchants and service providers that store, process or transmit customer payment card data to adopt information security controls and processes to ensure data integrity. Participating payment brands require PCI DSS compliance reports by a certified third-party assessor for merchants and service providers that process credit card transactions to achieve compliance.

“The PCI Security Standards Council is committed to helping everyone involved in the payment chain protect consumer payment data. By receiving QSA and ASV certification, Emergis is playing an active part in this important end goal,” said Seana Pitt, chairperson, for PCI Security Standards Council.

NOTE FROM THE EDITOR

Watching FINA hear from witnesses representing consumer groups and banks on the ATM fee issue, it was clear that (a) the Government is not motivated to intervene in the sector and (b) Members of Parliament know very little about how electronic payments in Canada actually work.

From the perspective of the Canadian payments entrepreneur, the main issue is access to the Canadian banking infrastructure. Whether it be Interac access, old fashioned wire transfers, EFT, EMT, USACH via Canadian banks or credit card acquiring, Canadian payments businesses are perennially stalled by banks that tend to dominate the Canadian payments field. As electronic payments, micro-payments and fee-based electronic subscription services become an ever larger portion of our economy, Canadian banks will hopefully realize the business they are now leaving on the table by excluding payments entrepreneurs from leveraging their infrastructure to make money for all concerned.

If you have a positive story about a Canadian bank that is endeavoring to help build your Canadian payments business, let us know, because we want to write about you.

Thanks to all our readers for their outstanding support following on our last issue. In appreciation of your support, we have made this issue a special twelve page issue.

From all of us at the FT, we wish you a great Canadian start to the summer.

Adam N. Atlas

Editor in Chief

atlas@frontiertimes.ca

NEWS

VersaPay and Chase Paymentech to Market Payment Processing Services in Canada

Vancouver, May 07 - VersaPay Corporation, a national Canadian sales organization providing payment processing and financial transaction solutions, has signed an agreement with Chase Paymentech to offer businesses a single source selection in processing credit, debit and customized gift card transactions.

Leveraging Chase Paymentech's powerful payments technology, VersaPay will provide Canadian merchants the ability to accept Visa, MasterCard, American Express, Discover, JCB, Interac Direct Debit and Interac Online as well as FlexCache, Chase Paymentech's customizable stored value gift card program. VersaPay will further enhance its B2B payment platform by integrating with Chase Paymentech's technology infrastructure.

In making the announcement, Mark Lachance, President of VersaPay said, "We are excited to have forged a relationship with Chase Paymentech. They have proven to be a phenomenal technology and network provider and we look forward to leveraging our synergies and providing the Canadian marketplace with unparalleled service."

Sam Jawad, President, Chase Paymentech Canada thinks this agreement creates a great opportunity for both companies. "Today's consumers demand choice and we are pleased to be working with VersaPay to enable merchants to provide the full spectrum of payment acceptance. Additionally, Chase Paymentech's FlexCache will allow many businesses to profit from the rapid growth of the gift card market."

China's UnionPay Coming to Canada

Canada, March 27 07 - China UnionPay will expand into eight more overseas markets this year to boost its share in the international market.

UnionPay, the country's sole trans-bankcard system operator, will venture into countries including Denmark, Sweden, Norway, Iceland, Egypt, South Africa, England and Canada this year, said Yan Qiang, assistant president of UnionPay.

The Shanghai-based company has already set up its foothold in 25 countries and regions including the United States, Germany, Hong Kong and Japan. China UnionPay Co expects double-digit growth in its overseas card-based transactions this year as more Chinese travel aboard.

Bankcard-based transactions topped 25.5 billion Yuan (approx. US $3.3 billion) last year in overseas markets, nearly double the level a year ago.

Building up the UnionPay brand into a world-class payment method is on Shanghai's five-year plan to become a world financial hub. UnionPay also has big ambitions to further expand its business in China.

UnionPay is the sole player for inter-bank local currency bankcard payment switching in China. It was set up in March 2002 with a registered capital of 1.65 billion Yuan by 80-plus financial institutions, including the country's big-four state-owned banks and other major commercial lenders.

First Data International Signs WestJet in Canada

Toronto, April 23 07 - First Data International, a global leader in electronic commerce and payment services, announced that it has signed a merchant acquiring processing agreement with WestJet, Canada's second largest airline. First Data will provide WestJet with merchant acquiring processing services including Visa and MasterCard.

"We are pleased to be working with WestJet," said Peter Harrington, President, Latin America and Canada, First Data International. "This is a significant and strategic win for First Data in Canada, and it demonstrates the trust our clients place on us to deliver value through our innovative and reliable electronic processing solutions."

"First Data was clearly the right partner for us based on their extensive experience in the Canadian travel market, and their ability to deliver a comprehensive range of services to meet our business needs," said Hugh Dunleavy, WestJet Executive Vice- President Commercial Distribution. "We look forward to building a long-term relationship with them."

First Data provides merchant acquiring and card issuing payment processing services throughout Canada. The company combines its worldwide expertise with local market knowledge to build new partnerships, strengthen client relationships and deliver market-tailored solutions to the region. First Data continues to bring its clients in-country expertise from offices in Canada.

Chungho Chooses the Hercules+ Wireless for ATMs

Saint-John, March 30 07 - Chungho Canada Inc. chooses DPL's Hercules+ Wireless Modem to sell with their ATMs. “We are excited to work with the DPL Group. The Hercules+ units provide our resellers with fast, secure connectivity - at a great price” says Eugene Kim.

The Hercules+ is Canada's Premier Wireless Solution for ATMs. In addition to its ease of use, it supports ATM Management using the Manufacture's Software and has a Theft Alarm Module, AC Disconnect Module and Signal Strength Meter available.

The DPL Group is a Saint John, N.B. Company. Visit the web site http://www.dpl.ca or call 506-635-0055.

MuchMusic Launches Card for Teens

Toronto, March 12 07 - MuchMusic has confirmed it is going where no music station has gone before, into the prepaid card business. Parents will be able to control how much money their kids can spend using this special Prepaid MasterCard, to ensure they don't go into debt or spend too much. It's seen as a good way to match a teen-friendly brand (MuchMusic) with a chance to educate youth about how to manage their money.

Cash can be added to the card at most banks or an ATM and parents will be able to monitor the transactions over the web. They can also oversee the accounts for those between the ages of 13 and 15, while anyone over 16 can apply for a card on their own. That's not all, a full 10 percent of all the profits from the card will go to support War Child Canada, a charity that helps kids affected by conflicts across the globe.

All new cardholders get 10 free downloads from

MuchMusic.com and a 15 percent discount from the MuchStore. It costs just under $35 plus tax, there are no monthly fees and you can add as much money to it as you can afford or want your kids to have.

New Gift & Loyalty Card Solution from STS and Precidia

Ottawa, April 2 07 - Precidia Technologies Inc., a global leader in the design and manufacture of Internet Protocol (IP) payment and networking devices, together with leading gift card and customer loyalty program provider Smart Transaction Systems (STS), announced the Class B certification of Precidia's POSLynx220™ payment router.

This certification offers merchants a wider range of routing options for gift, loyalty, stored value and multiapplication cards, as well as payments. The POSLynx220 delivers fast, secure and cost-effective routing of these transactions to their respective processors, using existing cash register systems or payment terminals.

The multiport POSLynx220 can route transactions from any existing cash register, terminal, or other point-of-sale device, to the processor's host, speeding transactions, and eliminating the cost of dedicated dial lines. The return on investment is fast for organizations with multiple points of sale.

ITSportsNet and NXGEN Provide On-Line Payment Services to Canadian Sports

Calgary, March 8, 07 - ITSportsNet, a recognized leader in registration, league management, website, and communication solutions for sports organizations, and NXGEN Canada, a leading payment services provider, announced an agreement that will further extend secure, fast and cost effective on-line payment options to sports clubs and leagues in Canada and internationally.

As a result of this agreement, ITSportsNet will strengthen its already complete turn-key solution to sports organizations by providing improved options for the collection of on-line payments for players' enrolments and purchases made by participating club websites.

NXGEN Canada is an authorized reseller of NOVA Information Systems Canada, an affiliate of NOVA Information Systems (NOVA).

CSI Acquires Institute of Canadian Bankers

Toronto, March 30 07 - CSI Global Education Inc. (CSI) announced that it has acquired The Institute of Canadian Bankers (ICB), a division of Thomson Canada Ltd., a Thomson Corporation company. The transaction will close before the end of March.

CSI is one of Canada's leading providers of interactive educational services to the financial services industry. Its purpose is to enhance the knowledge and skills required by securities and financial services professionals in Canada and abroad.

The Institute of Canadian Bankers is a leader in the field of innovative and client-focused financial services training and education offering self-paced, distance, online, and classroom learning in addition to its consulting services to professionals in more than 40 countries. It awards four professional designations, delivers one of the most sought after mutual funds licensing courses in Canada, and offers a Bachelor of Commerce degree in partnership with Nipissing University and a Master of Business Administration in Financial Services degree in partnership with Dalhousie University and the University of Quebec at Montreal.

ICB was founded in 1967 as part of the Canadian Bankers Association and acquired by Thomson Corporation in 2004. It has offices in Montreal and Toronto. The specific terms of the agreement were not disclosed.

Operations of both organizations will continue as usual for the time being and all commitments to students currently enrolled in ICB courses will be honored.

Chase Launches New Card in Canada

Toronto, March 20 07 - Chase Card Services, a division of

JPMorgan Chase announced the launch of the Chase Gold

MasterCard®, the company's first proprietary credit card for

Canadian consumers. The new card offers card members savings

with a low introductory interest rate on balance transfers, no

annual fee and many other benefits.

The Chase Gold MasterCard marks Chase's third card

offering in Canada. In 2005, Chase entered the Canadian

market with the acquisition of the Sears Canada credit card

portfolio. Most recently, Chase introduced its new Marriott

Rewards® Platinum Visa® Card in Canada. Further

demonstrating its commitment to the Canadian market, the

company recently announced plans to hire 100 Ottawa-area

employees and will also expand jobs in Toronto to support its

credit card business in Canada.

“The Chase Gold MasterCard is another extension of Chase's

mission to offer Canadian consumers high-quality products and

services,” said Sherri Silver, senior vice president, Chase Card

Services, Canada. “We look forward to introducing many other

credit card related products and services in the near future.”

Gold MasterCard Benefits:

Chase is launching the new Gold MasterCard by offering a

limited first-time offer of a low introductory rate for six months on

balance transfers and no annual fee. Other product features include:

o Acceptance at over 24 million locations internationally;

o 24/7 customer service with MasterCard Global Assist;

o Zero liability on unauthorized purchases;

o Cash access at nearly one million ATMs and bank locations; and

o Emergency card replacement.

Credit Card Fees Pile Up

Mississauga, March 19 07 - Credit card issuers have adopted

some new policies that could make consumers pay more. It's not

enough that they charge interest rates of 18 to 20 per cent a year

on credit cards when the banks' prime rate is 6 per cent. They're

also dinging you with extra fees and changing the way they

calculate interest, so you have to wait longer to get an interest-free

grace period if you miss a payment.

BMO is one of three Canadian banks (along with RBC and

CIBC) to change its method of calculating interest. Suppose you

make a partial or late payment in April. This means you will get

an interest-free period on new purchases only in July - assuming

you pay in full in both June and July.

With the old method, no interest would be charged on new

purchases made in May, as long as you paid your balance by the

June due date.

Companies using the old method include Canadian Tire,

Citizens Bank, HSBC Bank, JP Morgan Chase Bank, Laurentian

Bank, National Bank, Scotia bank and TD Canada Trust. Others

using the new method include Amex Bank, Citibank, MBNA

Canada and Wells Fargo Financial Corp.

You can find out which method your card issuer uses by

checking the Financial Consumer Agency of Canada's updated

credit card comparisons.

Credit card issuers are also becoming more aggressive in their

marketing. You might end up with a new card or a payment

protection plan simply by agreeing to receive information.

According to the FCAC's comparison tables, most credit card

issues now also have over-the-limit fees. They range from $20 to $35.

New NetVu™ Facilitates Processing for Convenience Stores

Ottawa, April 10 07 - Precidia Technologies Inc., a global leader in the design and manufacture of Internet Protocol (IP) payment and networking devices, announced today the release of NetVu™ version 2.3. This new release of the popular management server is the result of consultations with the convenience store industry's major players, incorporating features such as PCI compliance automation and remote application download.

Designed to work alongside the POSLynx220 and other products such as the iPocket232, NetVu delivers the widest range of deployment, management and security features in the payments industry today.

In much the same way an anti-virus package protects a PC, NetVu automatically updates the POSLynx220 as new threats are recognized and standards evolve. In addition, NetVu's design reflects PCI standards, compelling compliance with strict password rules and audit logs of operator activity. These features effectively deliver security insurance to merchants, ensuring ongoing PCI compliance today and into the future.

Another key feature in this newly released version of NetVu is the ability to remotely download configurations to a field device. Remote configuration and application download is critical for major oil and convenience store chains, providing a simple, cost effective means of standardizing operators on the same applications and versions. This capability contributes to NetVu's reputation for dramatically cutting support costs. With NetVu monitoring and actively managing the end device, help desks can remotely detect the root of problems, for fast resolution. To make 24/7 support even easier, existing help desk applications can be interfaced to NetVu through standard web services.

Moneris Solutions President and CEO Jim Baumgartner Elected President of Electronic Transactions Association

Toronto, April 23 07 - Jim Baumgartner, President and CEO of Moneris Solutions Corporation, Canada's largest provider of debit and credit payment services for merchants, has been elected President of the Electronic Transactions Association (ETA).

ETA is the international trade association serving the needs of organizations offering payment processing products and services with over 500 member companies from seven different countries. Most of the ETA's activities are in the U.S.

Baumgartner's presidency, announced at the 2007 Electronic Transactions Association Annual Meeting and Expo, held last week in Las Vegas, Nevada will take effect on July 1, 2007. He will be the ETA's 16th president since the organization's inception in 1990.

"Jim Baumgartner is an exceptional leader and someone who has always put the needs and well being of ETA and its members first," said ETA Executive Director, Carla Balakgie. "We are thrilled to have him as our new President."

In 2005, Baumgartner was named ETA Member of the Year, an award presented to a member who embodies the true spirit of ETA by demonstrating exemplary leadership skills while contributing time, effort, and ideas that have resulted in significant contributions to the success of the association.

"I am honored to serve as the next leader of this outstanding organization," Baumgartner told the more than 3,000 payment professionals from CEOs to sales agents attending the ETA meeting this week.

"As president of the ETA, I will seek to build upon the efforts of my predecessors to listen, to respond to the needs of our membership and to promote the growth and integrity of electronic payments."

FabulousSavings Launches the Essentials Program through GetBusiness.ca

Toronto, April 23 07 - FabulousSavings, an award-winning Internet marketing company specializing in delivering highly targeted browsers and turning them into loyal customers, announced the launch of their popular Essentials program through Getbusiness.ca as the first step in the program's highly anticipated global expansion.

The FabulousSavings.com Essentials program which has been developed and perfected over eight years helps small and medium sized businesses in local communities to get online and Get Business. Basically, the Essentials program allows business owners to do what they do best: focus on their business rather than trying to figure out how to become a web marketer.

Getbusiness.ca adds to FabulousSavings' growing list of achievements and innovations in the online marketing field. The company was named one of the top affiliate marketers in Canada and won the coveted 2006 Innovative Affiliate of the Year Award at the prestigious Third Annual LinkShare Golden Link Awards held in New York. All of these awards and accolades are based on the Essentials program modified for American retailers.

With Getbusiness.ca, FabulousSavings intends to expand on the success of their popular Essentials program by reaching out to small business, the one commercial sector that has - up to now - been unable to join the e-commerce revolution.

Three Arrested in York Region Bank Machine Scam

Toronto, March 14 07 - The work by two off-duty York Region police officers have led to the arrest of three people and the recovery of more than $18,000 in connection with a spree of fraudulent ATM transactions.

Police contacted a number of financial institutions, and after identifying specific bank accounts, recovered more than $18,000 in cash. Investigators believe the culprits made more than 40 fraudulent bank transactions in a span of 35 minutes.

The trio face 47 charges, including fraud over $5,000, possession of credit card data, disguise with intent and driving while disqualified.

NXGEN Payment Services Appoints Giuseppe Caltabiano as Chief Operating Officer

Whitefish, May 07 - NXGEN Payment Services, a leading MSP for both NOVA Information Systems and Cynergy Data, has named Giuseppe Caltabiano as its chief operating officer (COO). Caltabiano will be responsible for managing and directing NXGEN's operational functions for its North American and International facilities. As COO, Caltabiano will report directly to CEO Thomas Nitopi. Mr. Caltabiano will retain his functions and title of President of NXGEN International.

Caltabiano joins NXGEN with more than 15 years experience in senior management positions. Prior to joining the NXGEN Family, Mr. Caltabiano was CyberNet Inc.'s (a Korean Vendor in the top ten of payment industry suppliers) President of WorldWide Operations, responsible for all of CyberNet's international operations, including payment product sales, support and marketing. He brings with him 20 years of experience in the high tech industry worldwide, including 8 years at VeriFone as vice president of business development in Asia Pacific and as one of the founding members of VeriFone's European operations.

He has held business development positions at Olivetti, Philips, and Fingross Card Systems. Immediately prior to joining CyberNet, he was the vice president of IT and business development for GemWare and the general manager of Tranzkorp, an Australian enterprise that has developed and marketed both magnetic-stripe card, smartcard and Internet based loyalty programs. Giuseppe holds a Doctorate in Electronics and Computer Science, University of Milan, Italy and a Master of Business Administration, University of Milan, Italy.

Culligan Enters Financial Partnership with GE Money Canada

Saskatchewan, May 9 07 - GE Money, the Canadian consumer lending unit of General Electric Company has reached an agreement with Culligan, a global innovator of highquality water treatment solutions for business and residential use, in which GE Money will provide financing for consumers purchasing Culligan's products.

GE Money's approach to financing offers special promotional and everyday financing options, such as rapid credit decisions and the timely disbursement of funds. This enables faster service to consumer clientele and has been shown to contribute to an increase in sales.

The agreement between Culligan and GE Money is for the sale of Culligan products across its Canadian dealer network. The company has 50 dealers across Canada.