Cap One Hires Acct Dir

Capital One Financial Corporation today announced that Stephen P. Theobald has joined the Company as Director of Accounting and Reporting. In this capacity, Mr. Theobald will be responsible for the financial reporting, tax, and accounting operations of Capital One.

Mr. Theobald joins Capital One from the New York office of KPMG Peat Marwick LLP, where he was an audit partner in the financial services practice. Mr. Theobald’s fifteen-year career at KPMG included the delivery of audit and accounting services to some of that firm’s largest clients. He also worked in KPMG’s national office and as a Professional Accounting Fellow at the Office of the Comptroller of the Currency.

“Steve’s experience and accounting knowledge will enable our accounting and finance function to keep pace with the tremendous growth of Capital One,” said David Willey, Senior Vice President of Finance and Accounting. “We are pleased to have someone of Steve’s caliber join our team.”

Mr. Theobald earned a Bachelor’s of Business Administration degree in Accountancy from the University of Notre Dame.

Headquartered in Falls Church, Virginia, Capital One Financial Corporation ([www.capitalone.com][1]) is a holding company whose principal subsidiaries, Capital One Bank and Capital One, F.S.B., offer consumer lending products. Capital One’s subsidiaries collectively had 14.9 million customers and $16.3 billion in managed loans outstanding as of September 30, 1998, and are among the largest providers of Master Card and Visa credit cards in the world. Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 500 Index.

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

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CyberCash Promotion

William N. Melton, CEO of CyberCash Inc., the world leader in e-commerce payment technologies and services, announced the promotion of James Condon to president and chief operating officer.  The Company also said that CyberCash founder, William Melton, will become chairman of the board and remain as chief executive officer.  Condon served as executive vice president and chief operating officer prior to his promotion.

“Jim Condon has done an outstanding job of directing the day-to-day activities of the Company for the past year.  CyberCash has experienced a number of significant developments in the past 12 months, including the acquisition of ICVerify, and his participation and management have been essential to their success.  Jim has very strong operational talents which we need to emphasize as we continue our growth,” said Melton.

Melton, who was appointed to the board chairmanship in December, will focus his personal efforts on the successful marketing and implementation of CyberCash’s innovative new InstaBuy Service, as well as continue to provide the vision for which CyberCash is known.  Dan Lynch, CyberCash’s past chairman continues as an active board member.

“This change is part of the natural evolution of the Company and represents an important step forward in CyberCash’s development,” said Lynch, chairman, Lynch Enterprises, an investment company.  “I am very optimistic about the success of the InstaBuy(TM) Service with Bill focusing his talents on the project.”

“I believe we have developed the best-practices approach to one-click shopping today, and it will become truly universal on the web in a very short period of time,” Melton said.”

According to Melton, the advantages of the InstaBuy Service to merchants, financial institutions and consumers are significant because consumers enjoy one-click shopping convenience at merchant sites anywhere on the Internet. They may even complete purchases directly from some banner ads.

Melton says merchants have been looking for a way to convert a higher percentage of web site visitors to buyers and to retain those customers for repeat purchases while consumers are looking for convenience and security. InstaBuy does both and also allows banks to enhance their relationships with their customers on the Internet.  Having worked with the banking community for years, Melton argues that it is critical today for banks to maintain a strong role in the payment system on the web.  InstaBuy, he says, provides a win-win-win technology for banks, merchants and consumers

“With Jim Condon’s strong operational orientation and Bill Melton’s widely recognized strategic vision and industry expertise, InstaBuy could quickly define one-click shopping on the Internet,” said CyberCash board member Garen Staglin, chairman and chief executive officer of Safelite Glass.  “Without question, Condon and Melton provide CyberCash with a one-two management punch that would be hard to beat in the industry.”

CyberCash is the world’s leading provider of secure electronic commerce payment technologies and services spanning the retail point of sale through the Internet.  CyberCash, the CyberCash logo and InstaBuy are trademarks or registered trademarks of CyberCash, Inc.

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GlobeSet * Oki

GlobeSet announced Monday it will provide server-based ‘SET’ and e-debit payment solutions to strategic partner, Oki Electric Industry Co. Ltd., for an electronic commerce shop-and-buy pilot in Japan to be piloted this month. The goal of the pilot will be to evaluate security and convenience of a server-based payment solution processing ‘SET’ and e-debit payments, and test interoperability between the server-based payment solution and conventional SET payment systems. The pilot will be conducted in conjunction with the Japan Information Processing Development Center.

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GRICprepaid

GRIC Communications and Lucent Technologies jointly introduced a prepaid Internet telephony calling card system Monday for service providers. ‘GRICprepaid’ is a Java-based software application that interfaces with Lucent’s ‘PacketStar’ IP Telephony System via an enhanced Lucent-developed application programming interface. The calling card enabled by ‘GRICprepaid’ provides real-time authentication, rating, voice response and call termination via Lucent’s ‘PacketStar ITS’. ‘GRICprepaid’ supports a four-tier, distributed server environment and is highly scaleable, customizable and localizable. It runs on UNIX and Windows NT platforms, and is available now. ‘GRICprepaid’ is priced at $25,000.

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Satellite Card Tx

Personal Satellite Network, (PSN), a provider of global two-way messaging services, achieved what it believes is a satellite communications breakthrough by sending and receiving a credit card verification using the Orbcomm Global L.P. satellite system. The successful verification demonstrated the feasibility of transactions by satellite.

The satellite-based Electronic-commerce (E-Commerce) capability is designed to facilitate cashless transactions worldwide.  PSN E- Commerce uses encryption technology to ensure transactions are secure from the point of sale unit to the processor.  The advancement will allow mobile businesses to avoid the costly, time-consuming and often impractical requirement of ordering and installing a telephone line to verify credit card transactions.

“Traditional satellite-based service is far too expensive to offer as a common business service,” said Don Rickerson, president and founder of PSN. “But with the price structure that Orbcomm’s satellite service offers, any business will be able to process low- cost transactions from anywhere.”

Orbcomm is a mobile satellite service offering low-cost, two-way messages and data communications globally through international licensees and value- added resellers such as PSN.  Orbcomm is owned jointly by Orbital Sciences Corp. [ORB] and Teleglobe Inc. [TGO].

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Siemens Debit Cards

Siemens Information and Communication Networks will unveil its prepaid debit card service and Internet interface as part of a broad range of competitive advanced intelligent network solutions tomorrow. The ‘Fast Feature Platform’ features an interface to the Internet which allows subscribers to easily control and configure their own telephone services, such as prepaid debit card, international call back, one number service, 1-800 stay in touch and geographic routing. Some services include prepaid Internet, parent phone control, teen card, super blocker, super call forward, find me, elder care and click-to-talk fax web advertising support. The Siemens prepaid debit card service is a network-wide solution that can accommodate massive debit card volumes.

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Las Vegas Card

Cable & Wireless was awarded yesterday an exclusive license to issue the only official prepaid calling card for the City of Las Vegas. Under terms of the agreement C&W will share revenues from the sale of these cards with the City of Las Vegas youth sports programs and related facilities in Las Vegas. C&W will also create customized promotional campaigns for businesses and organizations in Las Vegas. There was no indication as to the potential size of the program.

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NatWest Online

Online banking became a reality for NatWest personal customers yesterday with the launch of NatWest On-Line. The new PC banking service, which is also available to small businesses’, gives customers the ability to control their finances 24- hours a day, 365 days a year, from the comfort of their home or office.

Personal financial management at your fingertips

Banking online means customers can keep an eye on their finances and save time. comprehensive account management service allows them to check balances and recent transactions, transfer money between accounts and pay, bills – see appendix 1 for full details of the service. And the service doesn’t just allow payment of the regular bills like the electric, gas or the telephone: if you want to make a payment to a friend or a relative, it can be done easily and quickly. In addition, customers can choose to download statement information to three of the leading financial management packages.

The only online service to offer such a choice of financial packages NatWest On- Line is the only online package to give customers the ability to download account entry details to Microsoft Money 97, 98 and 99, Intuit Quicken 98 and Sage Instant Accounting via Sage Banklink software, taking away the need to input each entry manually.

No monthly subscriptions

A one-off set-up fee of GBP 30 is payable, with recent graduates offered a 50 per cent discount. After that there are no fees for personal customers using NatWest On-Line no matter how often the service is used. All customers are also able to try the service free of charge for 30 days.

24-hour customer support

The online service is supported by a freephone 24-hour customer helpdesk. Customers can also make comments on the service, content and delivery of NatWest On-Line with an on-screen feedback form.

Simple to use from almost anywhere in the world

Getting online is simple. With one of the easiest installation packages of any online service – available via CD-ROM or disk – NatWest On-Line takes just a few minutes to load and is easy to use. Each screen is clear and navigation is simple – see appendix 2 for full technical details, Customers can also access the service from most countries overseas and, with the exception of international calls, all calls are charged at local rate.

No compromise on security

Security is paramount and NatWest has opted for a direct-dial service which it believes offers greater security for its customers. NatWest has used the highest levels of protection to encrypt: information and customers have the additional comfort of password protection. And once the user has logged on to the service, if there is no activity for five minutes, NatWest On-Line will automatically log the user out.

Information on other products and services

And in another first, NatWest On-Line provides a copy of NatWest’s Internet site. Here, you will find information on a range of NatWest products and services and answers to questions on everything from opening an account to buying a house.

Special offers feature

From time to time special offers will be available through NatWest On- Line. From day one, NatWest On-Line will offer special deals on software packages available from Microsoft, Intuit and Sage and a unique offer with PC provider ell, including a two per cent discount on any advertised Dell PC along with free delivery and a three year warranty.

Andrew Blessley, Director of Marketing and distribution, Retail Banking Services, said: “NatWest On-Line is the result of a very successful trial and delivers what our customers said they wanted. It will make the lives of our customers easier: it offers them the ability to manage their personal and business lives through the same service, 24-hours a day, and to download account entry details to the leading accounting packages.

“The PC has an obvious role to play in the future of financial services but we recognise that this way of banking will not suit all our customers. This is why we continue to develop a range of services to give people as much choice as possible: Telephone banking continues to expand; more cash machines are being made available; our staff visit people at home or at work to discuss more complex financial needs; and our 1,730 branches continue to play a key role in our future.”

Customers wishing to register for NatWest On-Line an freephone 0800 281 292.   1. Please see separate release (‘A Complete Business Banking Service Online’ – 11 January, 1999) for the business services to be offered online.

2. Customers will need access to a PC running Windows 95, Windows 98 or Windows NT4 via, a suitable modern (recommended speed of 28.8 kbps or above). NatWest On- Line is one of the few online services to work with both industry standard browsers – Netscape Navigator 3.02 or above and Microsoft Internet Explorer 3.02 or above – so customers can choose which they use.

3. GBP 10 off standard or financial suite versions of Microsoft Money 99.

4. GBP 5 off standard version and GBP 10 off the deluxe version of Intuit’s Quicken 98.

5. Half-price discount on Sage Banklink for Instant Accounting software – GBP 50 instead of RRP GBP 100.

6. Dell – two per cent off standard price for their range of PCs – plus free delivery and free three year warranty with next working day on-site maintenance.

7. The freephone number for customer applications is available between 8am-8pm Monday to Friday, and 8am-6pm on Saturday.

NATWEST ON-LINE

Once online, customers will be able to manage their finances from the comfort of their home or office, 24-hours a (lay, 365 days a year. The following services are available:

* View account balances: customers can check close of business balances for up to 20 current, savings and loan accounts and 20 credit card accounts;

* Account transactions: the 40 most recent bank account entries and d. e morning entries for the current working day are shown on screen. Up to the last 50 lines of entries can be seen for each NatWest credit card;

* Payments: taking the hassle out of paying bills or third parties over the counter or by post, payments can be set up on the service: all that needs to be entered is the amount and date for payment – this can be done up to 40 working days in advance – and the it can be paid at the click of the mouse. And if the customer has second thoughts, the transaction can be cancelled just as easily;

* Transfer between accounts: funds can be transferred from one account to another. A transfer can be arranged up to 40 working days in advance – at the touch of a button;

* Order new stationery: such as paying-in books, cheque books and Statements;

* View a copy of NatWest’s Internet site: provides access to information about NatWest’s personal and business services. This includes general help and guidance, details of products and services such as buying a home, savings, going on holiday, planning for the future etc., and the facility to order a range of guides and brochures online.

* Download bank account information to accounting packages: account entries can be automatically downloaded to Microsoft Money 97, 98 and 99, Intuit Quicken 98, and Sage Instant Accounting 98 with Sage Banklink, plus the spreadsheets Lotus 1- 2-3 and Microsoft Excel – the only online service to offer downloads to such a comprehensive range of products;

* Access to 24-hour customer helpdesk: using a freephone number;

* Message of the day: highlighting additions and changes to the service, technical details and, from time-to-time, special offers available via NatWest

* Online feedback: via the free-format feedback form, comments on the service, content and delivery of NatWest On-Line can be emailed to the customer helpdesk team;

* Add accounts and beneficiaries: customers can add bank and card accounts and new beneficiaries to make payments via the service;

* Hassle free: enhancements made to the service won’t trouble or inconvenience the customer. It is all done from a central server so they don’t need to load new software – all they will see is an online message telling them what is new.

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I-Banking Scorecard

Security First Network Bank beat out Wells Fargo and Citibank as being rated number one by Gomez Advisors in its fourth quarter ‘Internet Banker Scorecard’. Wells Fargo came in second place, followed by Citibank in third. The evaluation, which included direct examination of the site, a questionnaire and telephone interviews with brokers and customer service representatives of all 65 banks rated, also lauded Security First Network Bank’s simple-to-use features. SFNB says it will shortly debut additional features, such as online credit card applications and the ability for customers to receive customized credit card offers within seconds.

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Branded

The first annual ‘Brand Keys Customer Loyalty Awards’  were presented yesterday to corporations in 14 major product and service areas. Brand Keys, Inc. says in the credit card category the Discover Card achieved the highest level of success in anticipating and exceeding customer expectations. Among other winners was First Union in the category of retail banks. Brand Keys interviewed about 6,500 people nationwide. Respondents were probed to determine the strength of their emotional bond with the brands they use in each of the categories. Each brand was rated against the customer ideal in its respective category.

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ICL Snags NatWest

ICL, the IT systems and services company, has been awarded a three year helpdesk contract to support NatWest On-Line, the new PC banking service from NatWest, launched yesterday.

ICL will provide a technical support helpdesk to personal and small business customers in the UK, offering advice and guidance on all areas of technical use of their PCs and modems relating to the PC banking service. After a successful pilot with NatWest, ICL has established a dedicated call centre team based in Stevenage, Hertfordshire.

Technical support is available from 7am to l1pm daily and as part of the trial, currently receives around 1,500 calls per month, with 6,000 calls expected monthly by September 1999. Callers with technical queries contact the ICL helpdesk via NatWest’s general customer helpdesk, which is available 24 hours a day, 365 days a year.

NatWest On-Line allows users to conduct all banking activities from home, such as transfers between accounts, setting up bill payments, ordering statements and cheque books and downloading Information on to financial management software.

Ian Andrews, NatWest’s Head of On-Line Delivery,

said: “Our customers have busy lives, high expectations and increasingly sophisticated demands. We have introduced NatWest On-Line in response to market demand for PC banking, and believe that introducing this service will provide On- Line customers with greater convenience, choice and accessibility to services.

“The support ICL provides will be a vital element behind the success of our new service. We selected ICL as we are confident that they have the expertise to provide the strong support needed, as well as the flexibility to grow with us as our PC banking service develops.”

Peter Hutchinson, managing director of ICL’s System Service business, said: “The number of online users of banking services in the UK now stands at around 200,000, having almost trebled over the last two years. As this figure grows, we’ll see a greater need for our technical help, for banking customers wanting to maximise their use of services such as NatWest’s new PC banking service.

“ICL’s long-standing experience as a help desk service provider in the financial services sector means that our agents understand the differing needs of NatWest’s customers.”

ICL will give technical advice for queries such as connection to the PC banking service ongoing connection issues and modem problems, and downloading banking information into financial packages on the customers’ PC, such as Microsoft Money, Intuit’s Quicken, Sage Instant Accounting and spreadsheets such as Lotus 1-2-3 and Microsoft Excel. NatWest’s PC banking service is available to customers with Windows 95 (or later versions) or Windows NT4 operating systems.

ICL

ICL is a leading supplier of IT systems and services. Operating in over 70 countries and employing over 19,000 people, the Group’s revenues for 1997 were GBP 2,477.1 million generating a pre-tax profit of GBP 30.0 million. The company implements IT systems for major projects and provides innovative services to a range of industries covering amongst others, retail, finance, travel, telecoms and utilities together with education, local and central government sectors. Its services include outsourcing, helpdesks, network services, inter/intranets, electronic commerce, interactive kiosks, smart card systems, digital cities and web sites. ICL plans to relist on the stock market in 2000.

ICL’s websites:

NatWest

NatWest Group is one of the UK’s leading banks. It is the UK’s premier business bank, one of the most innovative personal banks, a major provider of wealth management products to personal and corporate customers, a key provider of card products and services and a leading participant in the world of electronic commerce. As at 30 June 1998, it had total assets of GBP 190 billion ($323 billion).

NatWest’s Website can be found at

Customers can register for NatWest On-Line by calling 0800 28 1 292, Monday to Friday, 8am to 8pm and Saturday 9am to 6pm.

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SKYTOUCH

American Mobile Satellite introduced yesterday the ‘SKYTOUCH’  credit card satellite payphone, the only certified public payphone product for use with American Mobile’s ‘SKYCELL’ satellite telephone service.  ‘SKYTOUCH’ payphones provide telecommunications services for remote or mobile operations, such as remote lodges, park and recreation areas, heavy construction, mining, transportation, geophysical and petroleum exploration, and cruise ships. The payphones honor VISA, MasterCard, American Express and ‘SKYMINUTES’ satellite debit cards. ClaraCom Inc.’s Satellite Payphone Network is responsible for credit card validation, rating calls, completing calls to intended destination and processing daily transactions.

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