bCard Downsizes

PrimeHoldings.com’s bCard subsidiary has lowered the company’s operating cost structure by reducing headcount and payroll expenses by 30%. bCard has also consolidated its North American operations by moving key personnel from the Toronto office to the Salt Lake City office, which serves as both bCard’s corporate headquarters and operation center. bCard will maintain a Canadian marketing presence with its office in Ottawa, Ontario. bCard manages digital identification networks that allow trade show exhibitors to collect data from attendees via handheld, PC-based smart card readers.


TD 3Q/01

TD Bank Financial Group announced results
for the third quarter of fiscal 2001, reporting an operating cash basis net
income of $522 million or $0.80 per common share. This compares to an
operating cash basis net income of $511 million or $0.80 per common share in
the same quarter last year.

“A successful performance by TD Canada Trust and very solid earnings by
TD Securities were strong contributors to our overall performance,” said TD
Chairman and Chief Executive Officer, A. Charles Baillie. “Although this was a
flat quarter overall, we’re especially pleased with these results in the
context of the challenging markets that have affected many of our businesses,
particularly TD Waterhouse. With the acquisition of Canada Trust 18 months
ago, we now have retail and wholesale businesses which give us balanced and
sustainable growth.”

“We continue to focus on our strategic imperatives — achieving scale,
maintaining momentum, being where banking is going and engaging in activities
that are at least North American in scope — which we believe are critical to
our ability to deliver consistent shareholder returns,” he added.


(1) Operating cash earnings referenced in this news release exclude
restructuring costs (TD Waterhouse in the third quarter 2001, Newcrest in
the first quarter 2001, and Canada Trust in the second quarter 2000), the
effects of future tax rate reductions on future tax balances in the first
and the third quarter 2001 and the net effect of real estate gains and
general allowance increases in the first and second quarter 2001.
Operating results are presented on this basis in order to provide a
meaningful year-over-year comparison. These results also exclude the
after tax impact of goodwill and other purchase-related intangible
amortization. The Third Quarter Report to Shareholders, which will be
posted on our website, www.td.com , after September 20, 2001, consists of
both operating cash earnings and earnings that include all these items.

Business Segment Highlights

“Building on its strong performance of past quarters, TD Canada Trust
delivered solid results, with continued growth in mortgage volumes as well as
in chequing and savings account balances. Despite the major integration effort
in the quarter, TD Canada Trust contributed $275 million to the Bank’s cash
earnings this quarter, and we are meeting the targets set out in our merger
business plan,” said Baillie.
“TD Securities delivered strong earnings and return on equity,” noted
Baillie. There was positive performance in derivatives, foreign exchange,
fixed income and our public equity portfolio, as well as market share gains in
corporate debt and equity underwritings, mergers and acquisitions and
institutional equities. Increased provisions for credit losses and writedowns
in our private equity portfolio resulted in an overall minor decrease in net
income over last quarter, but ahead of last year. “With the diversity in its
businesses, TD Securities is well positioned to manage the current weaker
market conditions,” he added.

TD Wealth Management saw assets under management grow to $117.4 billion
in the quarter, despite flat markets. New institutional mandates and assets
added $1.3 billion to the total, demonstrating competitive strength in TD
Quantitative Capital. “We view this growth in our institutional business,
given the current environment, as a sign of our strength,” added Baillie.
TD Waterhouse continued its sharp focus on bringing its margins back to
more normal levels. During the quarter, the self-directed brokerage announced
a strategic business restructuring to improve its ability to face challenges
in the industry’s operating environment and to better position it for long-
term growth. As part of this restructuring, TD Waterhouse will decrease its
total workforce by 9% (approximately 600 employees) bringing it to less than
6,200 positions and close call centres in Chicago and in Bradford, United
Kingdom and 17 branches in the U.S. These measures are expected to generate TD
Waterhouse annual pre-tax savings of more than US$40 million, beginning in the
fourth fiscal quarter, and a pre-tax charge of approximately US$35 million in
the third quarter related to employee separation, facilities and other costs.
“We believe that this recently announced restructuring along with Project
200, the previously announced plan to reduce costs and increase revenues, will
help bolster earnings that have continued to decrease as a result of
substantial declines in North American equity markets which have in turn
reduced trading activity and margin lending,” indicated Baillie.
Also during the quarter, TD announced an increase to its provision for
credit losses, for a full-year provision of $620 million, excluding increased
general allowances of $300 million recorded during the first half of the year.
TD recognized a charge of $190 million in the third quarter, with the
remaining $190 million to be charged in the fourth fiscal quarter.

Integration of Canada Trust

TD achieved a major milestone in its integration with Canada Trust just
after quarter-end: the successful completion of the retail branch conversion,
which included moving customers to one common computer platform and a unified
array of products. All points of interaction with our customers in branches,
at ABMs, over the telephone or on the Internet are now operating in a
consistent manner under the TD Canada Trust banner.

“The integration has proceeded on track, and we are meeting the targets
set out in our merger business plan,” said W. Edmund Clark, President and
Chief Operating Officer of TD Bank Financial Group. “This is an exceptional
achievement, and our employees deserve to be acknowledged for their unfailing
support and impressive efforts that delivered these results. We continue to
realize integration savings and our customer service results, as measured by
our Customer Satisfaction Index, are tracking to expected levels,” he added.

Other Achievements

“A continued focus on corporate priorities resulted in several successes
for TD’s businesses for the quarter,” said Baillie, including:

– TD Securities led the successful $604 million secondary sale by
Quebecor Inc. of Abitibi-Consolidated Inc. shares, and advised British
Energy in its $3.2 billion lease transaction for Ontario Power
Generation’s nuclear plants. TD Securities also led a $650 million
equity offering for Triax Inc., structured for the retail investing
market, and completed a series of landmark cross-border offerings for
Telus Corporation with total proceeds of $6.7 billion, the largest
corporate financing ever completed for a Canadian issuer.

– TD Waterhouse Group, Inc. announced its intent to form a joint venture
with Singapore’s DBS Group Holdings Ltd., the largest banking group in
Southeast Asia, to provide self-directed investors access to a broad
range of global investment services through the Internet, call
centres, kiosks and other distribution channels. Initially, the joint
venture will serve customers in Hong Kong and Singapore with plans to
expand into other Asian markets. Hong Kong will be the hub for North
Asia and Singapore for Southeast Asia and both companies will transfer
their current Asian online trading accounts to the joint venture.

– TD Waterhouse recently announced the acquisition of R.J. Thompson
Holdings, Inc., subject to regulatory approval. The acquisition not
only instantly increases TD Waterhouse’s active trader customer base,
it also allows the firm to acquire a technology platform that will
form the basis of one of the industry’s most robust offerings for
active traders.

– TD Waterhouse successfully launched a U.K. fund supermarket, and
entered the U.K. retail market with six of its own funds, managed by
TD Asset Management Inc. In total, the supermarket provides customers
with access to nearly 400 funds via telephone and the Internet.

– TD Waterhouse Canada launched an online fixed income centre that
provides customers with access to more than 1,000 fixed income and
money market products — more than any other Canadian self-directed

– TD Capital’s Canadian Private Equity Partners Fund purchased 100% of
the shares of Harrowston Inc., a Canadian public merchant bank that
has a number of high quality international businesses with excellent
growth prospects.

– Continuing its online leadership, a Canadian Financial Monitor study
released this quarter found that TD Canada Trust led its competitors
with the highest penetration of its customer base using electronic

Economic Outlook

“With no indication of an end to the economic slowdown, it appears now
that growth will not pick up in North America until very late in 2001 or early
in 2002,” said Baillie. “Both the Federal Reserve and the Bank of Canada —
but especially the Federal Reserve — may add to the aggressive monetary
easing with additional interest rate cuts in the fall of 2001. The Canadian
economy will likely continue to outperform that of the United States, but a
longer than expected U.S. slowdown would have a greater effect on Canada’s
economic performance,” noted Baillie.


Operating cash basis(1) net income for the quarter was $522 million, an
increase of $11 million from the same quarter last year. Operating cash basis
earnings per share were $.80 this quarter, the same level as a year ago.
Operating cash basis return on total common equity was 17.1% for the quarter
as compared to 18.1% last year.

Net Interest Income

Net interest income on a taxable equivalent basis was $1,147 million this
quarter, a year-over-year increase of $188 million or 20%. This increase was
partly attributable to an increased level of trading securities and trading-
related income recorded by TD Securities. Also contributing to the growth in
net interest income was TD Canada Trust, as personal loan volumes — excluding
securitizations — increased by approximately $4 billion from a year ago and
the TD Canada Trust margin improved by 16 basis points to 3.38%. Offsetting
the increase in net interest income in TD Securities and TD Canada Trust was a
decline in TD Waterhouse. Net interest income reported by TD Waterhouse —
primarily related to margin loan balances — declined by $47 million due to
significantly lower average loan volumes this quarter compared to a year ago.

Credit Quality and Provision for Credit Losses

The estimate for the 2001 full-year provision for credit losses is $620
million, excluding an increase of $300 million in the general allowance
recorded earlier in the year. The estimate is $140 million higher than the
Bank’s estimate established in the first quarter and reflects the current
corporate credit quality environment. In the third quarter, $190 million of
the full-year estimate was expensed through provision for credit losses,
reflecting half of the increase in the full-year estimate, versus $120 million
in the first two quarters. The allowance for credit losses exceeded gross
impaired loans by $218 million at the end of the quarter, compared to a $159
million excess at year end.

The Bank’s total accumulated general allowance for credit losses amounted
to $1,169 million at July 31, 2001, up from $862 million at year end. General
allowances are maintained at a level adequate to absorb all credit-related
losses not yet identified in our portfolio relating to both loans and off-
balance sheet instruments and qualify as Tier 2 capital — to an amount equal
to 75 basis points of risk-weighted assets — under guidelines issued by the
Office of the Superintendent of Financial Institutions.

Other Income

Other income was $1,534 million for the quarter, a decrease of $98
million or 6% from the same quarter last year. The decline in other income
reflects a year-over-year decrease in self-directed brokerage revenues from TD
Waterhouse of $96 million or 30%, due to a drop in average trades per day from
157,000 to 102,000.

TD Securities continued to perform well, particularly in consideration of
the current capital markets environment. Underwriting fees more than tripled
to reach $64 million as compared to $19 million in the same quarter last year.
This increase reflected additional income from bond and equity underwriting
activities. Trading related income — which is the total of trading income
reported in other income and the net interest income on trading positions
reported in net interest income — more than doubled to reach $432 million as
compared to $206 million a year ago. The increase in underwriting and trading
revenues was offset by a decrease in net investment securities gains of $89
million or 77% and a decrease in corporate credit fees of $45 million or 49%
as compared to a year ago. The market value surplus over book value of our
equity investment securities portfolio was $577 million at the end of the
fiscal quarter, compared to $736 million at October 31, 2000.
Retail banking also reported strong year-over-year growth in other
income. Insurance revenues, service fees, card services and retail credit fees
increased by $68 million or 24% as compared to the third quarter last year.

(1) Operating cash earnings referenced in this news release exclude
restructuring costs (TD Waterhouse in the third quarter 2001, Newcrest in
the first quarter 2001 and Canada Trust in the second quarter 2000), the
effects of future tax rate reductions on future tax balances in the first
and the third quarter 2001 and the net effect of real estate gains and
general allowance increases in the first and the second quarter 2001.
Operating results are presented on this basis in order to provide a
meaningful year-over-year comparison. These results also exclude the
after tax impact of goodwill and other purchase-related intangible

Non-Interest Expenses

Total cash expenses (excluding ongoing non-cash goodwill and intangible
amortization and a one-time pre-tax restructuring charge of $54 million
related to TD Waterhouse) increased by $103 million or 6% from a year ago to
$1,726 million. Increased integration expenses at TD Canada Trust and growth
at TD Securities contributed 8% to the overall growth in expenses. This
increase was offset by lower operating expenses at TD Waterhouse resulting
from reduced investment and trading activity among investors. During the
quarter, TD Waterhouse announced a strategic business restructuring of its
operations and consequently recorded a pre-tax restructuring cost of $54
million, primarily relating to severance and premises.

The expense growth exceeded total revenue growth and as a result, the
Bank’s overall efficiency ratio, on an operating cash basis, weakened to 64.4%
from 62.6% a year ago. The Bank’s consolidated efficiency ratio is impacted by
shifts in our business mix. The efficiency ratio is viewed as a more relevant
measure for TD Canada Trust, which achieved an efficiency ratio of 61%
compared to 60% a year ago, after excluding non-cash items and funding costs
for the acquisition of Canada Trust. This weakening of the efficiency ratio
reflected increased expenses relating to the integration of our branch

Balance Sheet

Total assets were $296 billion at the end of the third quarter, $31
billion or 12% higher than at year end. The majority of this increase, $17
billion, reflects higher volumes of trading securities attributable to TD
Securities. Personal loans, including securitizations, declined by $3 billion.
This decrease is attributable to the drop in TD Waterhouse margin loans of $5
billion but is somewhat offset by the strong performance in the personal loan
portfolio at TD Canada Trust which increased by $2.2 billion as compared to
October 31, 2000. Residential mortgages, including securitizations, increased
by $2.8 billion or 5% from year end.

Personal non-term deposits grew by $4.1 billion as compared to October
31, 2000, with TD Waterhouse accounting for $1.7 billion of this increase.
Personal term deposits decreased by $1.3 billion, while wholesale deposits and
securities sold short and under repurchase agreements increased by $29 billion
in order to fund the increased level of trading activities.


As at July 31, 2001, our Tier 1 capital ratio increased to 7.9% from 7.2%
at October 31, 2000. Risk-weighted assets grew by only $28 million, whereas
our Tier 1 capital increased by $901 million as compared to October 31, 2000,
thereby significantly improving our Tier 1 capital ratio.


Sky Postilion

Mosaic Software and Bowling Green, OH-based Sky Financial Group, announced that Mosaic’s industry- leading Postilion software product has been chosen to provide ATM driving, as well as transaction switching and routing for Sky Financial’s multi-state network of ATMs.

Sky Financial, known for its community-based relationship banking strategy and unsurpassed client service, is committed to delivering the highest quality products and services to every community it serves. The installation of Postilion to handle all aspects of ATM transaction processing and management in these locations will assure the maximum availability of ATM services for their customers. In addition, Mosaic’s Postilion system provides Sky with a highly reliable, scalable and open architecture that permits easy implementation of possible new products to be delivered through the ATMs, other terminals and mobile devices. Sky’s Postilion system will have an interface to their Fiserv CBS host software application for on-us and us-on- others transaction processing and will route foreign transactions directly to the Concord EFS network. Detailed reporting as well as network settlement and reconciliation will be handled by the Postilion Office component of the system.

“Our selection of technology leader, Mosaic Software, was a better solution for our company,” stated Tom Leek, Chief Executive Officer of Sky Technology Resources, Sky Financial’s technology affiliate. “This new system and change in processing method allows us to provide a higher level of client service while in turn reducing our overall cost,” said Leek.

“We are happy to have the opportunity to work with the members of the Sky Financial Group and are proud that Postilion was selected to be at the heart of their ATM network. We look forward to being involved with such a dynamic organization and to being instrumental in supporting their continued network growth,” said Johann Dreyer, executive chairman of Mosaic Software.

About Mosaic Software

Mosaic Software is a leading-edge provider of electronic funds transfer (EFT) software for consumer-generated electronic transactions, and is the market leader for web-enabled ATM and prepay software solutions. The company is held by strategic partners GE Equity and Comparex Holdings, and Mosaic management. With offices in the USA, a European office in the UK, South Africa and Australia, Mosaic has a strong global presence. The company is firmly established in the financial services industry and its EFT solutions drive operations in a large number of multinational companies and industry leaders around the globe. Clients include financial institutions, retailers, Internet service providers, card issuers, telcos, data processing service providers and some of the foremost players in the emerging online industry, in the USA, Latin America and the Caribbean, Europe, Australia, the Middle East, Africa and the Asia-Pacific region.

Mosaic’s family of products, named Postilion, is a comprehensive software solution designed to effectively handle the transaction delivery and authorization requirements of every aspect of the EFT arena. Worldwide, Postilion is used for ATM Processing/Monitoring, EFT Switching and Routing, Point-of-Sale (POS), Credit/Debit Card Processing, Internet/Call Center Payment Authorizations, Prepayment, Internet/Home Banking and Mobile Commerce applications. Operating as the first fully fledged EFT switch running on Windows NT/Windows 2000, Postilion is live in more than 500 installations worldwide.

Mosaic Software clients include 7-Eleven (US), American Express (US), E*Trade (US), Retail Decisions (UK), Calypso (Canada), Transaction Network Services (UK), InnoVentry (US), Echo (US), Pick ‘n Pay (SA), ABSA Bank (SA), Saambou Bank (SA), NBS (SA), Vodacom SA) and MTN (SA).

An overview of the company and product may be found at: .

About Sky Financial Group

Sky Financial Group, Inc. is a diversified financial services holding company headquartered in Bowling Green, Ohio. Sky operates 205 financial centers and over 200 ATMs serving communities in Ohio, Michigan, Pennsylvania, Indiana and West Virginia. The company’s related financial services affiliates include Sky Trust, Sky Financial Solutions, Sky Access, Picton Cavanaugh and Meyer & Eckenrode Insurance Group. Sky is located on the World Wide Web at .



SLMsoft.com Inc. announced it has purchased 70% of the issued,
subscribed and paid-up equity share capital of Design Expo Network Private
Limited of Mumbai, India in a cash transaction valued at US$2,100,000. The
acquisition will provide SLMsoft.com with the platform to build a world class
R&D center and with cost effective implementation manpower to support the
deployment of SLMsoft.com’s technology.

“We are very pleased to have acquired an experienced product development
company in India. Design Expo bring a suite of leading-edge portal
applications to augment our product line and will provide us with high quality
resources to deploy technology and support our software development
initiatives” said Govin Misir, Chairman and CEO of SLMsoft.com. “With the
acquisition of Design Expo, we have secured the scalability that we need to
ensure the ongoing development of the software products necessary to remain
ahead of the competition within the electronic transaction management

The acquisition of Design Expo is in keeping with SLMsoft.com’s strategy
of building its capabilities for deploying technology in the global markets.
Last year’s investment in building SLMsoft.com’s sales and distribution
networks in China, the Middle East, Latin America, and North America have
resulted in a significant pipeline of opportunities being identified in these
markets. Design Expo will provide the scalability that SLMsoft.com needs to
implement these solutions quickly and reduce the time to market for new

“SLMsoft.com’s selection of Design Expo as the base for its global
development center is a reflection of the maturity and capability of Indian
software companies” said Manu Agarwal, CEO of Design Expo. “It is a pleasure
to become part of the SLM group, a technology leader in banking solutions, and
I am sure the association will take both Design Expo and SLMsoft.com to new
heights. Design Expo software product development and implementation expertise
combined with SLMsoft.com technology and its deep financial sector expertise
will put the SLM group on a steep growth path”.

About Design Expo

Since 1997, Design Expo has built its reputation by providing its clients
with the latest Internet Information Technology solutions. Currently, the
Company offers a comprehensive suite of portal and communication applications
that provide businesses with one-stop shopping for a complete web enablement
solution. With over 100 professionals, Design Expo has the infrastructure to
provide its clients with the strategic software solutions to streamline
operations and enhance customer relations and thereby improve operational

About SLMsoft.com

Founded in 1986, SLMsoft.com is a leading developer of electronic payment
systems and transaction processing solutions, including e-commerce
applications with a focus on the financial services industry. SLMsoft.com
provides real-time end-to-end e-banking solutions that include Internet
banking, interactive voice recognition (IVR), debit and credit card issuing,
automated teller machines and point-of-sale network management, retail branch
management, and e-CRM enabling technology. SLMsoft.com also provides
investment brokerage client and portfolio management applications for the
brokerage industry; e-health solutions which enable health insurance claims to
be evaluated at the point of service, processed and settled in real time; and
e-government solutions which enable consumers to pay fees for government
services in person, at kiosks, through IVR systems or the Internet. For more
information, please visit the Company’s website at www.slmsoft.com.


AmEx & Tiger

American Express is set to break today an extensive advertising campaign with Tiger Woods. The six new print ads and three television spots will make up the most ambitious Tiger-inspired campaign since he joined American Express as a spokesperson in 1997. The new campaign will be underway as Tiger competes at three high-profile golf events during the next two months: The NEC Invitational, the American Express Championship and the Ryder Cup. The new AmEx television ads will debut during The NEC Championship telecast this weekend.


Microsoft Trust

Gary Condit and Microsoft have one thing in common: credibility problems. A new study released this morning found one-third of online consumers are very concerned that Microsoft will not keep their personal and credit card information safe and secure, and that the software giant will sell their personal information to other companies without first consulting consumers. Only 15% affirmatively trust Microsoft to properly protect their credit card and other personal information according to the survey conducted by Gartner, Inc. Despite all the hype over ‘Microsoft Passport’, consumers are largely disinterested or distrustful of the service. ‘Passport’ enables consumers to sign on across Web sites with just one user ID and password, and in the future it will be used to personalize and customize consumer access to a wide range of ‘Microsoft Hailstorm Web’ services, such as calendaring and shopping. According to 8 million consumers who say they already signed up for ‘Passport’, the main reason they registered is get access to other Microsoft services such as ‘Hotmail’ e-mail. Consumers are much more interested in ‘Passport’s’ basic feature – single-sign-on – than they are in personalized web services that will be offered by ‘Hailstorm’ and enabled through ‘Passport’. Ninety percent of online consumers say they are not interested in sharing personal data in exchange for personalized services.


Diner’s Executive Golf

DINERS CLUB announces Executive Golf Club, a premier benefit of the Diners Club Carte Blanche Card, the premium charge card from Diners Club. Executive Golf Club gives Cardmembers access to more than 200 of the world’s most prestigious private, semi-private, and upscale public golf courses – like St. Andrews Old Course and Hotel in Scotland and Poipu Bay Golf Club (host of the 2001 PGA Grand Slam of Golf) in Hawaii. Members simply contact the Carte Blanche Executive Golf Club at least 72 hours in advance to arrange a tee-time on one of the legendary courses.

Executive Golf Club membership is automatic upon becoming a Carte Blanche Cardmember. Members receive a complimentary tee reservations service, use of member facilities and a leather-bound directory detailing each participating course. Exclusive courses from every corner of the world participate, including the following:

* San Roque Club in Spain

* Steenberg Country Hotel & Golf Course in South Africa

* Iguassu Golf Club & Resort in Brazil

* The Old Course, Vilamoura in Portugal

* The Revere at Anthem in Nevada

* TPC at Canyons in Florida

Once the tee time has been arranged, Cardmembers just present the Executive Golf Club membership card to the staff on site, and relevant green fees will appear on Cardmembers’ Carte Blanche Card.

To experience golf at its finest, individuals interested in acquiring the new DINERS CLUB CARTE BLANCHE CARD – and current Cardmembers interested in booking a tee time – call toll-free (877) 604-6723 or visit .


Sub-Prime Database

eFunds has signed a new agreement to provide Experian with the debit information in eFunds’ ‘DebitBureau’ database for use in certain Experian products and services. Experian will use the ‘DebitBureau’ database in offerings that include prescreen segmentation and suppression, emerging consumer identification and assessment, portfolio management, scoring and online reports. By allowing Experian to use eFunds’ ‘DebitBureau’ database, many consumers who were previously denied credit because of their limited credit information may now receive credit card offers. eFunds’ ‘DebitBureau’ database contains more than 3 billion records related to checking and savings account opening and closing information, checking account collections data, overdraft histories and check order histories. The database is growing at about 31 million records a month, receiving information from more than 77,000 retail locations, 90,000 financial institution locations and other sources.


IVI to Honolulu

IVI Smart Technologies, Inc. will be relocating much of its product design group from their operations in San Jose, California and Tokyo to the new corporate headquarters in Honolulu. “We will be looking to fill out the bulk of our engineering positions and support staff with local talent,” said company chairman, Terry Christensen. “We were attracted to Hawaii mainly as a result of our in-house research which pointed out the advantages that Hawaii has to offer a company like ours over all other options.” Christensen continued, “Important factors we considered included access to Asian markets, a large and gifted local engineering talent pool and the unparalleled lifestyle that Hawaii offers our employees.”

Ann Chung, Executive Director of the Hawaii Technology Trade Association, welcomed IVI Smart Technologies’ entry into the market as ‘good news for Hawaii.’ “We’re pleased to see innovative companies like IVI Smart Technologies responding to the new technology investment tax package and other incentives,” said Chung. “We think this is further evidence that Hawaii is becoming more competitive with other technology business locations.”

According to Christensen, who in addition to being the company’s chairman is the managing partner and founder of Christensen, Miller, Fink, Jacobs, Glaser, Weil & Shapiro LLP , a prominent Los Angeles based law firm, IVI Smart Technologies will be installing its executive team in the Honolulu offices, headed by a new, but yet to be named CEO. Christensen also stated that Hawaii is to be the location for the corporate headquarters of each of IVI Smart Technologies’ subsidiaries, including e-Smart Technologies, Inc. , a listed company (OTC: ESMT) that holds the technology license to the company’s Super Smart Card System for use in China.

About IVI Smart Technologies

IVI Smart Technologies designs and markets innovative technology including the Super Smart Card System. This system uses the company’s proprietary microchips and software to create a smart card that allows multiple applications to co-exist on a single card. With separate security access to each data set and state-of-the-art fingerprint verification, the Super Smart Card is considered the most secure of the computer-on-a-card solutions available.


PDA Swipe

San Diego-based Semtek Innovative Solutions Corporation has rolled out a three-track magnetic stripe card reader for ‘Palm Powered’ devices. ‘PDA Swipe’ will be targeted to industries requiring m-commerce, age/ID verification, mobile POS, or lead retrieval. With the ‘PDA Swipe’, a ‘Palm VII’ or wireless modem equipped PDA becomes a mobile credit card processing terminal. In law enforcement, police officers with a PDA Swipe-enabled device, can access driving records by swiping a driver’s license, removing the need to radio a dispatcher. For age/ID verification, nightclub and bar owners can verify the authenticity of driver’s licenses and can log the data. Waiters in restaurants can accept payments at tables. The solution costs the end user $195 and works with the ‘Palm III’, ‘Palm VII’, ‘Palm V’, ‘HandEra 330’ and the ‘TRGPro’.


Unbanked Cards

As payroll payment cards begin to take off, an Atlanta firm has come up a program to offer the unbanked consumer a bank ATM card with bill payment services. Check101.com, Inc. says there are over 7 million consumers in the U.S. listed in the CHEX database which prevents them from qualifying for a checking account. In addition there are upwards of 20 million Americans without checking accounts. Partnering with Lynk Systems, Check101.com offers the unbanked consumer an ATM card, plus pays all the consumers bills from the ATM bank account. Consumers must sign up for direct deposit of their payroll check to qualify. Based on preliminary results, the company expects to sign up over 1 million consumers within 18 months. The company also offers a sub-prime credit card solution through Capital One.


Raytheon PayWare

Trintech announced the implementation of Trintech’s enterprise ePayment solution PayWare ERP for Raytheon Aircraft Company, a subsidiary of Raytheon Company. The solution automates Raytheon Aircraft’s credit card sales process to reduce costs and provide greater billing and payment efficiency for its customers.

Developed in close collaboration with SAP, PayWare ERP is ideal for large enterprises with large transaction volumes. The solution is scalable and is also designed to seamlessly integrate with R/3 sales order processing system and can be easily configured to process card payments in both a physical and virtual environment.

Raytheon Aircraft merged the PayWare ERP solution into its spare parts system by integrating credit card sales processes with the Raytheon SAP R/3 software. Prior to PayWare ERP, manual input by a customer service representative and by the billing department was required to record authorizations and arrange settlement of each transaction.

“PayWare ERP provides us with an outstanding solution for increased productivity, while reducing costs by streamlining payment acceptance and processing,” said John Ferney, vice president-customer support at Raytheon Aircraft. “With PayWare ERP, we automate manual processes and provide greater billing and payment efficiency for our customers.”

In the ERP environment, Raytheon Aircraft now sends information from each credit card sale to its credit card clearing house. Within a second, either a successful authorization message is received or an error message is transmitted explaining to the CSR (customer service representative) and customer why the credit transaction can not be approved. The authorization is stored by SAP and used when the product is shipped and billed and the invoice is prepared.

Reconciliation of credit card transactions also is improved by the new system. As settlements are created, the authorized amounts are automatically marked as completely processed. This allows Raytheon Aircraft’s cash application team to concentrate on handling fees and chargebacks from credit cards rather than matching each sale manually to a spreadsheet list prepared by the billing department.

“Streamlining the billing and payment process results in significant cost savings for companies such as Raytheon Aircraft,” says Trevor Healy, vice president and general manager ePayments Division for Trintech. “By implementing the PayWare ERP solution Raytheon Aircraft also improves customer service by reducing the time required to handle each order and increasing the accuracy of customer billing.”

PayWare ERP Product Overview

Trintech’s PayWare ERP solution provides seamless and tight integration of the payment acceptance function into enterprise and resource planning (ERP) systems and retail automation applications, allowing corporations to leverage their ERP system to realize operational efficiencies and cost benefits. Supporting multiple financial and communication protocols, PayWare ERP manages both the authorization and settlement of transactions between acquiring institutions and ERP-based merchants and businesses.

About Raytheon Aircraft

Wichita, Kan. based Raytheon Aircraft, a subsidiary of Raytheon Company, designs, manufactures, markets and supports jet, turboprop and piston-powered aircraft for the world’s commercial, military and regional airline markets. It had revenues of $3.2 billion in 2000. The company employs 12,000 worldwide.

About Trintech

Trintech is a leading provider of secure electronic payment infrastructure solutions for real world, Internet and wireless transactions. The company, founded in 1987, offers a complete range of payment software products for credit, debit, commercial and procurement card applications. Trintech’s secure product range is deployed in over 35 countries worldwide and covers the payment requirements of consumers, card issuing banks, merchant acquiring institutions, merchants, eMerchants, telcos, wireless operators, ISPs/CSPs, Portals and large corporations. The Group’s range of scalable, open systems architecture solutions for UNIX® and Windows NT? platforms covers consumer, merchant and financial institution requirements for all card-based payments, including eCommerce and the emerging world of mCommerce. Trintech can be contacted in the U.S. at 2755 Campus Drive, San Mateo, CA 94403 (Tel: 650-227-7000) and in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: 353-1-207-4000). Trintech can be reached on the Web at . Investor information can be found at [www.trintech.com/investor][1].

[1]: http://www.trintech.com/investor