CheckVision Advanced Positive Pay

IA Corp. announced this morning CheckVision Advanced Positive Pay, an advanced new application that allows banks to review critical check information and input correct information and decisions to combat check and draft fraud.

With IA’s unique software features, high-volume draft customers can also maximize efficiencies by distributing and balancing work loads among employees in geographically dispersed locations throughout the company.

The new Advanced Positive Pay application leverages IA’s CheckVision Archive(TM) product. IA’s CheckVision Archive is an advanced software solution for financial institutions to store and leverage transaction information, such as check images, MICR data and credit slips. CheckVision Archive is the keystone for the transition from current banking processes to national electronic banking operations.

How It Works

Client-Edited Decisions

With IA CheckVision Advanced Positive Pay, banks and their clients can view critical items, checks or drafts, and payment information important to combating fraud, such as item number, item amount, item date, and front and back images of checks or drafts, in real-time from their PC.

Unlike other positive pay applications, CheckVision Advanced Positive Pay allows bank clients to interact directly with the bank, supplying the necessary information to correct data errors and make pay or return decisions.

CheckVision Advanced Positive Pay also provides the ability to communicate the reasons for returning or paying an item with pre-defined codes, making it easier to collect decisions from remote locations.

Multiple Client Sites

CheckVision Advanced Positive Pay electronically transmits item images to various locations, eliminating the need for banks to collect checks or drafts in a centralized location and redistribute to the issuing branch or office.

Images can be automatically sorted and batched for each location. Also, since most organizations use dispersed or decentralized disbursement, the corporation can let each office issue items, yet still minimize the risk of fraud.

Load Leveling

Banks can further maximize efficiencies by distributing and balancing the work load of processing suspect items and pay decisions among workers. Using the Load Leveling feature, banks can define a maximum number of items a user will get or further delineate work load by volume, dollar amount or type of work item. This allows organizations to balance the work load or take advantage of location and time zone differences.

“IA’s CheckVision Advanced Positive Pay is truly an innovative product for banks, allowing them to streamline operations, consolidate decisions and possibly reduce costs and overall write-offs,” said Terry Leger, vice president of marketing for IA. “IA’s CheckVision Archive software is the keystone to offering such new strategic products, allowing banks to store all transaction information and gain competitive advantages by offering unique new services.”

CheckVision Archive

IA’s CheckVision Archive stores in electronic form all types of transaction information such as MICR data, images of checks and deposit slips, credit and cash tickets, as well as customer information including statements and credit documentation. This information is used throughout the enterprise for customer service and a host of new, innovative product-delivery concepts.

This newly introduced software is strategic to the banking industry and will lead to future applications in electronic banking, advanced cash management and Electronic Check Presentment (ECP) with image exchange.

Internally, banks can use CheckVision Archive to streamline and accelerate check-processing operations through more efficient storage and retrieval. It can also help banks respond to new challenges facing the financial services industry such as increased competition, globalization and geographic distribution.

The first IA customer to incorporate CheckVision Advanced Positive Pay is CoreStates-QuestPoint, a leading transaction and information services provider and one of the top 25 leading financial institutions in the U.S.

IA CheckVision Archive customers include Comerica, SouthTrust, Fleet and Citibank. IA will demonstrate the new CheckVision Advanced Positive Pay application, as well as CheckVision Archive, at the Bank Administration Institute (BAI) tradeshow, Booth No. 611, March 24-27, in New Orleans.

IA Corporation

IA Corp. is headquartered in Emeryville, Calif. and listed on NASDAQIACP. The company currently sells leading archive and application software solutions for advanced banking and cash management services such as CheckVision Positive Pay and CheckVision ARP.

The company’s customers include leading organizations such as Crestar, GE Capital Mortgage Corp., Harris Bank, Mellon Bank Corp., CoreStates-QuestPoint, Sanwa Bank California, LTD., UMB, NA and Wachovia.

IA is located at 1900 Powell St., Emeryville, CA 94608-1840; U.S. Telephone 510/450-7000; Fax 510/450-7099; Email; Website .

This news release contains forward-looking statements, including statements regarding the development and the availability of the complete CheckVision system. These statements involve risks and uncertainty, including without limitation the ability of the Company to complete development of the CheckVision system. Investors are encouraged to review the Company’s Form 10-K for the year ended Dec. 31, 1996 and the Form 10-Q for the period ended Sept. 30, 1997 for a discussion of additional factors that could affect the Company’s future performance.


Wal-Mart MasterCard Wins Award

The best marketed new products of the year were honored at the 1997 Edison Best New Products Awards including the Wal-Mart MasterCard from Chase. More than 800 of the marketing and advertising industry’s leading executives gathered for the Edison Awards, the most prestigious accolades for excellence in new product marketing and innovation.

More than 25,000 new products were introduced in 1997, yet new products continue to maintain a failure rate between 80 and 90 percent. This year’s Edison Awards showcased the 1997 product successes.

More than 25 categories ranging from food, high-tech, financial services, cosmetics, automobiles were selected to receive the Edison honors with gold, silver and bronze awards.

Edison Award winners are determined by a vote of more than 3,500 senior marketing and advertising executives across the United States, selecting products and services that excel on marketplace and technological innovation, marketplace success, market structure, and societal impact.


The Grand Edison New Product Marketer of the Year is the premier award determined by a company’s stellar performance as reflected by the panel’s ballot response and the success of its various new products introduced into the marketplace. The award was presented to     –Colgate-Palmolive Company     By paying close attention to changing consumer preferences,     Colgate introduced ten major new products in 1997 spearheaded by     Total, the first and only toothpaste cleared by the FDA for its     ability to prevent gingivitis, plaque and cavities.

Lois Jubiler, Executive Vice President, Chief of Operations,     Developed Markets, Colgate-Palmolive Company accepted this award.

Colgate Total is a truly revolutionary new toothpaste, providing     the key therapeutic benefits consumers demand protection against     cavities, plaque, gingivitis, tartar, and bad breath. Moreover,     its patented, unique formula continues to work after brushing     stops — providing long-lasting protection for up to 12 hours.


The American Marketing Association established the Edison Achievement Awards as a vehicle to recognize business executives who have made significant and lasting contributions to marketing during their distinguished business careers. The honors this year went to     –Martha Stewart, Chairman, Martha Stewart Living Omnimedia, LLC     Ms. Stewart is the driving force behind a rapidly growing     enterprise that includes a television series, a syndicated     column, a national radio program, product lines and a magazine     that virtually redefined its category.

–Reuben Mark, Chairman and Chief Executive Officer,     Colgate-Palmolive Company     Reuben Mark is leading the 191-year-old company to one of its     most successful years ever, with sales of $8.7 billion. The U.S.     introduction of Total has been hailed as a breakthrough success,     following the product’s excellent reception in 103 countries     to date.


The American Marketing Association honors the Advertising Agency     that achieved the most Edison Award winning marketing/advertising     campaigns for their clients more than any other agency.     This year’s honor was awarded to     –Foote, Cone & Belding Worldwide     FCB clients have received seven Gold, Silver or Bronze Edison     Awards.

Brendan Ryan, Chairman and Chief Executive Officer, Foote,     Cone & Belding Worldwide accepted this honor.

“New product marketing is undeniably one of the most difficult tasks faced by American business today,” noted Dennis Jorgensen, Chief Executive Officer of the American Marketing Association. “The Edison Awards symbolize the drive to remain at the forefront of product innovation and creativity.”

The American Marketing Association is the world’s largest and most comprehensive professional society of marketers.



Aquafresh(R) Whitening SmithKline Beecham, Pittsburgh, PA

Barbie Fashion Designer CD-Rom Mattel, El Segundo, CA

COLD-EEZE(R) with Zigg The Quigley Corporation, Doylestown, PA

Colgate(R) Total(TM) Toothpaste Colgate-Palmolive Company, New York, NY

Drypers Diapers with Baking Soda, Aloe Vera And Sesame Street     Characters Drypers Corporation, Houston, TX

Frappuccino(R) Bars Starbucks Ice Cream Partnership, Seattle, WA

Frappuccino(TM) Coffee Drink North American Coffee Partnership, Seattle, WA

Hugo woman Hugo Boss Procter & Gamble, Santa Monica, CA

Ice Breakers LifeSavers Company, Parsippany, NJ

Jordan Nike, Inc., Beaverton, OR

Just 5(TM) 5-Minute Colorant Combe Incorporated, White Plains, NY

Maytag Neptune Washer Maytag Appliances, Newton, IA

MCI Collegiate Calling Card MCI, Boulder, CO

Michelins MXV4 ZP Michelin(R), Greenville, SC

Microsoft Internet Explorer 4.0 Microsoft Corporation, Portland, OR

Minute Maid Premium Orange Juice The Minute Maid Company, Houston, TX

ML 320 Mercedes-Benz of North America Inc., Montvale, NJ

Netscape Communicator 4.0 Netscape Communications Corporation, Mountain View, CA

Pillsbury One Step(TM) Refrigerated Cookie Pillsbury Company, Minneapolis, MN

Plymouth Prowler Chrysler Corporation, Auburn Hills, MI

Shout(R) Wipes S.C. Johnson & Son, Inc., Racine, WI

Sprint Personal Communication Services Sprint PCS, Kansas City, MO

The WNBA’s Inaugural Season Women’s National Basketball Association, New York, NY

Tombstone(R) Oven Rising(TM) Crust Pizza Kraft Foods, Glenview, IL

Top Speed Nail Color Revlon, New York, NY

Vagistat-1 Bristol-Myers Squibb Company, New York, NY


Boxster Porsche Cars North America Inc., Reno, NV

Calgon After Bath Body Mist Coty US, Inc., New York, NY

Colgate Wave(TM) Toothbrush Colgate-Palmolive Company, New York, NY

Dial for Kids Dial Corporation, Scottsdale, AZ

Eggo(TM) Buttermilk Pancakes Kellogg USA, Battle Creek, MI

Everfit Hanes, Winston-Salem, NC

Hot & Cold Benetton Fragrance/French Fragrances, Miami Lakes, FL

Icon for Men Matrix Essentials, Inc., Solon, OH

INSTEAD(R) Ultrafem Inc., New York, NY

Lincoln Navigator Lincoln-Mercury Division/Ford Motor Company, Detroit, MI

Martha Stewart Everyday Kmart Corporation, Troy, MI Martha Stewart Living Omnimedia, New York, NY

MCI One MCI Mass Markets, Washington, DC

Nestle Pretzel Flipz Nestle USA, Inc., Glendale, CA

PalmPilot(TM) connected organizer 3Com Corporation, Mt. View, CA

SnackWell’s(TM) Candy LifeSavers Company, Nabisco, Parsippany, NJ

Soft Soap(R) brand Aquarium(TM) Series Liquid Soap Colgate-Palmolive Company, New York, NY

Surge The Coca-Cola Company, Atlanta, GA

Taco Bell Home Original Dinner Kits Kraft Foods, Glenview, IL

Wal-Mart MasterCard Chase Manhattan Bank, Hewlett, NY

Windex No-Drip S.C. Johnson & Son, Inc., Racine, WI.


Children’s(R) Advil Whitehall-Robins Healthcare, Madison, NJ

Christian Dior Mascara Flash Parfums Christian Dior, Inc., New York, NY

Clearpath(TM) Ameritech Cellular, Hoffman Estates, IL

HP PhotoSmart PC Photography System Hewlett-Packard Company, San Diego, CA

Incredi-Bagel(TM) State Fair Foods, Inc., Dallas, TX

Indian Summer by Priscilla Presley Wella Fragrance, New York, NY

Keri(R) Anti-bacterial Hand Lotion Bristol-Myers Products, New York, NY

Martha Stewart Everyday Colors Martha Stewart Living Omnimedia, New York, NY The Sherwin-Williams Company, Troy, MI

Pledge Electronics S.C. Johnson & Son, Inc., Racine, WI

Reese’s(R) Crunchy Cookie Cups Hershey Chocolate North America, Hershey, PA

SLK 230 Mercedes-Benz of North America Inc., Montvale, NJ

The Preserve(R) Toothbrush Recycline, Inc., Somerville, MA

V-8 Splash Tropical Blend Campbell Soup Company, Camden, NJ

Vavoom Styling Shampoo & Conditioner Matrix Essentials, Inc., Solon, OH

W1 by RAYMOND WEIL geneve, Woodland Hills, CA


GPS Picks DataCard

DataCard Corporation announced today that Global Payment Systems has selected the DataCard 80 series platform and a DataCard receipt printer to support its Global Hospitality LAN credit card payment and folio management system.

![][1]     The new Global solution, which dramatically speeds and simplifies guest registration, features DataCard(R) 485 and DataCard(R) 780 LAN terminals for larger lodging facilities, and the stand-alone DataCard(R) 680 transaction terminal for smaller facilities. Global utilizes the DataCard(R) SilentPartner(TM) receipt printer with all three terminals.

By offering a choice between three DataCard transaction terminals, the Global solution can support a broad range of hospitality operations_ranging from 60-room budget and economy properties to full-service establishments with 1,000 or more rooms.

Claude Epps, director of product marketing for Global, said the company chose the DataCard products because they enhance the functionality, speed and convenience of the Global solution.

“Our goal was to develop a reliable, affordable solution that makes guest registration faster, smoother and less expensive,” Epps said. “The DataCard products help us achieve that goal.”

The Global Hospitality LAN system creates a networked registration environment, where guests can walk up to any front desk station and check in or out. At the same time, property managers can process transaction information and use reporting functions at any terminal. They can also integrate information from restaurant and retail outlets for fast transaction reconciliation prior to settlement.

“Check-in or check-out can be completed in as little as 10 seconds,” Epps said. “By comparison, most lodging applications take more than a minute.”

Facilities can utilize either a stand-alone DataCard 680 transaction terminal, or a DataCard 485 with a DataCard 780 transaction terminal that provides a gateway to the LAN. While the 485 is designed as a client station, the 780 incorporates a modem and transaction storage capabilities to also operate as a communication and data server.

“The 485 and 780 are ideal for LAN-based establishments where multi-tasking capabilities are a must,” said Tom Kettell, vice president of marketing for the financial systems business unit at DataCard. “In these facilities, peak business periods require fast, dependable processing of many transactions at the same time. The DataCard terminals have proven that they’re perfect for the job.”

Epps said Global selected the SilentPartner printer because of its speed, quiet operation and compact footprint.

“A core attribute of our new application is speed_and the DataCard SilentPartner is one of the fastest receipt printers on the market,” Epps said. “The quiet thermal printing process also contributed to our decision. It makes for a much more pleasant environment for customers.”

John Mamalakis, senior vice president of DataCard’s financial systems business unit, said the Global solution will help establish DataCard as a leader in POS products for the lodging industry.

“The new Global system is an outstanding product and we’re glad to be part of it,” Mamalakis said. “It’s an excellent opportunity to show that our POS products are reliable, powerful and easy to use.”

DataCard Corporation, a privately held company based in Minneapolis, Minn., provides customers around the world with fully integrated solutions for a variety of financial, identification and healthcare applications. In addition to turnkey solutions, the company offers complete lines of digital photo ID systems and printers and card personalization systems. ([][2])

[1]: /graphic/globalpayment/global.gif



The merger between American Bankers Insurance Group and Cendant Corporation is on its way after American International Group agreed last week to a waiver of its merger agreement with American Bankers. The AIG waiver will expire at 2pm today. Under terms of the AIG agreement American Bankers was precluded from entering into a merger with any third party before May 20. Under terms of last week’s waiver, AIG will receive a termination fee of $100 million from American Bankers and a $10 million fee from Cendant for merger-related activities, if the Cendant merger goes through.


First Citizens & FDR Extend

First Data Resources Inc. announced a five-year contract extension with North Carolina-based First Citizens Bank.  With the extension, First Data will provide transaction processing and other cardholder services through 2003 for the bank’s credit card, private label card and debit card portfolios.  Financial terms of the agreement were not disclosed.

“We’re pleased to continue to build our relationship with an industry leader like FDR.  They offer us a valuable blend of technological expertise and the ability to support our goals for growth and profitability,” said Wayne Duncan, executive vice president of First Citizens Bank.

First Citizens Bank, with more than $9 billion in assets, is among the 100 largest banks in the United States and has been an FDR client since 1993.

“We’re glad to continue our relationship with a world-class institution like First Citizens, and we appreciate their confidence in our ability to deliver innovative technology and new products and services that will help them grow their market share and maximize their profits,” said Richard A. Zehnacker, president of First Data Resources.

Based in Raleigh, NC, First Citizens Bank operates more than 350 branches serving nearly 200 towns and cities in North Carolina and Virginia.  Its world wide web page is located at .

Omaha, Neb.-based First Data Resources is a leading global provider of transaction cards and other card-based services to more than 1,400 card issuing clients around the world.

Hackensack, N.J.-based First Data Corporation is a global leader in payment systems, electronic commerce and information management products and services.  First Data and its principal operating units process the information that allows millions of consumers to pay for goods and services by credit, debit or stored value card at the point of sale or over the Internet; by check or wire money.  For further information about First Data, please visit the Company on the Internet at .


Euronet Files for Public Offering

Euronet Services Inc. announced that it has filed a Registration Statement with the Securities and Exchange Commission covering a proposed public offering by Euronet of approximately $100,000,000 gross proceeds of its Senior Discount Notes due 2006. The offering will be underwritten by Merrill Lynch Capital Markets Bank Limited, Frankfurt/Main Branch, as lead manager and Merrill Lynch & Co.

Established in 1994, Euronet operates the only independent, non-bank owned ATM network in Central Europe. Through agreements and relationships with local banks, international card issuers and associations of card issuers such as American Express, Diners Club International, VISA, Plus, MasterCard, Europay and Cirrus, Euronet’s ATMs are able to process ATM transactions for holders of credit and debit cards issued by or bearing the logos of such banks and card issuers. In addition, Euronet offers outsourced ATM management services to local banks that own proprietary ATMs.

A registration statement relating to the Senior Discount Notes has been filed with the Securities and Exchange Commission but has not yet become effective. The Senior Discount Notes may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Senior Discount Notes in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

When available, a written prospectus with respect to the Senior Discount Notes meeting the requirements of Section 10 of the Securities Act of 1933, as amended may be obtained from Merrill Lynch, Pierce Fenner and Smith Incorporated, 250 Vesey Street, New York, NY 10281.


Equifax Rated Stable

Standard & Poor’s assigned its preliminary single-‘A’-minus/triple-‘B’-plus rating to Equifax Inc.’s $400 million rule 415 shelf registration.

The outlook has been revised to stable from negative.

Equifax Inc.’s rating reflects an above-average business position in a competitive marketplace. The company provides credit information, card processing, and check authorization services. Equifax’s competitive position is enhanced by product and geographic diversity, while business risk is tempered by the expertise in managing its comprehensive credit files and low working capital requirements.

Restructuring actions have improved operating efficiencies and allowed the company to maintain solid financial performance with operating margins in the mid 20% range, return on permanent capital exceeding 30%, and cash flow to total debt in the 50%area. Earnings prospects are balanced by the challenge of integrating recent acquisitions. The company’s active growth strategy and share repurchase program are not expected to materially diminish credit quality.


The outlook revision reflects the strong performance of Information Services, Card Services, and its European operations, which has diminished the impact that the spin-off of its Insurance Information services group (as a tax-free dividend to its shareholders) had on Equifax’s credit protection measures and financial flexibility. Computer Sciences Corp.’s (CSC) option to sell its credit reporting business to Equifax for a predetermined pricing formula (currently valued in excess of $400 million) is not factored into the current rating or outlook. However, Equifax’ historically moderate financial policy and strong cash generating ability could moderate the rating impact of a transaction with CSC, especially if it does not take place for several years, Standard & Poor’s said.


NLEX Corp Formed

The National Loan Exchange Corp. , a former division of Koll-Dove Global Disposition Services, has formed its own corporation.

Headquartered in St. Louis, NLEX will continue its brokerage services of charged-off consumer loans and credit card accounts on behalf of banks, issuers and other debt originators.

In addition, NLEX is now offering post sale servicing activities. In order to reduce the amount of work involved with contract issues, replacement or repurchase of accounts, documentation requests and other issues currently handled by the seller, NLEX(tm) is offering to screen and process all activities involving the portfolio sale.

This will alleviate the need for the seller to be fully staffed for such servicing. Also, a higher price may often be generated by selling a portfolio by smaller pools to qualified, pre-approved regional buyers.

Most sellers, however, are reluctant to sell to more than one or two buyers per portfolio, mainly because of servicing requirements. By expanding its services, NLEX(tm) is offering sellers the best of both worlds higher prices and less back-end work.

NLEX(tm) is also now offering pre-sale portfolio analysis for data quality and bankrupt and deceased screening. This will also serve to increase the portfolio value and decrease servicing by the seller.

For more information on NLEX(tm), contact Dave Ludwig, President at 800/264-3683.


Empowering ATMs

NCR has introduced a new generation of financial transaction switch that enables banks to bring the power of the data warehouse to the ATM network. NCR’s ‘SwitchMark’ will enable banks to mine the customer’s detailed knowledge stored in the data warehouse so that the customer can be proactively offered the most appropriate services at the ATM or through other channels such as telephone banking, the Internet or the branch.


Online Incentives

On-line shopping will get a boost today as a San Francisco firm introduces a new program to reward Web shoppers with frequent flyer miles. Netcentives Inc. ‘ClickRewards’ program will award ‘ClickPoints’ for every on-line purchase from participating merchants. Each ‘ClickPoint’ is worth one frequent flyer mile on any of six major airlines. Yahoo !’s ‘VISA Shopping Guide’ features a number of on-line merchants participating in the program. In conjunction with this morning’s ‘ClickRewards’ debut Netcentives is offering a ‘Miles for Life’ sweepstakes offering a grand prize of one million ‘ClickPoints’.



The TX AVO-Card is smaller than a credit card, with rounded edges, and can be used as a business card. The product is build in Switzerland. In conjunction with Topexpert software and your personal data the card is produced.  The bright back side of the card reminds you of a CD-ROM. Depending on its width, the new data storage media can store up to 100 Mbyte to transfer professional applications and multimedia presentations.  The TX AVO-Card can be inserted into any CD-ROM drive that is suitable for single CD’s.  The CD-ROM drive’s plug in device is especially useful for notebook systems to set up high quality product and company presentations in the field.  So, next to databases, multimedia elements like pictures, videos, animation, and sound can contribute to better information preparation.  Obviously, you can also include completed training programs, demo-applications, or productive programs in the dialog of the CD.  One example would be a complete Internet presentation how it is realized on the digital Topexpert business card. With our years of experience, the Topexpert team will be delighted to support you in designing and realizing your ideas.  Especially in the area of advertising, new innovations will grant your companies future success, which could be established through this new media. With the digital business card electronic product catalogs can be created based on Internet technology (see Topexpert Program package TX EasyOnline).  In conjunction with brochures, sales can be extremely supported.

Delivery time

The delivery time from start of production to shipping is about 4 weeks. Special modifications or programming is not included in this time.

Main points of interest


The digital business card for company presentations, product catalogues, program demos, Internet presentations, Online Shop on CD, education and so on.


Multi-Language complete solution for creation and running an Internetcafe with modules for design of multimedia dialogues, the network time and account system, the access security system per Chip-Card and the order system.  You can insert into the dialogue Internet-Access, programs like Office applications or games.  In the Internetcafe the user can get information in a wireless network of Digital Notebooks (14 inch) and can go for example into the greatest Intranet of the world.

Electronic Commerce

You can see tools for creating an Internet Online Shop. TX EasyOnline is used to build up an Online Shop with product catalogue and order system on the basis of MS EXCEL- or JAVA-Tables. (Price 499,00 DM incl. VAT.!!!)  TX Shop Online is used to build up an Online Shop with product catalogue, product modifications and order system on the basis of relational databases.

Estate agent systems

Not available in English versions.

Multimedia and CD productions

You can see customer projects with multimedia branch solutions.  Samples of videos, animation and 3D Screen-Design can be started in the Internetcafe.

Topexpert Support

Topexpert’s main focus is networking and new media.  Therefore, Topexpert has the necessary experience to design and realize your presentations together with you. Yet, already existing parts of a presentation can be include or a complete solution from the design to production can be done.  For example, the result would be an Internet presentation or multimedia dialog, based on Asymetrix Multimedia Toolbook or Macromind Director, in which your applications, data and multimedia objects are imbedded.  We especially offer our service in the area of 3D-animation construction or video production. Please refer to our Internet page for our current service offers.  There you will also find information about product prices.

Note  If you order more than 5000 CD’s there will be included a delivery of the software TX EasyOnline in the total price.  The program is used for creating an Internet Online Shop with product catalogue and order system or a navigation system.  The import data can be a relational database or MS EXCEL or Java-Tables.  The created Internet catalogue can be copied free to all TX AVO-Cards.  (see program description under Electronic Commerce on our Internet homepage ).


Discover Bonds Rated

Discover Card Master Trust I’s $750 million floating rate credit card pass-through certificates, series 1998-3, class A, are expected to be rated ‘AAA’ by Fitch IBCA. The corresponding $39.47 million floating rate class B certificates are expected to be rated ‘A’.

The expected ratings reflect the high quality of the receivables generated by Discover Card holders, 12.5% available subordinated amount supporting class A, 7.5% cash collateral account protecting class B, sound legal and cash flow structures, and excellent servicing provided by Greenwood Trust Co.

Economic and credit stress scenarios were applied to the collateral pool to determine the appropriate levels of credit enhancement for the certificates. One of the more severe ‘AAA’ scenarios involved decreasing yield by more than 30%, cutting monthly payment rate by 40% and increasing chargeoffs over 30%. The ‘A’ stress decreased yield by 25%, payment rate by 30% and increased chargeoffs to 23%. With the credit enhancement currently available, the securities could withstand these stresses simultaneously and still make full and timely payments of principal and interest to class A and class B investors.

Investors are partially protected from a deterioration in asset quality, seller insolvency or servicer default by early amortization triggers. If certain adverse events occur, an accelerated payout of investor principal will begin possibly earlier than expected. During such an amortization event, finance charge collections normally allocated to the seller will become available to cover trust expenses through a structural feature that fixes the finance charge allocation based upon pre-amortization invested amounts. Allocating finance charge collections in this manner allows funds otherwise designated to the seller to flow through to the trust. Greenwood has the option to allocate collections on a floating basis, which would require enhancement levels to be increased to 17.5% for class A and 12.5% for class B.

Class A and B certificateholders will receive monthly interest payments of 12.5 basis points (bps) and 29 bps over one-month LIBOR, respectively, throughout the revolving and accumulation periods and on the scheduled payment date, provided an early payout event does not occur. Interest will be paid on the 15th of each month commencing in April 1998.

Following a variable accumulation period, principal is expected to be paid to class A on the March 2003 distribution date and to class B one month later. The series termination date is September 2005. As a part of Group One, series 1998-3 will share excess finance charge and principal collections with other Group One series.