MBNA – DLJdirect Co-Brand

DLJdirect, the online brokerage service of Donaldson, Lufkin & Jenrette, Inc. and MBNA America Bank, N.A., a bank holding company, announced a partnership agreement to provide new services to customers of both organizations.

Under the terms of the multi-year agreement, DLJdirect customers will be offered an MBNA/DLJdirect co-branded credit card. Likewise, MBNA will offer the online brokerage services of DLJdirect to its credit card customers. Enhanced features, rewards, and loyalty programs will be explored as the program develops, providing opportunities to extend additional services to customers of both firms.

This reciprocal relationship should provide DLJdirect and MBNA valuable marketing opportunities as well as value-added services for their customers.

“We are enthusiastic about this relationship with a top-line firm like DLJdirect,” said John Cochran, Chief Marketing Officer of MBNA. “Their reputation for quality has attracted a clientele that appreciates the superior products and services that MBNA provides.”

“We are delighted to partner with MBNA,” said Glenn Tongue, President of DLJdirect. “This arrangement furthers our commitment to broaden the base of financial services we offer to the serious, self-directed investor. Clearly, service quality and reliability are values we share with MBNA in providing the best resources for our customers.”

About MBNA Corporation

MBNA Corporation, a bank holding company and parent of MBNA America Bank N.A., a national bank, has $73 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (www.MBNA.com) provides credit card, consumer loan, retail deposit, travel, and shopping services.

About DLJdirect

DLJdirect is one of the world’s premier online brokerage firms offering a diversified range of investment products and services to sophisticated, self-directed investors. As of March 31, 2000, DLJdirect had more than 930,000 worldwide customer accounts representing $29.4 billion in assets. Headquartered in Jersey City, N.J., with offices in Parsippany, N.J., Charlotte, N.C., Delray Beach, FL., London, Tokyo, Hong Kong, and Dubai, DLJdirect employs more than 1,000 people. DLJdirect common stock trades on the New York Stock Exchange under the ticker symbol “DIR.” For more information on DLJdirect, visit the Company’s Web site at www.DLJdirect.com.

About Donaldson, Lufkin & Jenrette

Donaldson, Lufkin & Jenrette (DLJ) is a leading integrated investment and merchant bank serving institutional, corporate, government and individual clients. DLJ’s businesses include securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research; venture capital; correspondent brokerage services; online, interactive brokerage services; and asset management. Founded in 1959 and headquartered in New York City, DLJ employs approximately 10,600 people worldwide and maintains offices in 13 cities in the United States and 16 cities in Europe, Latin America and Asia. The company has two classes of common stock trading on the New York Stock Exchange. Shares trading under the ticker symbol “DLJ” represent Donaldson, Lufkin & Jenrette, Inc. Shares trading under the ticker symbol “DIR” track the performance of DLJdirect, its online brokerage business. For more information on Donaldson, Lufkin & Jenrette, refer to the company’s Web site at www.DLJ.com. The firm’s world headquarters are located at 277 Park Avenue, New York, NY 10172.




ExpenseLink/Web 4.3

Gelco Information Network announces ExpenseLink/Web 4.3 — the latest version of their comprehensive automated solution that enables businesses to quickly and easily outsource T&E expense management via the WorldWide Web. The service cost-effectively automates the entire expense management process from expense reporting and reimbursement to data analysis and record keeping.

Available anytime, anywhere, ExpenseLink/Web users simply create expense reports online or offline, submitting them securely via the Internet. Users are promptly reimbursed by direct payment to bank accounts within three banking days. Corporate charge cards are paid directly according to their company’s payment schedule. Configurable client and server side business rules and automated workflow ensure maximum levels of control and accurate accounting. Travelers and approving managers are notified of any policy violations, improving adherence to company policies.

“For companies who rank robust features and functionality top priority, this is the product for them,” said Ralph Bernstein, Gelco’s vice president of product strategy. “ExpenseLink(R)/Web 4.3 gives managers the options necessary to ensure policy, and guard against abuse, while giving traveling employees the utmost in user-friendly functions.”

ExpenseLink/Web 4.3 further simplifies expense reporting by introducing user-friendly enhancements including:

Integration to additional web-based resources through direct links such as web-based training tools, payment schedules and custom links including travel information, exchange rates, etc. Simplified expense entry provides faster and easier expense report creation, including such things as filtered viewing of downloaded corporate card transactions, user specific drop-down lists, allocation to multiple cost and project codes and capture of required and supporting information. Permissions-based expense report creation allows one user to create and submit reports on behalf of another user.

“ExpenseLink(R)/Web is designed for companies who seek broad configuration and multiple-use options, deployed securely and reliably over the web,” said Todd Gardner, Gelco’s senior product manager. “The corporate expectation is that software applications are evolving into highly integrated levels of service and support, which do not require customer infrastructure redesign or complicated implementation cycles. ExpenseLink/Web 4.3 is 100% hosted and supported by Gelco, which provides corporate customers significant cost savings from long implementation cycles, expensive hardware and software, and dedicated and specialized support staff.”

Gelco is the largest and most experienced provider of web-based workplace services and software, specializing in simple, rapid deployment of business expense management and reimbursement, and electronic business solutions to the consumer goods industry.

Gelco’s Expense network provides e-commerce solutions for business expense management and reimbursement to the public and private sectors. Users easily manage their business and travel expenses with a comprehensive web-based product suite, while Gelco provides back-end services that quickly process and deliver reimbursements within three business days. The Expense network serves over 1.3 million users in over 1,200 corporations, including American Home Products, Ericsson, The Toro Company, BellSouth, Gartner Group and Reebok International, Ltd., and 120 federal agencies, including the U.S. Department of Defense.

Leveraging a business-to-business e-commerce infrastructure through technology from Sun, Cisco, Oracle, EMC and Microsoft, Gelco is the only company that provides their customers with complete end-to-end expense and fund management solutions. Additionally, through its partnerships and private-label relationships, Gelco provides this e-commerce technology and infrastructure to providers of travel management services. Visit the Gelco web site at http://www.gelco.com.




Compass Extends Canopy

Home Account announced that Compass Bank of Birmingham, Ala., now offers Home Account’s Canopy Suite of Internet banking solutions to the more than 1,000 community banks that are customers of Compass Bank. These products offer Compass Bank’s community bank customers the opportunity to provide sophisticated online financial services to both their retail and commercial customer base.

Compass Bank, one of the leading providers of correspondent banking services in the U.S., already has 12 financial institutions signed up for the Canopy Suite of Internet banking solutions. Installation is currently underway at those institutions.

“We chose Home Account’s Canopy products as ‘best of breed,'” said Charles Bretz, Senior Vice President of Compass Bank. “Home Account’s flexibility and product range enables us to offer banks their choice of in-house or outsourced Internet banking, along with related services such as brokerage, cash management and bill payment. That will help them attract and retain customers. We view this strategic partnership as an excellent way to continue our leadership position in the delivery of financial services to our community bank customers.”

“This is a great opportunity for these community banks, and for us as well,” said Charles A. White, President and CEO of Home Account. “The banks get Canopy software and Home Account support, all within the framework of their trusted network relationship with Compass Bank. Meanwhile, Compass Bank offers us an efficient and cost-effective way to reach these institutions. The enthusiastic reception reinforces our conviction that Canopy is ideally suited to the competitive requirements and operating environment of community banks of all sizes.”

About Home Account

Home Account delivers patent protected Internet banking, financial management, and electronic commerce solutions to banks, brokerages and other financial service organizations. Home Account’s banking products include: Canopy Central(tm), a full service, revenue-generating online financial hub solution that includes banking, bill pay, brokerage, lending, insurance, retirement planning, financial analysis, portfolio tracking & stock quotes, world & financial news, weather and auto buying services; Canopy First(tm), an outsourced, scalable and brandable Internet banking solution; Canopy Business(tm), Internet based cash management services for corporate customers; and Canopy Server(tm), an OFX (Open Financial Exchange) financial services platform that allows access by personal finance management software packages such as Microsoft(r) Money 99, Intuit’s Quicken(r) 99/00,and Quickbooks 2000. HomeAccount also offers the unique CardSolutions(tm) service, an innovative Internet account management program designed especially for credit card issuers.

Home Account is headquartered in Emeryville, CA, with offices in Charleston, SC, Omaha, NE, and Atlanta, GA. Please see Home Account’s website at http://www.homeaccount.com. Home Account, Canopy Central, Canopy First, Canopy Business, Canopy Server, and CardSolutions are trademarks of Home Account Holdings, Inc. Home Account products may be licensed for use under HomeAccount’s U.S. Patent Nos. 4,953,085; 5,644,727; 5,852,811; 5,854,828; 5,875,437; 5,884,285; 5,911,135; 5,911,136 and other pending U.S. and international patents.

About Compass Bank

Compass Bank is a subsidiary of Compass Bancshares, Inc., an $18.5 billion Sunbelt-based financial holding company that operates 323 full-service banking offices in Alabama, Arizona, Colorado, Florida, New Mexico and Texas. Compass is among the top 40 U.S. bank holding companies by asset size and ranks among the top earners of its size based on return on equity. The company’s earnings per share have increased for 12 consecutive years and dividends per share have increased for 19 consecutive years. Shares of Compass’ common stock are traded through the Nasdaq stock market under the symbol CBSS.




EBPP Firms Joins MC BSP

MasterCard International and Princeton eCom, a leading electronic bill presentment and payment provider, today announced an agreement making Princeton eCom among the first Biller Service Providers to join MasterCard’s Remote Payment and Presentment Service and its recently announced electronic bill presentment service. Princeton eCom also serves as a payment originator on behalf of its financial institution customers.

MasterCard’s RPPS program provides participating financial institutions flexible connectivity to process electronic payment transactions without capturing or storing consumer or biller relationship information. Through the agreement, MasterCard will act as a bill payment “hub”, offering Princeton eCom customers the ability to pay their bills online through MasterCard’s extensive payment network.

By leveraging MasterCard’s existing payment relationships through its Remote Payment and Presentment Service (RPPS), this collaborative effort allows the industry to reach a greater number of potential consumers than ever before. MasterCard’s 14 years of experience, along with its proven payments network, risk management and customer service infrastructure, enable companies like Princeton eCom to leverage MasterCard’s expertise, customer base and payment experience. As a result of this service, consumers have gained more convenience with access to more of their bills online, while billers have the opportunity to access a greater number of consumers then ever before. Member financial institutions can promote interoperability and leverage MasterCard’s extensive payments experience and “hub”. The full service offering will be available to all banks, Customer Service Providers and Biller Service Providers in September 2000.

“MasterCard’s RPPS allows Princeton eCom to significantly increase the number of online banking customers that we are able to access. This new reach furthers our goal of providing our customers with some of the most advanced reach for bill payment,” said Ronald Averett, president and chief operating officer, Princeton eCom. “We’re pleased to work with MasterCard because the company shares our commitment to providing anytime, anywhere access to bills.”

“Princeton eCom is at the forefront of bill presentment and payment technology and we’re pleased to have a strategic relationship with them on both fronts,” said Ruth Ann Marshall, president, North American Region, MasterCard International.

About MasterCard

MasterCard International has the most comprehensive portfolio of payment brands in the world. More than 1 billion MasterCard(R), Cirrus(R) and Maestro(R) logos are present on credit, charge and debit cards in circulation today. An association comprised of 22,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is the leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. With more than 18 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. In 1999, gross dollar volume exceeded US$727 billion. MasterCard can be reached through its World Wide Web site at http://www.mastercard.com.

About Princeton eCom

Princeton eCom, N.J.-based company, is a leading application service provider in the fast-growing electronic bill presentment and payment (EBPP) industry and works with financial service companies and billers in the following industries: credit card, telecommunication, utility, cable, insurance, media and retail. The company is a leading integrated electronic payment provider for the banking industry and provides hosting facilities for both EBPP business-to-business and business-to-consumer platforms. Princeton eCom offers e-bill distribution over the Internet to biller websites, portals, interactive content sites, financial institutions, personal financial management (PFM) software, and is the only provider to go to more than one consolidator.

Princeton eCom also offers a billers’ consumers an integrated epayments solution via the Internet, telephone or any digital device. It was the first company to present an e-bill on the Internet and currently provides EBPP services to over 30 major online billers including Verizon Wireless, Cellular One, Adelphia and Cinergy Corp. Its integrated electronic billing and payment solutions are used by more than 600 of the largest companies in the United States. The Company provides a single point of contact for the entire EBPP solution-from integrated payment and presentment solutions to electronic collection services. Billing Concepts Corp. (Nasdaq: BILL), the lead investor in eCom — is a provider of billing solutions, products and services to the telecommunications industry. In addition to the Princeton eCom investment, Billing Concepts’ Internet division provides Internet-based instant loan approval products to the financial services industry. For more information visit http://www.princetonecom.com.


MC Canada

TD Bank announced Wednesday an agreement with Citibank Canada for the purchase of Canada Trust’s MasterCard consumer credit card issuing business. The transaction also includes the transfer to Citibank Canada of Canada Trust MasterCard facilities and operations in London, Ontario. The sale is the result of the TD Bank purchase of Canada Trust earlier this year, and the TD Bank decision to continue its existing credit card relationship with VISA. Visa Canada does not allow a financial institution to be an issuer of both VISA and MasterCard. Over a period of time Citibank Canada will be converting all of its Citibank Canada VISA credit card offerings to MasterCard. The transaction is expected to be completed by mid to late July. According to CardPlanet ([www.cardplanet.com][1]), Canada Trust has issued approximately one million MasterCards and is the third largest MasterCard portfolio in Canada.

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


Debit Card Lawsuit

The U.S. Court of Appeals ruled yesterday that VISA and MasterCard have the right to appeal the class action status of the Wal-Mart debit card lawsuit. In February, U.S. District Court Judge John Gleeson certified the retailer’s debit card lawsuit against VISA and MasterCard as a class action. (CF Library 2/24/00) The lawsuit, originally filed by Wal-Mart, Sears and eleven other retailers, contends retailers are victims of an illegal tying arrangement, under which merchants are forced to accept ‘VISA Check’ and ‘MasterMoney’ debit cards. VISA and MasterCard’s off-line debit cards require considerably higher merchant fees than competing online debit cards offered by regional networks. Yesterday’s ruling could potentially impact the trial date of the Wal-Mart case. The ruling also comes on the eve of the VISA/MasterCard antitrust trial which gets underway this week in New York. FULL STORY:



Discover Incentives

Cybergold Inc., an Internet incentives company that rewards consumers with cash, today announced an alliance with Discover Financial Services. The program will offer incentives to entice consumers to apply for a Discover Platinum card through e-mail campaigns. The agreement expands the existing November 1999 partnership between the two companies.

With the new campaign, Cybergold members will receive a $20 cash reward. The program also will allow members to transfer funds from their Cybergold account to their Discover Card.

“Our advertisers are thrilled with the results they get through our programs. Cybergold members are the types of consumers most advertisers want to reach,” said Nat Goldhaber, president and CEO of Cybergold, Inc. “Our advertisers renew and expand their programs with Cybergold. Why? Because we provide the best value for our advertisers by providing the best value for our members from the most reputable marketers. We provide our advertisers with Web-savvy consumers who are ready and willing to act.”

About Discover Financial Services

Discover Financial Services, a business unit of Morgan Stanley Dean Witter & Co., operates the Discover(R) Card brands with more than 48 million Cardmembers and the Discover/Novus Network. The Network is the largest independent credit card network in the United States with more than 3.5 million merchant and cash access locations.

About Cybergold

Cybergold, Inc. is the leading Internet incentives and payment technology company that rewards consumers with cash and other rewards for responding to Web-based advertisements and programs. With more than seven million members, Cybergold provides its clients with an efficient means of reaching interested and responsive consumers on the Internet. Cybergold members receive a wide selection of programs and activities to participate in and to generate cash, which can be used online for purchases or offline by having it transferred to a credit card or a bank checking account or donating it to charity. Cybergold’s partners include Visa USA, MBNA, AOL, EarthLink, and Autobytel. Cybergold, headquartered in Oakland, California, pioneered Internet incentives in 1995. For more information, visit http://www.cybergold.com.


Sub-Prime Sale

Troubled sub-prime credit card issuer, Bank Plus Corp, announced last night it has executed a definitive agreement to sell the MMG Direct credit card portfolio and its credit card servicing center located in Beaverton, OR. The undisclosed buyer is an international financial services company with substantial sub-prime credit card operations. The estimated loss on the sale of the Beaverton servicing center and other transaction costs are expected to total approximately $4 million. As of May 31 total outstanding balances in the MMG portfolio was $78.4 million.


Jews on MBNA Board

MBNA Corporation announced the culmination of an extensive search with the election of William L. Jews to its board of directors. Mr. Jews is president and chief executive officer of CareFirst BlueCross BlueShield and is chief executive officer of Blue Cross Blue Shield of Delaware. CareFirst is the seventh largest Blue Cross Blue Shield plan.

During his twenty-five year career in health care, Mr. Jews has been president and CEO of Dimensions Health Corporation and the Lutheran Health Care Corporation and was associated with the University of Maryland Hospital. He serves as a director of the National Blue Cross Blue Shield Association, Crown Central Petroleum, Inc., the Ryland Group, and is a governor of the Federal Reserve.

Mr. Jews is actively involved in the Baltimore community where he resides. He serves as chairman of the Greater Baltimore Alliance and is a member of the Board of the Greater Baltimore Committee, the University of Maryland Baltimore County President’s Advisory Board, and the Maryland Health Care Foundation.

“Bill Jews brings a wealth of experience to our board. He has been a superb leader in the Maryland, Delaware and Washington health care systems, and has consistently brought a spirit of innovation, determination and common sense to his work,” said MBNA Corporation Chairman and Chief Executive Officer Alfred Lerner.

“I consider Bill Jews to be one of the finest executives I know. His reputation in his community and his reputation in business is without parallel. We are very proud of the fact that he is joining our board of directors,” said Charlie Cawley, MBNA Corporation President.

MBNA Corporation, a bank holding company and parent of MBNA America Bank, N.A., a national bank, has $73.0 billion in managed loans. MBNA, the largest independent credit card lender in the world, also provides retail deposit, consumer loan, and insurance products. MBNA.com (http://www.MBNA.com) provides credit card, consumer loan, retail deposit, travel, and shopping services.


Speedpass Prizes

Exxon Mobil announced this morning that customers who sign up for a free ‘Mobil Speedpass’ through July 31 will automatically be entered in the sweepstakes. Nearly four million customers in the USA use ‘Speedpass’, a miniature radio transponder attached to customer key chains or affixed to their vehicles’ rear window which automatically charges fuel purchases to a designated credit or check card. Four grand prize winners will receive $20,000 to take a dream vacation. A total of 139 secondary prizes will be awarded.


Providian in Texas

Providian Financial opened a new credit services center in Austin, Texas. This is the third Texas facility the Company has opened in the last year. Providian customer service centers opened in Arlington last June and in San Antonio in March of this year.

Providian’s 60,000 square feet of space at 6500 Tracor Lane in east Austin will be home to more than 500 new employees joining the Company’s credit services department, which works with past-due Providian credit card customers to help them repay their debt and continue to build a positive credit record. Providian will recruit essentially all of the employees at the new facility from the local Austin population.

“I’m very pleased that Providian Financial has selected Austin as a location for expanding their rapidly growing business,” said Austin’s Mayor Kirk Watson. “Providian’s reputation for providing a quality work environment while supporting the community fits well into Austin’s philosophy of responsible economic growth. I’m sure the company will be well served by an enthusiastic and skilled local workforce.”

Providian has hired about a quarter of the workforce it needs, with many of the early applicants bringing relevant experience from other service-oriented businesses in the area. Besides competitive pay, the Company offers its employees extensive training, including computer training, excellent benefits, opportunity for advancement and a supportive work environment.

To celebrate the opening, Providian held a ribbon-cutting ceremony at The Driskill Hotel in downtown Austin. Local business leaders and elected officials attended the event, along with Providian senior management.

“Austin offers a very supportive business climate and a strong labor force that will help uphold Providian’s commitment to 100% customer satisfaction,” said Dennis Brady, executive vice president of Providian’s credit card operation and one of the Company’s senior managers in attendance at today’s event. “We’re proud to be joining the Austin community and we plan to be an active member of it.”

During the celebration, as part of its community commitment, Providian awarded $25,000 to the Fund for Child Care Excellence, a non-profit dedicated to addressing the quality, accessibility and affordability of child care in the Austin area. The Fund will use the donation to support its many efforts, including improving teacher training and wages, expanding materials and resources for child care centers, and providing families with child care scholarships. The donation is part of the Providian Child Care Initiative.

San Francisco-based Providian Financial (http://www.providian.com) employs more than 12,000 people in the United States and in the United Kingdom, with facilities in Arlington and San Antonio, Texas; Henderson, Nevada; Fairfield, Oakland, Pleasanton, Sacramento, and San Francisco, California; Salt Lake City, Utah; Louisville, Kentucky; Concord and Tilton, New Hampshire; and London, England.

Providian is a leading provider of lending and deposit products to customers throughout the United States and offers credit cards in the United Kingdom. The sixth largest bankcard issuer in the U.S., Providian Financial was recently named one of America’s Most Admired Companies by Fortune magazine, and the nation’s top financial institution by US Banker magazine. With a commitment to 100% customer satisfaction, Providian helps customers build or rebuild, protect and responsibly use credit. Providian has more than $27 billion in assets under management and over 13 million customers.