VISA’s Vessey

Prologic Corporation, the leading global provider of financial services software, has appointed Paul Vessey to its Board of Directors.

As Executive Vice President, Emerging Technology, and Chief Operating Officer for Visa, USA, Paul has a deep understanding of the business challenges facing the financial services industry, and insight into which technologies will become tomorrow’s standards for supporting new, strategic business initiatives. Paul Vessey brings more than twenty years of experience and leadership in the banking industry to Prologic’s Board.

In his position as EVP and COO for Visa USA, Paul Vessey is responsible for Visa’s Emerging Markets, Product Development, Systems, Processing, Risk and Operations. One of Paul’s most recent proposed initiatives is called “Virtual Visa”, which will significantly impact the way Visa conducts business in the 21st century. Prior to his joining Visa, Paul held the position of Senior Executive Vice President of Card Products at the Canadian Imperial Bank of Commerce (CIBC). Prior to CIBC, Paul held the title of Vice President and General Manager of Consumer Financial Services at American Express Canada. Earlier in his esteemed career, he held various positions at the Continental Bank of Canada and Toronto Dominion Bank.

In addition to his appointment to Prologic’s Board of Directors, Paul Vessey serves as an Advisory Board Member of Equifax and as a Director of the Toronto Film Festival. Paul has served as Chairman of Visa Canada Association and as Vice Chairman of Visa International.

Paul Vessey is a Business Administration graduate from Durham College of Applied Arts Technology of Oshawa, Ontario in Canada, and graduated from the Advanced Management Program at The International Senior Managers Program at Harvard University’s Graduate School of Business Administration.

“With the multitude of players competing in the financial services software field, only Prologic seems to be developing solutions designed to defend the large banks from the `super portals’ and other non-bank competitors that are vying to steal their customers,” said Mr. Vessey. “With the amazing and unique technologies they are developing for many of today’s largest and most progressive financial institutions, Prologic is well positioned to emerge as the dominant player in their field.”

Mike Cardiff, Prologic’s President and CEO stated, “Paul is one of the senior executives in our industry who is shaping the future of how financial services will be provided around the world. With his leadership and incredible insight into the future of financial services IT, I have always found Paul to be a strategic and innovative thinker. I look forward to his contribution as a valuable addition to our Board.”

Prologic Corporation is the leading developer of software solutions for the global financial services industry. Prologic’s customers include 7 of the top 25 largest banks in the world, with over 25 Internet banks using Prologic solutions. Prologic technology enables financial institutions to quickly deploy solutions for their converging financial services offerings, while also supporting capabilities for increasing profitability, customer acquisition and retention. Prologic’s i-Wealthview(TM) enterprise wealth management solution features e-banking, e-brokerage and e-insurance. Through strategic alliances with Microsoft, Compaq Computer Corporation, and other international partners, Prologic’s banking solutions are in use in over 300 financial institutions globally. Visit Prologic’s home page at www.PrologicCorp.com.

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Zaxus Targets MasterCards

Zaxus has extended the capability of its Personalisation Preparation Process card issuance system in addition to Visa Smart Credit Debit and Visa Cash smart card applications. The new P3 system from Zaxus now supports a wider range of chip card applications with the flexibility to offer a range of different products to suit a variety of customer needs including M/Chip Select and M/Chip Lite applications. M/Chip Select is the MasterCard/Europay full credit/debit implementation based on the MULTOS multi-application card. M/Chip Lite is the MasterCard/Europay entry-level credit/debit scheme that is based on a single application low-cost smart card.

Aimed at the new breed of multi-application smart cards, the P3 system allows card issuers to use platforms such as MULTOS and Visa Open Platform (VOP) as the basis for new ranges of card applications. Issuers are no longer limited to single application cards, P3 from Zaxus allows issuers to load a number of card applications side-by-side and possibly even retail chains to load loyalty applications as well.

The introduction of multi-application cards, such as debit/credit and electronic purse, and the new applications for smart card-based schemes require the migration from magnetic stripe to smart card. This has already commenced with pilot schemes and continues with full roll-outs, each with its own infrastructure requirements for producing fully personalised magnetic stripe, smart cards and now multi-application cards.

However, to make use of these new cards a whole new application independent card issuing infrastructure is necessary so that smart cards and new multi-application cards may be brought on-line quickly. The P3 system from Zaxus provides a cost-effective migration path for the emerging card industry, allowing issuers to move into pilot schemes or full roll-out programmes for single or multi-application smart cards by reducing or eliminating the need to change existing card issuing systems.

Allowing service providers to carry out trials of smart cards applications without large investment, P3’s extended product range now offers a ‘Pilot’ system. This is a low-cost, time-limited version that will appeal to those issuers that are keen to carry out assessment trials with low numbers of smart cards before committing to full roll-out.

Now also offering higher card throughput rates, P3 capitalises on the improved performance provided by interconnection to the higher speed Zaxus RG7100 Ethernet host security modules.

Zaxus, a Thomson-CSF Racal company, provides e-business security solutions to several thousand customers worldwide. Over half of the world’s banks, together with the majority of the busiest stock exchanges, currently use Zaxus technology. Operating in three main markets — card payments, e-security and network security — Zaxus addresses the business security needs of corporates and governments alike. For more than 20 years the company has been at the forefront of security and payment technology, co-operating and contributing to set the industry standards used for financial transactions and electronic commerce globally.

Visit the new Zaxus web site at http://www.zaxus.com

The P3 system is designed to provide card issuers with a ready-made way of migrating from magnetic stripe cards to smart cards. Aimed primarily at the payments card industry, it offers the ability to generate data for credit/debit and electronic purse payment cards. Using P3 reduces or eliminates the need to make changes to the issuer’s host system thereby reducing implementation costs and timescales.

The P3 system produces data in a format that is widely used in the card industry and is compatible with the popular DataCard 9000 personalisation systems.

Ideal for operation in both personalisation bureaux or in-house by card issuers such as banks and similar institutions, P3 generates and maintains the cryptographic keys required for the secure personalisation of cards. This includes the exchange of public key certificates with the scheme Certification Authorities (CA) operated by Visa, MasterCard and Europay. P3 systems also support the generation and transfer of DES keys to and from card suppliers and personalisation systems.

P3 is a stand-alone, PC-based application for a Windows NT platform and uses the Zaxus RG7000 series of Host Security Modules (HSMs) to provide security functions. The HSM carries out all of the cryptographic functions required by P3. It is a tamper resistant device that allows asymmetric keys (RSA) of up to 2048 bits and symmetric keys (DES) to be stored securely without risk of exposure.

Maintaining a high degree of security, all keys, certificates and confidential information stored on the P3 database are encrypted before storage and can only be decrypted by the HSM attached to the P3 system. In addition, the HSM’s cryptographic functions are used to ensure the integrity all of the data generated by P3. This is achieved through the use of conventional Message Authentication Codes (MAC).

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Union Planters Joins NYCE

NYCE has signed $33 billion-asset Union Planters Bank as a participant in the NYCE Network.

The Tennessee-based financial institution brings more than 1,000 ATMs and 1,000,000 cardholders to the Network.

“We look forward to enhancing our ATM services with NYCE’s renowned levels of reliability and accessibility,” said Lloyd DeVaux, Senior Executive Vice President for Technology and Operations with Union Planters Bank. “Our cardholders will benefit greatly from the convenience of being able to access their accounts at thousands of NYCE automated teller machine (ATM) and point-of-sale (POS) locations throughout the country.”

As one of the 30 largest banks in the United States, Union Planters has ATM locations in 12 states, from Illinois to Florida. The bank’s participation in NYCE underscores the Network’s rapid growth into new service areas. NYCE has earned the trust of constituents across the country, and within the past 12 months, established new network relationships with 94 financial institutions.

“In the year since our merger with Magic Line, NYCE has demonstrated its commitment to its geographically-broadened Participant base through initiatives that include the rapidly deployed solution for linking our East and Midwest platforms,” says James S. Judd, Senior Vice President with NYCE. “The addition of Union Planters to our Network illustrates how our dedication to all of our constituents has been the driving force behind building new relationships.”

Founded in 1869, Union Planters is the 27th largest banking company in the nation with $33 billion in assets. The company serves over two million customers with banking locations in Alabama, Arkansas, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, Tennessee and Texas.

Headquartered in Woodcliff Lake, NJ, NYCE Corporation is one of the largest electronic payments companies in the U.S. The NYCE Network provides financial institutions and retailers with shared network services for automated teller machines (ATMs), on-line debit point-of-sale and electronic benefits transfer transactions. Currently, the Network has 2,400 financial institution participants and services more than 45 million cardholders through 38,000 NYCE-branded ATMs and 215,000 point-of-sale retailer locations. The company processes nearly 77 million transactions each month. In addition, NYCE Corporation provides financial institutions with real-time processing services that support ATM management and monitoring services, as well as debit card issuance and authorization solutions. With innovations such as SafeDebitTM, a PIN-secured debit payment solution, NYCE is a frontrunner in the payments industry. NYCE’s web site address is [www.nyce.net][1].

[1]: http://www.nyce.net/

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Precis Foresight Acquisition

Precis Smart Card Systems, Inc. announced that it has completed the audit of Foresight, Inc., and has filed a proxy statement with the Securities and Exchange Commission for review. It is anticipated that a shareholder meeting date will be set in the near future to vote on the transaction.

Foresight, Inc., provides value-added benefits and services, packaged as membership programs, that allow clients to enhance profitability, customer loyalty and product differentiation. In 1999, Foresight’s revenues were approximately $6 million, and the company maintains a base of more than 580,000 customers nationwide.

Precis Smart Card Systems, Inc. is a leading smart card solutions provider. The company provides custom smart card products including stored value solutions, loyalty and reward programs, and healthcare applications for a wide variety of industries. Information about Precis can be found on the web at: [http://www.precis-scs.com][1].

[1]: http://www.precis-scs.com/

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Bull & Imprimerie

Bull Smart Cards & Terminals and Imprimerie Nationale announce the signature of an agreement under which Bull is to become a privileged partner of the leading French printer of fiduciary and administrative documents. The aim of the agreement is to develop a joint capability to offer French and foreign administrations smart-card based fiduciary documents such as ID cards, driving licences and vehicle registration documents.

These new smart cards should meet very stringent levels of security and inviolability.

The agreement between Bull and Imprimerie Nationale comes at a time when many national governments are considering the need to produce strongly secure documents, embodying a range of information and quick and easy to consult. In this respect, the smart card is the ideal solution, individual, easy to use and cost effective.

In 2003 “e-government” will represent a world market of around 100 million cards

“Governmental” or “national” projects on this scale obviously take time to implement because of their implications for daily life. Here, the smart card offers a number of advantages: it is economical, familiar, and easy to use, and also safeguards the rights of the individual citizen. With two or three cards being used per person (health card, driving licence, and ID card), the estimated market amounts to an enormous two billion units.

About Bull Smart Cards & Terminals ([http://www.cp8.bull.net][1])

Since 1998, under the direction of CEO David Levy, Bull Smart Cards & Terminals has been focusing its strategy on the development and marketing of software for microprocessor cards, more popularly known as smart cards, integrating a high level of security.

About Imprimerie Nationale Group ([http://www.imprimerienationale.fr][2])

Imprimerie Nationale Group is responsible for the production of France’s identification and legal documents. This sensitive area of activity demands the complete mastery of highly sophisticated technologies including the design of security procedures using exclusive algorithms, the generation of latent imagery, the printing of variable optical marks and hologram embedding. These techniques enable document authentication and ensure compliance with international standards and Interpol control recommendations.

[1]: http://www.cp8.bull.net/
[2]: http://www.imprimerienationale.fr/

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Amex Canada Call Center

Amex Canada Inc., one of Canada’s leading travel and expense management companies, announced a new business venture that will see the opening of state-of-the-art Call Centres in Canada to provide travel management services to major North American companies.

The first of these Centres will open in Hamilton, Ontario and will provide travel services for employees across North America for PriceWaterhouseCoopers. This Centre will open in August 2000 in Downtown Hamilton and will create an estimated 150 new jobs for the city.

Amex says it is working on other potential North American deals to continue to expand this new business in the next 12-24 months.

U.S. Companies Choose Canada for Service

By providing servicing from a Canadian Call Centre, U.S. customers are taking advantage of Amex Canada’s high quality service and productivity levels.

“We are proud to be taking a leading role in the Canadian travel industry by attracting new business from a broader North American marketplace and bringing it to Canada,” says Michael Bingham, Vice President and General Manager, Amex Canada Corporate Services. “We see this as the beginning of a future trend for the Canadian travel marketplace.”

Bingham says that, until now, this kind of arrangement has been rare among Canadian travel management companies. But many companies that are based in the U.S. and have Canadian operations are now looking for North American service solutions.

“Customers recognize we can deliver highly skilled and motivated employees, quality services and very competitive prices, and they have hired us to do just that,” says Bingham.

Hamilton Chosen to Host First Site

“This announcement is great news for the City of Hamilton and for American Express,” says Robert Morrow, Mayor of Hamilton. “It gives me great pleasure to extend a warm welcome to American Express in locating a North American Corporate Travel Centre in Hamilton’s Downtown Core.”

Economic Development and Trade Minister Al Palladini adds, “We have enjoyed working with Amex and the Economic Development Department of Greater Hamilton to help bring this investment here. Amex is a company with international status and their investment speaks to the quality of the skilled workforce in this region.”

Expansion Strengthens Market Leadership

Amex’s focus on expanding its Canadian travel business is part of an aggressive growth strategy designed to strengthen its market leadership. This initiative is key to helping it achieve 25% revenue growth each year.

“The travel agency industry has a very different competitive environment now. With recent reductions in airline commissions, agencies have had to change the way they do business and how they generate revenue for the services they deliver,” says Bingham. “What we’ve done with this new business venture is take advantage of American Express’ global presence and the strength of our operation in order to build new business and new jobs in Canada.”

American Express in Canada operates as Amex Bank of Canada and Amex Canada Inc. Both are wholly owned subsidiaries of the New York based American Express Travel Related Services Company, Inc., the largest operating unit of the American Express Company, which provides a range of financial and travel related services for consumers and companies. Amex Bank of Canada is the issuer of American Express Cards in Canada. Amex Canada Inc. operates the Consumer Travel, Corporate Travel and Travellers Cheque divisions in Canada. Amex opened its first offices in Toronto and Hamilton in 1853 and now employs 3000 Canadians coast to coast.

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Canadian Tire Money

Canadian Tire introduced ‘Canadian Tire Money On The Card’ for its credit cardholders. Beginning this Fall, customers who have a Canadian Tire branded credit card will be able to earn Canadian Tire ‘Money’ On the Card electronically on their credit cards. ‘Canadian Tire Money’ was first introduced as a cash bonus coupon in 1958 along with the opening of Canadian Tire’s first Gas Bar in Toronto. The coupons were later renamed ‘Canadian Tire Money’. Canadian Tire ‘Money On The Card’ can be earned on the Canadian Tire retail credit card and ‘Options MasterCard’ and will be automatically tracked and stored electronically in dollars and cents.

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MasterCard and Asia.com

Asia.com, Inc., a leading provider of wireless and Internet services to businesses across Asia, announced a strategic collaboration with MasterCard to provide consumers in Hong Kong with a “search engine” of MasterCard business customers. With their Wireless Application Protocol enabled phones, consumers will be able to search MasterCard’s extensive database of restaurants, bars, stores and entertainment venues using Asia.com technology. Asia.com is majority owned by WORLD.com, Inc., which is a leading global incubator of premier domain properties and is a wholly owned subsidiary of Mail.com, Inc..

According to Gary Millin, chief executive officer of WORLD.com, the new collaboration expands on the earlier successful Asia.com venture that linked consumers via WAP in Taiwan to MasterCard customer’s TGI Friday’s, Pizza Hut, Holiday KTV and IS Coffee. “It is just one more way that Asia.com’s combination of wireless e-commerce technology and network of Internet properties is dramatically affecting the way people live and conduct business in Asia.”

Asia.com’s WAP e-commerce capabilities allow Hong Kong users to search the MasterCard business database by type of food or entertainment, price, location and discounts. It also enables consumers to use their WAP phones to directly dial the merchant’s number for further inquiries.

“As a leader in the Pan-Asian wireless industry, we are building on our successes in China and Taiwan to introduce the latest WAP services to the Hong Kong market,” said Allan Kwan, chief executive officer of Asia.com. “We are excited to expand our relationship with MasterCard to provide comprehensive wireless services to businesses and consumers. This collaboration represents the next step towards fulfilling Asia.com’s mission to provide wireless and e-commerce solutions across the entire region.”

“The rapid development of Internet and wireless communication has changed the lifestyle of consumers dramatically. Through our relationship with Asia.com, a leader in the wireless industry, we are able to offer value added services to our cardholders, while maintaining a strong leadership position in technology innovation,” said Danny Cheung, vice president and business manager, MasterCard International Hong Kong. “We will continue to work with Asia.com to expand future services in this arena.”

About Asia.com

Asia.com, Inc. is a leading provider of wireless and Internet services to businesses across Asia, serving the major countries in the region including Greater China, Korea, Thailand and Singapore. Asia.com currently has nine branches in China and nearly 900,000 registered users with six million daily page views. By targeting fast growing areas of the economy including travel, finance, real estate, employment, entertainment and outsourced business services, Asia.com is leveraging the Internet, WAP and other technology to truly revolutionize the way people live and the way business is conducted in Asia. Asia.com is a majority owned subsidiary of WORLD.com, which is a wholly owned subsidiary of Mail.com, Inc. (NASDAQ: MAIL).

About WORLD.com

WORLD.com, Inc., a subsidiary of Mail.com, Inc. (NASDAQ: MAIL), is a leading global incubator of premier domain properties. The Company’s strategy is to capitalize on the tremendous value of its cyber-realty assets by integrating its extensive portfolio of category-defining domains into a collaborative network of cyber locations throughout the world serving the worldwide business-to-business and business-to-consumer marketplaces. The first properties being developed are Asia.com and India.com. Other properties from its portfolio of over 1,000 domains include Europe.com, USA.com, Japan.com, London.com, Paris.com, Rome.com, lawyer.com and doctor.com. WORLD.com is headquartered in New York, New York.

About Mail.Com

Mail.com, Inc. is a one-stop resource for Internet messaging services, providing reliable feature-rich e-mail and Internet fax services to businesses, ISPs, Web sites and direct to consumers through its flagship Web site: http://www.mail.com. Mail.com has a technology infrastructure of IP network facilities in 20 key countries and currently serves more than 14 million e-mailboxes and 8,500 corporate customers worldwide.

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Providian Settlement

As expected Providian reached a final settlement agreement with the OCC, the San Francisco District Attorney’s office and the California Attorney General. Under terms of the settlement, Providian agreed to change some of its credit card business practices and to pay a one-time restitution of approximately $300 million. Providian will also pay a $5.5 million civil fine to the San Francisco District Attorney’s office. The settlement requires Providian to provide customers with enhanced disclosures should it ever reintroduce any of several discontinued products, product features and underwriting practices, including its ‘Guaranteed Savings Rate’ and ‘Real Check’ programs, certain ‘No Annual Membership Fee’ products, home equity loans and the use of income-to-debt ratios in performance-based pricing. Under the ‘GSR’ program, Providian offered certain balance transfer customers an introductory rate for a period of time, usually three months. After the introductory period, Providian offered the customer a customized interest rate of 30-70 basis points below the weighted average non-introductory rate the customer had been paying to other credit card providers on transferred balances. The settlement also requires Providian to modify its sales process for its ‘Credit Protection’ product, by providing consumers with a complete written description of product terms and conditions before finalizing a sale, rather than providing materials during the thirty-day cancellation period after the sale. Under financial terms of the settlement, Providian will make payments to customers for fees and interest charged on certain products offered between June 15, 1995 and June 28, 2000. Providian will also make payments to limited numbers of customers who incurred over-limit fees in using pre-printed cash advance checks or received inadvertent performance-based rate increases as a result of systems limitations.

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ABN Settles

American Bank Note Holographics, Inc. announced that it and certain other defendants had reached agreements in principle to settle all of the claims against it, its former parent, American Banknote Corporation, certain former officers and directors of the Company, certain current and former officers and directors of ABN and certain other defendants in the purported class actions, In Re American Bank Note Holographics, Inc. Securities Litigation and In Re American Banknote Corporation Securities Litigation filed in the United States District Court for the Southern District of New York against those defendants.

The parties have signed a Memorandum of Understanding which is subject to the execution of a definitive settlement agreement and the approval of the Court as well as the approval of the Bankruptcy Court for the Southern District of New York in which the Chapter 11 case of ABN is pending.

The proposed settlement of the class action litigation provides for a release of all claims that the plaintiffs in each action have and may have against the Company and certain other defendants. The proposed settlement calls for a cash payment of $12,500,000 to be funded entirely by the Company’s and ABN’s insurance carrier. The Company will have no cash payment obligation with respect to the settlement. In connection with the settlement, the Company will issue and distribute 1,460,000 shares of the Company’s Common Stock as well as warrants to purchase 863,647 shares of the Company’s Common Stock, at an exercise price of $6.00 per share. The warrants will be exercisable for a 30 month period commencing with final settlement approval by the Court. ABN will also issue and distribute certain of its securities as part of the settlement. The settlement proceeds after expenses will be allocated and distributed among the class members in the American Bank Note Holographics action and the American Banknote Corporation action in amounts to be determined in the settlement agreement and subject to the approval of the Court.

The Company also entered into an agreement in principle with ABN to resolve all claims between the parties. This agreement includes, among other things, mutual general releases of the parties including a release from any obligations under the Separation Agreement between the parties dated July 20, 1998 as well as a release of all sums allegedly owing to the other party. ABN shall be responsible for and indemnify the Company for all income and franchise tax liabilities of the Company up to the date of the IPO. The Company will withdraw its claim against ABN in ABN’s Chapter 11 case. The Company will receive 25,000 shares of stock of reorganized ABN as part of ABN’s Chapter 11 plan. This agreement is subject to the execution of definitive agreements, the Court approval of the settlement of the class action litigation and approval of the Bankruptcy Court in which the Chapter 11 case of ABN is pending.

Kenneth Traub, President and Chief Executive Officer of American Bank Note Holographics, commented, “The agreements in principle that we have reached to settle the securities litigation as well as all issues with the former parent are a significant milestone. The new management of the Company has been determined to resolve these issues and remove the uncertainties, expense and distraction of continuing litigation. We are enthusiastic about the increased flexibility this will give us to focus on operations, and to extend our leadership position in the security holography industry.”

American Bank Note Holographics is a leader in the origination, production, and marketing of mass-produced holograms. The Company’s products are used for security applications, such as counterfeiting protection for transaction cards, identification cards and documents of value, authentication of consumer and industrial products and tamper resistance as well as for packaging and promotional applications.

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New Merchant Processor

Bank of Montreal and Royal Bank announced this morning they have signed a letter of intent to create a new merchant processing company. The new firm will provide merchants, retailers and e-tailers across North America with one-stop card-based transaction processing including credit card, debit card and stored value payments under both the VISA and MasterCard brands. The merchant card acquiring businesses of Royal Bank, Bank of Montreal and Harris Bank Merchant Services (the merchant services business of Bank of Montreal’s U.S. subsidiary, Harris Bank), will come together to form the new merchant processing company. The new company will use Harris Bank Merchant Services as a launching pad into the U.S. market. The proposal builds on the ‘Single Stream Settlement’ service currently offered by Royal Bank and Bank of Montreal, which allows business owners to deposit VISA, MasterCard and Interac Direct Payment card payments directly into one business banking account. The new company will be owned on an equal basis by the two founding partners.

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CardSelect Patent

CardSelect International, inventor of the first online network for customizing and issuing credit and loyalty cards, announced Wednesday that the company has received a United States Patent for its new contactless PCMCIA card reader.

This invention essentially provides a fast, secure interface to enable communication between two PCMCIA cards and/or a contactless smart card. Applications include contactless smart card readers, high-speed network interfaces and public key encryption.

As networking with public key encryption becomes more commonplace, information exchange will be increasingly managed by using smart cards. CardSelect’s PCMCIA reader device will offer a direct link between a networking card and smart card for secure transmission of data.

Removing the smart card from the networking card will disable the encryption and ensure that only authorized users may access the network. CardSelect intends to license its new patent and is currently accepting bids from interested parties for an exclusive licensing agreement.

CardSelect will continue to focus on its primary business: the development of an online network on which consumers can apply for and link their various loyalty programs to a single financial transaction card. Last October, the company was awarded a United States Patent for this “Gateway Apparatus for Designing and Issuing Multiple Application Cards”.

By means of this technology, multiple applications from different vendors can be combined on virtual cards, magnetic stripe cards and/or smart cards. Consumers would need only one card to pay for purchases and to collect merchant discounts and loyalty points/miles.

According to Holger Mackenthun, president of CardSelect International, the credit card market is thoroughly saturated, making it necessary for card issuers to rethink the way they attract new customers. “Low interest rates alone are no longer enough because there are too many offers out there and margins are squeezed to the limit,” Mackenthun says

“Based on Internet growth predictions and the appeal of personalized services, there is a strong indication that cards which consumers can customize themselves online is the way to go,” Mackenthun concludes. “This trend should ultimately benefit card issuers and merchants too through lower customer acquisition costs, increased transactions and better use of loyalty programs.”

Card Marketing Magazine published an article about CardSelect in the June 2000 issue.

About CardSelect International

Founded in 1997, CardSelect International has developed a patented technology for customizing and issuing financial transaction cards, credit cards, smart cards and multiple application cards over the Internet. Consumers can visit the company’s virtual mall 24 hours a day to create their own personalized ALL IN ONE CARD with favorite bank, merchants and service providers.

In December 1999 CardSelect relocated its offices to the Great Valley Corporate Center in Malvern, PA, near Philadelphia, and is currently seeking to expand its executive management team to meet growing interest in the market. More information on CardSelect can be found on the company’s web site at [http://www.cardselect.com][1].

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

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