Online Banking Employment Service

National Banking Network, a leading on-line resource for banking and financial service professionals, has created a new on-line employment resource on their Web site for the banking and finance industries. Launched Monday, now features NBN’s banking and financial services resume database available to input career profiles at no cost to users.

National Banking Network is a comprehensive banking and financial services employment Web site designed to provide enhanced employment services specifically for the banking and finance industries. It provides hundreds of job listings for these industries.

NBN, , launced in October, 1996, is one of the leading banking and finance industries employment sites on the Web. The site features the following complimentary resources for job seekers: information on hundreds of banking and financial services Job Openings, free Career Profile posting service in a resume database, profiles of NBN Members who represent some of the top employers in the banking and finance industries, Banking and Finanace Information Resources, Employment Opportunity links, Interview Tips, and Relocation/Salary Information links.


BA Merchant Adds Three Asian Operations

BA Merchant Services, Inc. (NYSE:BPI) has completed the transfer of three Asian merchant processing operations from Bank of America NT&SA (BofA).

Merchant processing businesses in Thailand, the Philippines and Taiwan were obtained from BofA during the second and third quarters of 1997, for a total consideration of 2.2 million shares of BA Merchant Services’ Class B Common Stock.

“We are very pleased that all regulatory approvals have been granted and the transfer of operations has been completed. We anticipate strong growth in credit card use in Asia. With these operations, BAMS is positioned to capitalize on Bank of America’s long history and customer relationships in these markets,” said Sharif Bayyari, President and Chief Executive Officer of BA Merchant Services.

The impact of these operations is expected to be nondilutive in 1997. The three operations processed $1.5 billion in MasterCard and Visa charge volume during 1996.

The transfer of these operations will be accounted for as a reorganization of entities under common control, and prior period results will be restated to include the financial position and results of operations of the three acquired businesses.

BA Merchant Services, Inc. (BAMS) was incorporated in October 1996 and manages the domestic and certain international operations formerly owned by BankAmerica Corporation subsidiaries. BAMS provides an array of payment processing and related information products and services to merchants who accept credit, charge, and debit card transactions as payment for goods and services.

According to industry sources, BAMS is the fourth largest processor of merchant credit transactions and one of the largest processors of debit card transactions in the United States.

Presentations and discussions regarding BA Merchant Services, including responses to questions, may contain forward-looking statements, usually containing the words “estimate”, “project”, “expect” or similar expressions. These statements are subject to uncertainties, including those discussed in “Forward-Looking Statements” in BAMS’ most recent report on Form 10-K, that may cause actual results to differ materially. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made.


Chapman Elected Equifax CEO

The Equifax Board of Directors today honored Daniel W. McGlaughlin’s decision to retire at the end of the year and elected Thomas F. Chapman the new chief executive officer. The move takes effect January 1, 1998.

Commenting on the action, C.B. Rogers, Jr., chairman of the board, said, “This succession is based on implementing a strong strategy for future growth and a strong succession plan. When Vice Chairman and CEO Dan McGlaughlin, 61, decided to retire following the successful spinoff of ChoicePoint and continued record earnings, he had the team in place, ready to go.”

The leadership transition comes at a time when Equifax has been setting records for growth and profitability:

— its market cap this year hit an all time high of $4.8 billion;

— its market share climbed to number one or two in almost every market served even as it expanded globally;

— and its mid-year spinoff of insurance operations led to the formation of two strong, independent companies, both trading on the New York Stock Exchange.

“Through the Equifax management team, Dan McGlaughlin engineered one of the smoothest spinoffs in American business,” Rogers said, “maintaining momentum and putting Equifax in position to become a 21st-Century prototype company. He has our sincere thanks.

“Tom Chapman, who takes over the CEO reins, is an outstanding executive and strategist who has grown the Equifax business dramatically and has been considered heir apparent for some time,” Rogers said. “This is a logical, seamless transition that brings great leadership, energy and vision to the business.”

Chapman, 54, who was elevated to president and chief operating officer with the August 7 spinoff, will now become president and chief executive officer. It will put him at the helm of a company with revenues over $1.3 billion…a company with operations in 17 countries and sales presence in over 40, serving over 300,000 customers.

“With Equifax coming up on its 100th anniversary in early 1999,” Chapman said, “history does not repeat itself and we must make our past success the starting line for the future. To do that, we’re actively repositioning Equifax as a company whose information, processing, and knowledge-based solutions are more and more instrumental in shaping global commerce.”

In other board actions today, directors of Equifax Inc. increased the share repurchase program by $200 million and declared a regular quarterly dividend of 8.75 cents per share payable December 15, 1997 to shareholders of record November 24, 1997 (see related release).

Daniel W. McGlaughlin

McGlaughlin was the ninth chief executive at Equifax. He joined the company in 1989 as senior vice president for Information Technology, after impressive careers with IBM and General Electric. He was elected to the Equifax Board of Directors in 1990 and subsequently promoted to president and chief operating officer on January 1, 1993.

He assumed the role of chief executive officer three years later in 1996. During his tenure, compound annual revenue growth was over 11% and profit growth was 21%, before unusual items. The company made 24 acquisitions and divested both its fledgling healthcare information business and its market research arm, National Decision Systems.

Reflecting on the changes, McGlaughlin said, “transforming the company into a high-tech, market-driven organization has put Equifax in position where its management, routing and enhancement of information are now becoming catalysts for business and commerce around the world.”

A native of Edinboro, Pa., McGlaughlin is a member of the Advisory Board of Wachovia Bank of Georgia; and the boards of directors of American Business Products, ChoicePoint and FORE Systems Inc. He also is a trustee of the Atlanta Botanical Garden and the High Museum, chairman of the Georgia Industrial Fellowships for Teachers (GIFT) and serves on the Board of Trustees of Case-Western Reserve University where he received his Ph.D. He will remain on the Equifax Board.

Thomas F. Chapman

Chapman’s succession was planned and expected; he has been considered “heir apparent” for several years after taking over the Financial Services Group, dramatically increasing its revenue and profit.

Chapman joined Equifax in 1990 as a senior vice president with responsibility for credit reporting sales and marketing. When the Financial Services Group was formed in early 1993, he became group executive and executive vice president. Chapman was elected to the Equifax Board of Directors in January 1994.

Before joining Equifax, Chapman served for over 20 years with First Atlanta Corporation (Wachovia Corporation since 1985) as executive vice president. After leaving Wachovia in 1988, he served as chief executive officer of Financial Environments Inc., a financial services consulting and marketing firm specializing in banking and image enhancement programs.

Within the Atlanta community, Chapman is now serving as Vice Chair- International of the Metro Atlanta Chamber of Commerce, responsible for driving Atlanta’s post-Olympic international development program. He is also on the Chamber’s Board of Directors and sits on its Executive Committee. In 1996 he served as the Chairman of the Metro Atlanta Chamber of Commerce Chairman’s Committee Campaign.

Equifax is a world leader in providing financial information and processing solutions, with global operations in consumer and commercial credit information services, payment services, software, modeling, analytics and consulting, and direct-to-consumer services. These services are used by many industries including banking, financial, retail, credit card, telecommunications and utilities, and healthcare. The company was founded in 1899 in Atlanta and today has 10,000 employees around the world. Equifax (NYSE: EFX) revenues for the 12 months ended Sept. 30 exceeded $1.3 billion

Thomas (Tom) F. Chapman

President and Chief Executive Officer

Equifax Inc.

As President and Chief Executive Officer of Equifax Inc., Thomas F. Chapman leads one of the world’s foremost providers of leading-edge information-based services. He assumed his current position in October 1997.

Mr. Chapman joined Equifax in 1990 as a Corporate Senior Vice President with responsibility for credit reporting sales and marketing. When the Financial Services Group was formed in early 1993, he became Group Executive and Executive Vice President. Mr. Chapman was elected to the Equifax Board of Directors in January 1994. In January 1996, he was named Executive Vice President and Group Executive and his responsibilities broadened to include all financial products and services globally.

Before joining Equifax, Mr. Chapman served for over 20 years with First Atlanta Corporation (Wachovia Corporation since 1985) as Executive Vice President. In that capacity, he was responsible for all retail banking units including the branch network, card services, mortgage, small business lending, auto dealer finance and leasing, private banking, electronic delivery and corporate development and marketing. After leaving Wachovia in 1988, he was Chief Executive Officer of Financial Environments Inc., a financial services consulting and marketing entity specializing in banking and image enhancement programs.

Mr. Chapman earned a bachelor’s degree in economics from Clemson University and graduated from the Advanced Management Program of The Harvard University Graduate School of Business.

Mr. Chapman has held numerous positions within banking industry associations and is a founding member of Plus Systems Inc., having served twice as its Chairman. He currently serves as Vice Chairman on the Board of Trustees of Brandon Hall School and as Vice Chair-International of the Metro Atlanta Chamber of Commerce. In 1996 he served as the Chairman of the Metro Atlanta Chamber of Commerce Chairman’s Committee Campaign.

Mr. Chapman and his wife, Jane, reside in Atlanta, Ga. Their daughter, Dawn, and her husband and two children live in Pensacola, Fla. Another daughter, Traci, and her husband live in Montgomery, Ala.



NOVA Corp says it is introducing a totally wireless credit card processing service utilizing Cellular Digital Packet Data. The new service, called ‘TRAVERSE’, has been in the pilot stage since March 1996 with 300 terminals now in full operation. NOVA said the new product is being offered in more than 75 metro markets where CDPD is available. CDPD is significantly less expensive than analog cellular service since its is based on data usage instead of connect time.


Commerce Bank NJ Wins Online Award

Microbanker Inc., publishers of banking technology newsletters, buyers guides, books and special reports, announced winners of the 1997 BEST IN Remote BANKING Awards.

Awards selections:

– First Place — Commerce Bank of New Jersey for making the Internet a viable way to do business. Their Web site is one of some three dozen Internet banking sites that features online real-time transactions. As as result, Commerce has managed almost 11 percent household penetration (far above reported averages), which represents 16.5% of the banks’ total transactions. In addition, through South Jersey Online, a locally-based Web community it co-developed, they are receiving 60,000-100,000 hits per day.

![][1] – Second Place — Mellon Bank, based in Pittsburgh, has taken the call center to the next level by skillfully integrating interactive video to connect local customers face to face with financial experts. Mellon started the pilot program in 1996 and is looking to have 300 of the Video Bankers installed by year end.

![][2] – Third Place — First Union Corp. of Charlotte, N.C. has demonstrated courage and leadership by stepping forward as a pioneer in the use of digital certificates in the electronic-commerce process. The institution has also positioned itself as Certificate Authority (CA) — an electronic storehouse of individual verifications.

– Honorable Mention — Mercantile National Bank of Indiana for an innovative remote banking application in its use of wireless automated teller technology on riverboats; Beneficial National Bank of Wilmington, Del., for positioning itself on the vanguard of the online credit market as a result of corporate focus; and the Bank of Montreal for carving out niches for itself in Internet Banking with online mortgages, credit cards and student loans (with credit decisions provided within seconds).

[1]: /graphic/mellon/mellon.gif
[2]: /graphic/firstunion/firstunion.gif


Obvious Wireless Application

The Cellular Telecommunications Industry Association is using U.S. Wireless Data Inc.’s ‘TRANZ Enabler’ wireless technology to process credit card transactions associated with its ongoing annual convention in Seattle. CTIA’s ‘Wireless APPS ’97’ is the largest meeting associated with wireless applications. U.S. Wireless says its typical wireless credit card transaction takes three to five seconds.


Smart Corp Card

American Express and Continental Airlines will begin a pilot Nov. 1 involving several thousand AmEx Corporate Cardholders to test ‘Smart Corporate Cards’ in Continental’s ‘Electronic Ticket Machines’. The corporate chip card will enable cardholders to check-in for flights quickly and permit him or her to change seat assignments, make simple flight changes, upgrade to first class, check bags and to enter club rooms. The trial follows another similiar AmEx smart card pilot with the Hilton Hotel chain which got underway June 1.


Integrion CheckFree Tango

CheckFree Corp and the Integrion Financial Network signed a 10-year processing partnership agreement Wednesday to offer financial institutions a complete e-banking solution based on the ‘Gold Message Standard’. Under terms of the agreement, CheckFree will become the primary supplier of back-end electronic billing and payment processing services to Integrion customers. In return CheckFree will use Integrion’s ‘Interactive Financial Services’ platform to route transactions and will use the ‘GMS’ standard for all connections. Both companies also agreed to work with IBM, Integrion’s primary technology partner, to develop the next generation of e-banking based on ‘IFS/GMS’ and CheckFree’s processing engine. The agreement also provides for Integrion to acquire 10-year warrants for ten million shares of CheckFree.


Checkmate’s GEN4

Atlanta-based Checkmate Electronics announced yesterday it is rolling out a new generation of payment terminals featuring larger screens to deliver clear transaction information as well as advertising messages. The company said the first two products using the ‘GEN4’ fourth generation architecture will be unveiled shortly. The new products incorporate the ‘Payment System 2000’ platform and offer a snap-on smart card reader. The company projects one of new products will bring in $3.2 million and will enable Checkmate to enter new market segments such as fast food, healthcare and insurance.


BankLynk Launched

Atlanta based Lynk Systems, Inc., announced today the launch of a new program, BankLynk, a premier business development program developed for community banks. BankLynk is a unique program, provided by Lynk Systems, that offers a bank the strength of Lynk’s national sales team to develop new merchant business, as well as direct deposit and loan business, for member banks. By leveraging Lynk’s sales and marketing force, BankLynk will allow small and mid-sized banks to compete on an entirely new level.

BankLynk is Lynk’s answer to the bank that is seeking a true partnership with their processor, not just a simple referral program. Says Lynk Vice President, Wayne Damron, “By listening to the needs of our partner banks, we have effectively created a bank program that offers true value, because it is structured with the bank’s goals in mind, not just Lynk’s.” Lynk will formally launch the BankLynk program at the Atlanta Futurebank ’97 show on October 29th and 30th. Additionally, Lynk will showcase the latest in ATM technology and will have a live Diebold ATM machine available for cash withdrawals in their booth (#1907). All ATM surcharge proceeds will be donated to the Children’s Make-A-Wish Foundation.

At Futurebank, Lynk will also demonstrate PC Lynk, a Windows 95 based software program that provides a merchant the ability to process credit card/ debit card transactions using a personal computer. The Futurebank show will mark PC Lynk’s introduction to the banking community.

Lynk Systems, Inc. is an integrated provider of payment services, cash dispensing services and other related value-added products and services. Lynk processes over 4.5 million transactions a month, providing payment processing solutions to over 35,000 merchants and 125 banks, and provides cash advance services in over 5,000 locations nationwide. Lynk employs 200+ full-time management and technical personnel and 500+ sales agents operating from 25 direct sales offices throughout the country. Lynk operates using internally developed, proprietary processing systems and technologies and maintains connectivity to virtually all credit and debit card systems.

The company’s business strategy is to continue to invest in its technology infrastructure while focusing on internal growth in direct sales with emphasis on marketing relationships with financial institutions. Lynk was recently recognized as one of Atlanta’s Fast Tech 50 companies.


Unisys VISA Cash Solution

Unisys Corp. and Visa USA Tuesday announced an implementation package which will allow financial institutions to conduct inhouse trials for Visa Cash, Visa’s stored value system.

Under the agreement, Unisys will provide software applications, project management, and integration services to conduct Visa Cash trials at Visa USA’s member banks.

The non-exclusive agreement represents the first time that a packaged service has been offered to help conduct such trials. BANC ONE Corp., Columbus, Ohio, one of the nation’s largest holding banks, has been signed as the first Visa Cash customer for this service.

Visa is the world’s largest consumer payment system with over 13 million acceptance locations. Visa Cash is its stored value card, which holds and processes money in the form of electronic data.

Unisys will provide the Visa member bank with a Windows NT server that will be used to run the Visa Cash Management System application. Also included in the package agreement are appropriate system software and database tools, project management, implementation, and system support services.

Visa Cash received additional interest from Visa USA’s member banks following its successful trial at the 1996 Olympic Games in Atlanta. Visa USA selected Unisys to develop a cost-effective implementation package that allows member banks to perform Visa Cash trials on-site at their own institutions for a low initial investment.

The first phase involves testing Visa Cash in an in-house trial environment at a member bank’s cafeteria. The package — which includes a predefined set of hardware, software, and services provided by Unisys — will enable the bank to implement a strategy for Visa Cash internally over a three-to-four-month period, before launching it externally on a regional basis.

According to Diana Knox, vice president/Stored Value Products of Visa USA, “By partnering with systems integrators such as Unisys, we provide a cost-effective way for our member banks to evaluate Visa Cash, and to test new features as business needs dictate. And ultimately, we’re able to roll out the Visa Cash service quickly, providing optimum service to the banks.”

Glenn Santmire, group vice president, Unisys Worldwide Financial Services, stated, “We’ve been involved in stored value projects since the technology first came to market.

“With the steady evolution to electronic payments, we’ve seen banks become better and better able to offer flexible, secure outlets for consumer spending. Unisys is pleased to further its involvement in this arena by working with Visa and Visa Cash.”

Bank One using test package

BANC ONE CORP., with over $100 billion in assets and more than 1,200 offices throughout the country, has agreed to be the flagship user of the Unisys Visa Cash implementation program, and is piloting disposable cards in its employee cafeteria.

Point-of-sale terminals are located at cafeteria registers and employees may choose to use their Visa Cash Cards, rather than cash, to purchase lunch or snack items.

Visa and Visa Cash

Visa is the preferred payment brand and the largest consumer payment system worldwide. It plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions, their cardholders and the global economy.

As the leader in emerging products, Visa has 65 chip programs underway worldwide, including more than six million Visa Cash cards, and is pioneering SET Secure Electronic Transaction programs in more than 25 countries for secure Internet commerce.

Visa’s 600 million cards, generating more than US $1 trillion in annual volume, are accepted at more than 14 million worldwide locations, including nearly 370,000 ATMs in the Visa Global ATM Network. Visa’s Internet address is

Unisys — The Information Management Company

Unisys is one of a select group of companies with the portfolio of services, technologies and third party alliances needed to deliver the benefits of information management — helping clients use their information asset to enhance their competitiveness and responsiveness to customers.

Our expertise in information management is founded on the strengths of our three global businesses: consulting, solutions and systems integration; industry-leading technologies; and comprehensive services and products supporting distributed computing environments. Access the Unisys home page on the World Wide Web — — for further information. Unisys is a registered trademark of Unisys Corp. All other brands and products referenced herein are acknowledged to be trademarks or registered trademarks of their respective holders.


Advanta Card Bonds Affirmed

Ratings on Advanta Credit Card Master Trust I are affirmed by Fitch, following the company’s announcement it will contribute its consumer credit card business and related debt and deposits to a newly formed limited liability company that will be roughly 99% owned by Fleet Bank and 1% owned by Advanta. A list of the approximately $8.15 billion of asset-backed certificates affected by this rating action follows below. The action is supported by the quality of the underlying receivables, each transaction’s available credit enhancement sized to cover worst case assumptions for the given rating categories, a sound cash flow stream, which currently generates more than 400 basis points of excess spread, and a solid legal structure, which employs the use of early amortization triggers. While uncertainties exist concerning the servicing, collections and other aspects of portfolio maintenance going forward, Fitch is confident the amount of credit enhancement and presence of the early amortization events adequately ensure full and timely payment of interest and ultimate repayment of principal by each series termination date. When determining credit enhancement levels, Fitch stresses an issuer’s credit card portfolio into early amortization and then sizes credit enhancement to ensure investors are repaid in full during the worst-case or “doomsday” scenarios.

All credit card securitizations feature early amortization events that remain in place for the life of the transaction. The events are built into a transaction’s structure to protect investors from deteriorating pool performance, intense credit card industry competition, servicer problems or transfers, and other adverse events impacting the seller/servicer. Breach of an amortization event triggers rapid principal distributions to investors. Fitch believes the basic triggers embedded in credit card transactions address all possible worst-case scenarios, as well as any unforeseen events applicable to the seller/servicer, trust or portfolio.

Affirmed ratings:

Series 1994-B, class A at ‘AAA’, class B at ‘A+’, CIA at ‘BBB’
Series 1994-D, class A at ‘AAA’, class B at ‘A+’, CIA at ‘BBB’
Series 1995-A, CIA at ‘BBB’
Series 1995-B, CIA at ‘BBB’
Series 1995-C, class A at ‘AAA’, class B at ‘A+’, CIA at ‘BBB’
Series 1995-D, class A at ‘AAA’, class B at ‘A+’
Series 1995-E, class A at ‘AAA’, class B at ‘A+’
Series 1995-F, class A at ‘AAA’, class B at ‘A’, CIA at ‘BBB’
Series 1995-G, class A at ‘AAA’, class B at ‘A+’, CIA at ‘BBB’
Series 1996-A, class A at ‘AAA’, class B at ‘A+’, CIA at ‘BBB’
Series 1996-B, class A at ‘AAA’, class B at ‘A+’, CIA at ‘BBB’
Series 1996-C, class A at ‘AAA’, class B at ‘A+’
Series 1996-D, class A at ‘AAA’, class B at ‘A+’
Series 1996-E, class A at ‘AAA’, class B at ‘A+’