CyberCash Sells Commission Junction

CYCH, Inc., f/k/a CyberCash, Inc. announced Thursday that the initial liquidating dividend to be paid upon surrender of its common shares will be $0.25 per share. The dividend will be paid on or about December 24, 2001, or upon surrender of outstanding common stock certificates in accordance with a transmittal letter being mailed to all record holders of the common stock as of December 4, 2001.

The transfer ledger for the CYCH stock was closed effective December 4, 2001, but the stock continues to trade under the symbol CYCHQ. Tom LaHaye, the Plan Administrator responsible for winding up the company’s affairs, explained, “Record holders of our common stock will receive transmittal letters from our transfer agent, EquiServe, providing instructions to return their certificates and receive this dividend as well as pro-rata future distributions. Shareholders holding shares in street name through banks and brokers will receive their distributions through those relationships. The common stock was cancelled on December 4, and since then, investors have been trading the right to receive liquidating dividends. We currently anticipate at least one additional distribution in 2002.”

CYCH also announced it has agreed to sell its investment in Commission Junction, Inc., a pay-for-performance Internet advertising network for approximately $2.3 million cash. The company filed a motion in bankruptcy Court yesterday requesting approval for the proposed transaction, scheduled to close in early 2002. Mr. LaHaye stated, “We’re pleased to have reached a favorable outcome regarding Commission Junction in this difficult market.”

CYCH and its Tellan and ICVerify subsidiaries filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code on March 2, 2001. CYCH conducted an auction of its assets on April 11, 2001, which resulted in the sale of its Internet payment processing business to Verisign, Inc. and its software businesses, including the ICVerify and Tellan subsidiaries, to First Data Merchant Services. ICVerify and Tellan were dismissed from the bankruptcy proceedings.

Information about CYCH can be found at [][1]. Information about the bankruptcy proceeding can be found at [][2].



Smart VISA Framework

VISA released Thursday a comprehensive set of common commands, data structures, security protocols, and access methods that help to generically manage personal data on smart cards. The ‘smart VISA Framework’, developed by Oberthur Card Systems, features a suite of applets and personalization requirements designed to streamline programming for a diverse range of smart-card applications. Unique to the ‘smart Visa Framework’ is a generic applet suite that does not predetermine or limit the kind of data it manages, while permitting various concurrent data structures. This means that a single applet can be used to support a variety of programs – from frequent-shopper services to Internet authentication. ‘smart VISA Framework’ is expected to become a standard feature on ‘smart VISA’-branded, multi-application smart cards in the USA. Requiring less memory, the ‘smart VISA Framework’ also enables issuers to efficiently increase post-issuance card functionality without requiring a complex infrastructure for loading applets. New applications can be deployed for cards already issued via software for PCs and point-of-sale devices. VISA members have issued approximately 50 million smart cards worldwide and about 8 million cards in the USA.


Certegy Renews Best Buy

Certegy Inc., announced that Best Buy Co., Inc., one of the nation’s premier electronics retailers, has selected Certegy to continue providing point-of-sale check risk management and loss prevention services.

![][1] “We were chosen by this leading retailer because of our accurate and effective check risk management systems as well as our proven customer service excellence,” stated Jeff Carbiener, senior vice president and group executive of Certegy Check Services, Inc. “Each time key customers, like Best Buy, renew their contracts, it’s a testimony to our ability to provide our customers with increased sales, lower losses and improved bottom line profitability,” concluded Carbiener.

Minneapolis-based Best Buy Co., Inc., is a long-term Certegy customer, since 1987, and uses Certegy’s check warranty, collections and other services at over 400 Best Buy stores and 1,300 Musicland stores nationwide. Certegy’s unique artificial intelligence modeling and superior risk management technology enables Best Buy to reduce fraud and control check expense while maintaining superior customer service levels and consumer satisfaction. Best Buy is the number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances in the U.S. The Company operates retail stores and commercial web-sites under the names: Best Buy, Magnolia Hi-Fi, Musicland, Media Play, On Cue, Sam Goody and Suncoast.

Certegy Check Services offers a wide range of check processing services, including check authorization, featuring check warranty and self-risk check management programs for personal, business and payroll check acceptance to merchants worldwide. Certegy supports electronic check authorization using ACH processing, custom designed programs for the gaming industry, and point- of-sale employee monitoring software solutions for the detection of employee theft and fraud. Certegy also offers merchants check collections, payment services solutions for mail, telephone and catalog orders, e-commerce solutions using online real-time payment processing with identity authentication, and merchant credit card services designed for acceptance and processing of credit card transactions.

About Certegy Inc.

Certegy provides credit, debit and merchant card processing, e-banking, check risk management and check cashing services to over 6,000 financial institutions, 175,000 retailers and 140 million consumers worldwide. Headquartered in Alpharetta, Georgia, Certegy maintains a strong global presence with operations in the United States, Canada, United Kingdom, Ireland, France, Chile, Brazil, Australia and New Zealand. As a leading payment services provider, Certegy offers a comprehensive range of transaction processing services, credit risk management solutions and integrated customer support programs which facilitate the exchange of business and consumer payments. Certegy employs over 5,800 associates in nine countries and generated $779 million in revenue in 2000. For more information on Certegy, please visit [][2].

[1]: /graphic/bestbuy/bestbuy.gif


Cubic MTA Contract

The Maryland Transit Administration has awarded Cubic Transportation Systems a $38.3 million contract to deliver the nation’s first statewide smart ticketing system. The new MTA ticketing system, using a single smart card, will join all subway, light rail and commuter rail systems. The ticketing system will also link the state’s commuters to the regional bus system that feeds into Washington, D.C. Cubic’s fare collection system will use both magnetic and smart card products. Cubic will integrate the MTA’s new rail equipment, including gates, handheld units and ticket vending machines with Cubic’s ‘Tri-Reader’, one of Cubic’s ‘Nextfare Solution Suite’ advanced smart card tools, developed to plug into new and existing mass transit systems. As part of the MTA contract, Cubic will deliver several value-added ticketing services, such as ‘SmartBenefits’, which enables participating federal and private sector employees to receive transit benefits directly on their cards.


Affluent Households Rise

According to The U.S. Affluent Market, a new market research study published by Packaged Facts and released by, the number of affluent American households — defined as those with an income exceeding $100,000 — is growing at a much faster rate than the total number of U.S. households. There are 22% more affluent households in the United States now than there were in 1997, and in spite of the current economic slowdown, the number of affluents should only dip by about 3% in 2001.

As marketers scramble to find out how these growing numbers of affluent Americans want to spend their money, hard data on the demographics of the market and the effect of the Internet on affluents’ habits is more important than ever. The U.S. Affluent Market provides market data and analysis on this consumer demographic, including what they like, what they want, and most importantly, where they spend their hard earned wealth. The report focuses on several markets upon which affluents have a tremendous impact, including the automotive, electronics, financial management, and travel and leisure industries.

The U.S. Affluent Market also provides a demographic overview of the affluent market. This snapshot of the market shows an important shift in the ethnic make up of American affluents. As ethnic groups are steadily edging up their share of affluent households, women also make up a growing percentage of affluents.

“Women and minorities head up a growing number of affluent households,” said Meg Hargreaves, VP of Research Publishing for “The fact that the demographic profile of these decision makers is shifting presents unquestionably powerful ramifications for the marketing efforts directed at this market segment.”

About Packaged Facts

Packaged Facts, a division of, produces research reports on a wide range of consumer industries and demographics, covering the U.S. markets and including information on global market trends and opportunities.

About is the leading provider of global marketing intelligence products and services. With over 50,000 research publications from more than 350 top consulting and advisory firms, we offer instant online access to the world’s most extensive database of expert insights on global industries, companies, products, and trends. For more information, visit [][1].




The International Card
Association announced the results of its Third Annual Card
Manufacturing Global Market Survey. The survey revealed that while the North
American region leads the world in the total number of cards manufactured,
Europe continues to be the most lucrative market.

The regions surveyed were North America, Europe, Asia Pacific, Latin America
and MEA (Middle East/Africa). The products surveyed were plastic cards of all
thickness, including traditional cards with and without magnetic stripe, and
chip cards that include contact, contactless and combi-cards for diverse
applications such as financial hologram cards, ID cards, phone cards, access
cards, radio frequency identification (RFID) cards and more.

The survey measured the numbers of cards manufactured and market volumes.
findings revealed that in 2000, approximately 8.8 billion cards were
manufactured, an 11.4 percent growth rate over 1999 when 7.9 billion cards
manufactured. However, the global card market measured in U.S. dollars
4.5 percent from 1999-from $4.5 billion to $4.3 billion in 2000-resulting
the impact of severe price pressures.

The survey also analyzed other geographic and card-specific statistics

Geographic Findings

· The North American unit card market remains first in 2000 with 53 percent
share, however, the North American dollar card market remains in fourth
position for 2000 at $548 million-an increase from the 1999 figures of $529.2
million, but again lagging in chip card growth.

· The European unit card market remains second with 24 percent share.
the $2.037 billion European dollar card market continues to be four times the
size of the North American market, although slightly down from the $2.153
billion in market in 1999, and is driven by chip cards, which are a mature
product in the European region.

· Asia Pacific is second in markets measured in dollars, with a market of
billion, which is slightly down from the 1999 figure of $1.119 billion.
Card-specific Findings

· Traditional cards represent 82 percent (1999: 81.7 percent) of the units
24.8 percent (1999: 23.2 percent) of the dollars while Chip Cards represent
percent (1999: 18.3 percent) of the units and 75.2 percent (1999: 76.8
of the dollars on a global basis.

· Non-secure cards represent more than 40 percent of the global card unit
and experienced the largest growth with 12 percent on units and 7.5 percent

· Financial hologram cards represent 11.8 percent of the global card unit
and increased 11.2 percent in units and 2.5 percent in dollars, which is
impacted by lower average unit prices.

· The 26 million chip cards manufactured in North America made it the only
regional dollar growth market on a global basis. It grew 3.6 percent while
overall global dollar market declined by 4.5 percent.

· Severe price pressure deflated the chip card dollars by 7.4 percent even
a 10.5 percent unit growth increase over 1999.

“The survey represents a continued global trend in chip card growth except in
North America,” notes Jeffrey E. Barnhart, ICMA founder and executive
“And as higher priced chip cards continue to grow and gain share over lower
priced traditional cards, the industry will experience global dollar market
The Survey also unveiled assumptions for the card manufacturing industry in
coming year. Surveyors believe that continued price pressure will lower
unit selling prices attributed to global recession, industry overcapacity,
inventory; the financial hologram market should exhibit strong growth from
Q4-2001 and throughout 2002 as Y2K major reissues occur; and non-secure cards
will also exhibit continued robust growth that will be attributed to gift
and loyalty programs.

About the Survey

ICMA, the world’s leading global association for card manufacturers,
personalizers and service providers, conducted the survey in conjunction with
the noted accounting firm, Deloitte & Touche. The survey measures numbers of
cards manufactured and market volumes, not individual manufacturers and
applications. Card manufacturers throughout the world completed the
confidential survey.

About ICMA

Based in Princeton Junction, NJ, ICMA is a non-profit association of plastic
card manufacturers, personalizers and related industry participants. With
than 220 members globally, the ICMA acts as a clearinghouse for industry
issues, including the production, technology, application, security and
environmental issues of plastic cards.


Acxiom & Providian

Acxiom Corporation announced an agreement with Providian Financial Corporation that leverages Acxiom’s Customer Data Integration expertise and Providian’s credit marketing acumen in the creation of a state-of-the-art customized prospect marketing database.

Acxiom, a global leader in CDI and customer recognition infrastructure, has created a sophisticated marketing database solution to drive Providian’s acquisition campaigns. The solution incorporates Acxiom’s Customer Data Integration software, AbiliTec(R), as well as InfoBase(R) TeleSource, the most comprehensive, multi-sourced telephone data product in the U.S. AbiliTec enables the most accurate matching of data from disparate sources to ensure credit card offers are targeted and delivered to the right individuals.

“Acxiom’s focus on Customer Data Integration is a perfect fit with Providian’s customer-focused approach to consumer lending. Acxiom could help us reduce costs and provide better targeted acquisitions while strengthening our ability to penetrate the middle market, which is where the company is focusing its marketing dollars,” said Michael Kelleher, senior vice president of Information Management at Providian.

“Providian has become an industry leader because its mission is to provide a quality borrowing experience that leads to active and lasting customer relationships,” said Tim Watts, Financial Services Group Leader at Acxiom.

About Acxiom Corporation

Acxiom Corporation, a global leader in Customer Data Integration (CDI) and customer recognition infrastructure, enables businesses to develop and deepen customer relationships by creating a single, accurate view of their customers across the enterprise. Acxiom achieves this by providing CDI software, database management services, and premier customer data content through its AbiliTec(R), Solvitur(R) and InfoBase(R) products, while also offering a broad range of information technology outsourcing services. Founded in 1969, Acxiom (Nasdaq: ACXM) is based in Little Rock, Arkansas, with locations throughout the United States and with operations in the United Kingdom, France, Spain and Australia. Acxiom revenues were $1.01 billion for the fiscal year ended March 31, 2001. For more information, please visit [][1].

About Providian Financial

San Francisco-based Providian Financial is a leading provider of credit cards and deposit products to customers throughout the U.S., and also offers credit cards and deposit products in the UK and in Argentina. The company has more than $32 billion in managed receivables and more than 18 million customer accounts.




The Quebec Health Ministry announced this week it will spend $159 million to
launch smart cards for Medicare benefits. Residents will be able to use the
cards in early 2003. The card will provide access to files which summarize the
individual’s allergies, medication tolerance, prescribed drugs and recent
medical tests. For privacy protection, the card will not control access to
services nor will insurance firms have access to card data. The Health
says it expects for save between $40-$50 million per year with the new cards.


MasterCard Expansion

The nation’s fastest growing card network says it has outgrown its current headquarters. MasterCard International announced Wednesday it will establish new headquarters for its North America region in existing office space adjacent to MasterCard’s Global Headquarters in Purchase, New York. MasterCard’s global headquarters will remain in its current location. All 125 North America region employees who currently work in Purchase will be relocated to the new facility at 100 Manhattanville Road, where MasterCard will lease 47,000 square feet of space. The targeted move in date is April 2002. MasterCard will continue to have more than 1,100 employees working at its Global Headquarters at 2000 Purchase Street. MasterCard moved to its Purchase location from Manhattan in October 1995. During the first six months of 2001, the number of MasterCard cards issued globally grew at the highest rate in 10 years. In the U.S. market, card issuance at the end of June jumped 20%, almost twice the growth rate reported for the same period of the previous year. (CF Library 12/17/01)



Comerica Incorporated announced the successful launch of a new Canadian Dollar
Purchasing Card to
help companies with Canadian-based operations eliminate costs associated with
currency exchange. The Canadian Dollar Purchasing Card has all of the same
features as Comerica’s extremely popular Purchasing Card, but settles in
Canadian currency. The announcement of the new card was made by Daniel J.
McCarty, senior vice president and officer-in-charge of Treasury Management
Services for Comerica.

“Our Canadian-based business clients, through our partnership with
MasterCard, will now be able to settle their purchasing card accounts in
Canadian dollars, as opposed to U.S. dollars, which eliminates unnecessary
costs associated with currency exchange,” said McCarty. “It also eliminates
the exposure to fluctuations between the transacting and settling currencies.
This may be critical, especially considering that the timing of purchases and
the subsequent payment can be weeks apart.”

Comerica’s high-tech Canadian Dollar Purchasing Card is uniquely designed
for businesses because managers can place a combination of limits on card
such as by type of merchant and amount of purchase. For example, a cardholder
can be set up with a $250 limit for “Stationery and Office Supplies,” a
limit for “Travel and Entertainment” and a $50 limit for “Gas and Oil.” These
and other limits can be unique to each card. Through the use of a combination
of spending limits, businesses are able to control and monitor expenses, and
streamline their entire payables process. The Canadian Dollar Purchasing Card
is accepted by more than 21 million MasterCard merchants worldwide.

In addition, the Canadian Dollar Purchasing Card comes with a number of
Internet options, including iTracer, an online information reporting package
that, among other features, enables program managers to isolate spending on a
company-wide basis with a category of merchants or even a single supplier in
order to negotiate volume discounts. iTracer is like having a daily online
statement for all or part of the company’s cardholders. Monthly statements
are also much more convenient with iStatement, where cardholders can log onto
a secure web site to see their statements online and in Canadian currency.
The Canadian Dollar Purchasing Card, Purchasing Card, Fleet Card,
Corporate Card, Multi-Card and Comerica CompCARD comprise Comerica’s
Commercial Card family of products and can be combined for consolidated
payment and reporting.

This product is the latest financial service to be offered from Comerica’s
North American platform. It reinforces the company’s long history of
providing credit and non-credit financial services to companies doing
in North America. Through its regional office in Toronto, Comerica provides a
wide range of corporate banking, foreign exchange, treasury management and
international trade services in Canada.

To find out more about Comerica’s commercial card products, visit
Comerica’s web site at
a href=

Comerica Incorporated is a multi-state financial services provider
headquartered in Detroit, with banking subsidiaries in Michigan, California
and Texas, banking operations in Florida, and businesses in several other
states. Comerica has an investment services affiliate, Munder Capital
Management, commercial banking operations in Canada and a commercial banking
subsidiary in Mexico. Comerica reported total assets of $50 billion at
September 30, 2001.


Providian’s Investigation

Seattle’s Keller Rohrback L.L.P. is currently investigating potential ERISA claims on behalf of participants and beneficiaries of Providian’s retirement and 401(k) plans.

The investigation period covers June 6, 2001 through October 18, 2001. The investigation focuses on concerns that, under the law interpreting ERISA, Providian and its plan administrators may have breached their fiduciary duties of loyalty and prudence by failing to disclose and inform the Plan participants and beneficiaries with respect to the Company’s operations and prospects for second and third quarters 2001. Rather than providing complete and accurate information to the Plan’s participants, it may be alleged that Providian and the plan administrators may have withheld and concealed material information, thereby encouraging participants and beneficiaries to continue to make and to maintain substantial investments in company stock and the Plans. This investigation is being conducted in light of recent events.

In late June 2001, Providian changed the way it processes its bankruptcy filings and thus changed when it recognizes losses and deferred the recognition of approximately $30 million of charge-offs from June (and second quarter 2001) into July. Providian allegedly manipulated its financial statements for second quarter 2001 and shaved 40 basis points off its second quarter 2001 managed net charge-off rate of 10.3% and boosted reported EPS by $0.06. Without this change, the loss rate would have been 10.7%, well above defendants’ guidance of 9.5%-10%. Defendants made no mention of this change on the conference call or in Providian’s second quarter 2001 10-Q. In fact, management only admitted this change after they came under pressure from analysts following a flood of calls to their investor relations department in late August 2001. During the Class Period, taking advantage of the inflation in Providian stock, certain of Providian’s officers and directors sold almost $22 million worth of their own Providian stock at artificially inflated prices of as much as $49.30 per share.

These sales were out of line with their prior trading history. If you are a member of an Providian retirement plan, wish to discuss this announcement, or have information relevant to the investigation, you may contact paralegal Jennifer Tuato’o, or any member of our team (Ray Farrow, Britt Tinglum, or Lynn Sarko) toll free at 800/776-6044, or via e-mail at

Seattle’s Keller Rohrback L.L.P. has successfully represented shareholders and consumers in class action cases for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars. CONTACT: Keller Rohrback L.L.P. Jennifer Tuato’o, 800/776-6044 URL: Today’s News On The Net – Business Wire’s full file on the Internet with Hyperlinks to your home page.



International Card Manufacturers Association Educational Institute will host
two 2002 Workshops, both
themed “Thriving in Today’s Changing Card Industry.” The workshops will be
in two locations: The Forum Hotel, Munich, Germany on February 6-7; and The
Hotel Inter-Continental Chicago, Chicago, IL, USA on March 5-6.

The chairmen of the workshops are Herbert Grün of Giesecke & Devrient, GmbH
Europe and Gerald Blight of Plastag Corporation for USA.

Topics include the latest advances in printing and personalization techniques
and equipment, standards, and more. While some of the topics for the two
workshops are shared, each workshop reflects geographical trends in its
particular region. The Europe workshop includes an entire afternoon dedicated
to polyester cards due to its prevalence. The US workshop includes a detailed
discussion about the irradiation of mail to combat bioterrorism and its
on plastic cards. Each workshop will also include an overview of the new ICMA
Card Industry Training Program.

The faculty includes an expert pool of ICMA members and other specialists.
presentation allows ample time for question and answer sessions and

The workshops are suitable for all card manufacturing and personalization
production managers, supervisors, executives and line workers. As a special
member benefit, the workshops are open to ICMA members only and are
value-priced at just $269 USD.

For a complete workshop agenda of topics and speakers, visit the ICMA Web
at For registration information or for
information on becoming a
member of ICMA, contact Lynn McCullough at (609) 799-4900; e-mail or visit the ICMA web site at

About ICMA

Based in Princeton Junction, NJ, ICMA is a non-profit association of card
manufacturers and related industry participants. With more than 220 members
globally, ICMA acts as a clearinghouse for industry issues, including the
production, technology, application, security and environmental issues of
plastic cards.