InterWorld Joins CyberCash

InterWorld Corporation, Inc., a leading provider of enterprise-class Internet commerce software, today announced a partnership that will empower its customers with leading Internet payment technology. Teamed with CyberCash, Inc. (Nasdaq: CYCH), an enabler of secure financial transactions on the Internet, InterWorld will incorporate CyberCash’s payment software into its enterprise commerce software system, Commerce Exchange. This offering provides online businesses with greater flexibility, security, and a choice of credit card or cash payment options.

Combining CyberCash’s CashRegister merchant application with InterWorld’s Commerce Exchange provides businesses with a comprehensive and real-time merchant system that handles complete front and back office functionality, including product presentation, order and purchase processing, product fulfillment and distribution, and now, secure financial transactions over the Internet. The CashRegister enables merchants to support a choice of secure and convenient on-line payment vehicles to their customers and allows Internet merchants to instantly and securely receive any customer’s on-line payment.

“InterWorld’s open, enterprise-class architecture allows for the easy, plug-in integration of CyberCash’s CashRegister, creating a complete solution for businesses interested in Internet commerce,” said Jeff Irby, Vice President of Sales and Marketing, CyberCash. “InterWorld’s comprehensive, high-end business solution is based on four ‘pillars’ of success: Architecture, Transaction Engine, Tools, and Applications. We are excited that CyberCash’s payment service is now an essential component of this model that helps empower businesses to be successful on the Internet.”

“Today’s announcement helps expand access to a global marketplace by offering a reliable, easy-to-use on-line payment environment that is well accepted and used by the financial community,” said Michael Donahue, Co- founder and Chief Technology Officer of InterWorld. “This partnership also extends InterWorld’s core strengths to deliver enhanced flexibility and secure payment options to our customer base.”

![][1] About CyberCash’s CashRegister

CyberCash’s CashRegister software is the merchant component of CyberCash’s Secure Internet Payment System. Integrating with InterWorld’s Commerce Exchange and a merchant’s Web storefront, the CashRegister assumes the role of a completely automated point-of-sale system for Internet transactions. This system supports secured links to the existing electronic payment infrastructure of banks and payment processors and offers processing to over 95% of the merchant acquiring banks in the U.S. The CashRegister also provides key “back-office” functions to manage administrative functions and transactions that will interface with InterWorld’s commerce system.

About Commerce Exchange

InterWorld Commerce Exchange is an enterprise commerce software system that provides businesses with a comprehensive solution for buying and selling goods or services over the Internet. The software is designed to offer users an Internet commerce experience that is functionally comprehensive, is built upon a modern technology foundation, and scales to meet the requirements of global organizations with thousands of concurrent users and very large data stores. Additionally, Commerce Exchange enables businesses to increase revenue, cut costs, and enhance customer service by providing high-quality products and services to their worldwide distributors, resellers, suppliers, and customers 24 hours a day, 7 days a week, 365 days a year.

About CyberCash, Inc.

CyberCash, Inc. of Reston Virginia, is a technology driven company that provides software and services to enable secure financial transactions on the Internet. The Company offers a complete suite of Internet payment solutions, including credit card service, which handles payments using major credit cards; the Company’s innovative micropayment service which enables cash transactions; and the secure electronic check service which allows consumer- to-business and business-to-business funds transfer via checking accounts. CyberCash works with virtually all transaction processing institutions, and allows banks to offer secure Internet payment systems to their customers. The Company is traded on NASDAQ under the symbol CYCH.

About InterWorld

InterWorld Corporation is a leading provider of enterprise commerce software. The company develops, markets, and licenses high-performance, mission-critical applications for both business-to-business and business-to- consumer commerce over the Internet. InterWorld’s products have been adopted by Global 2000 corporations, major software and hardware vendors, electronic merchants, new media publishers, educational institutions, and governmental authorities worldwide. Founded in 1994, InterWorld is a privately-held company headquartered in New York, NY with offices in major U.S. cities as well as Canada, Europe, and Asia-Pacific regions. For more information, visit InterWorld’s World Wide Web site at or telephone 800-814-8942.

[1]: /graphic/cybercash/cybercash.gif


Unisys to Sell Check Imaging Solution

Unisys Corp.’s Computer Systems Group announced that they have entered into a joint marketing and Value Added Reseller (VAR) alliance with Greenway Corp. to sell its Windows NT-based check imaging solution.

Greenway’s PrimeImage is designed to help community banks process checks, prepare image statements, perform database marketing functions, and assist in customer service check research requests.

Greenway’s PrimeImage system provides image statement capabilities, image non-sufficient funds notices, power encode, power proof, courtesy amount recognition (CAR), and item and statement research. PrimeImage also offers full image-based reject re-entry and balancing functions.

It utilizes a Redundant Array of Independent Disk (RAID) system for on-line, magnetic storage of images. It uses an open architecture system which includes client/server relationships using Windows 95 and Windows NT operating systems.

“Unisys will jointly market PrimeImage on the national level while providing their customers the latest financial technology services in the market. Greenway is looking forward to working with the professionals at Unisys,” said Tommy Green, president of Greenway.

“Unisys is pleased to be adding PrimeImage to our suite of payment solutions. The synergy between Unisys and Greenway is expected to produce significant opportunities for new business as well as opportunities to improve service to our customers,” said Mike Thomas, vice president and general manager of Unisys Payment Systems Division.

Greenway’s PrimeImage software works in conjunction with the Unisys NDP 250 and NDP 500 Network Document Processors and the Unisys Encode 100 Document Encoding System. The combination of technologies enables community banks to automate intensive check processing environments and image checks at a speed of up to 500 items per minute.

Greenway Corp.

Greenway Corp. specializes in check imaging software and hardware for financial institutions. The Carrollton, Ga.-based company is one of the first software vendors to win a U.S. Patent for how its software stores and indexes check images. The company has contracted with 12 banks since the beginning of 1997.

Greenway customers include ABC Bancorp, First Commerce Bank, West Georgia National Bank, Northwest Georgia Bank, Citrus and Chemical Bank, ProVesa, and First National Bank of Griffin.

For more information on Greenway or PrimeImage, contact Tee Green at 770/834-0090, ext. 226. Write to Greenway Corp. on 1340 North Park St., Carrollton, GA, 30117. View Greenway’s web page on the Internet at [][1]

The Unisys Computer Systems Group

The Computer Systems Group (CSG) is the Unisys technology business. Unisys CSG has extensive experience in designing and developing technology for high-volume transaction processing and in integrating diverse technologies into heterogeneous enterprise environments.

CSG works with its customers, Unisys services groups, and independent marketing and sales channels to help them better serve their clients. Access the CSG home page on the World Wide Web —

— for further information.

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 Expands UK Processing

Unisys has announced that its subsidiary Unisys Payment Services Ltd (UPSL) plans to run the document processing operations of Girobank, the UKÆs leading money transmission bank and the commercial banking subsidiary of the Alliance & Leicester. The proposed arrangement will run for an initial eight-year period.

Subject to contract, this new agreement significantly enhances UPSLÆs position as the UKÆs largest and most successful provider of high quality, cost effective payment processing services. With centres in London and Glasgow, UPSL provides processing services to the Co- operative Bank, Yorkshire Bank and Clydesdale Bank. The addition of new processing centres and skilled staff in the North West will be the basis for UPSL to implement a regional processing strategy, which will benefit those existing clients and help win more new business.

Under the agreement, UPSL will handle all GirobankÆs document processing requirements from receipt at Girobank to settlement. UPSL already carries out some processing work for Girobank û making it well placed to develop its services for Girobank further.

By transferring its document processing operations to UPSL, Girobank will be better able to concentrate on continuing to develop its broad range of business banking services

In 1996 Girobank handled nearly ú73 billion of business cash, equivalent to ú1 in every ú4 that passed through the nationÆs tills. In recent years Girobank has extended its services to include merchant acquiring (processing credit and debit card transactions), asset finance and direct banking for smaller businesses. Girobank, in association with Post Office Counters Ltd., is also the market leader in bill payments, processing transactions on behalf of utilities and local authorities.

UPSL utilises state-of-the-art Unisys payment processing systems, which are already used by Girobank. These item image-processing systems are able to capture, store and retrieve images of cheques and other payment documents. This can mean removing paper from workflows entirely, creating the opportunity to double amount-entry throughput, move digital images automatically to where they are needed and use an expert system to balance and reconcile payments. (more) UN.713/page 3 UPSL is keen to increase its share of the UKÆs payment processing business and expects the transfer of facilities and staff at the Girobank centres in Bootle, Merseyside, and Wigan, should enable UPSL to attract substantial new business into the region from either current or future clients

The transfer is governed by the terms of the Transfer of Undertakings (Protection of Employment) regulations, and staff transferring (approximately 1,000 in number) will retain equivalent terms and conditions of employment. The transfer is planned to take place on 1st October 1997, subject to contract.

Peter White, Chief Executive of the Alliance & Leicester and Chairman of Girobank, said: ôIn all parts of the Alliance and LeicesterÆs business we are constantly striving to improve our services and develop our main areas of expertise. Agreement with UPSL to handle document processing for Girobank will provide an excellent opportunity for us to maintain and improve GirobankÆs business. It will also enable Girobank to concentrate on what it does best û developing new services and ensuring that it continues to provide value for money and high quality services for its business customers. The transfer will be good for GirobankÆs business and good for the long-term job prospects of staff.ö (more) UN.713/page 4 George Cox, Chief Executive, Unisys Information Services Group, Europe, commented: ôIn a matter of a few years, UPSL has become the major force in third party payment processing by making use of the most up-to-date technology to provide cost effective, quality services. This agreement both strengthens our partnership with Alliance & Leicester and places us in an ideal position to achieve future growth based on the expertise we have developed and will continue to develop in this specialist field.

About 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.


Commerce One & BSG Partner

Commerce One, Inc., a leading supplier of real-time interbusiness electronic commerce solutions, today announced that it has signed a strategic systems integration partnership and value added reseller agreement with BSG Alliance/IT, Inc. to deliver interbusiness electronic commerce solutions to procurement and selling organizations.

Commerce One and BSG, a $100 million firm that provides IT services and products to Fortune 1000 organizations worldwide, will provide the integration, turnkey systems delivery and training skills that are necessary to deliver total solutions to the marketplace and meet customer requirements for enterprise level applications.

BSG will resell, market and distribute Commerce One products, delivering leading-edge interbusiness electronic commerce technology and world-class service and support to its customers.

Commerce One and BSG will jointly sell and market Commerce One’s C1 BuySite electronic procurement and supplier management solutions and C1 SupplySite multimedia catalog technology. The strategic partnership includes Commerce One sales and technical training for BSG’s North American and European organizations and selling to both segments of the electronic commerce marketplace, both the electronic procurement/supplier management and electronic selling/marketing.

BSG customers will now benefit from Commerce One’s leading-edge interbusiness electronic commerce technology as it enables them to meet critical business needs more effectively and receive a superior ROI.

“Commerce One’s partnership with BSG represents our commitment to addressing the enterprise application implementation needs of both buying and selling organizations,” said Chuck Donchess, vice president of marketing and business development at Commerce One. “BSG’s unique capability to deliver against these consulting and systems integration requirements enables Commerce One to deliver complete electronic commerce solutions and signals the success of Commerce One’s customer implementations.”

“Commerce One is the only electronic commerce solution in the marketplace that is capable of addressing the needs of the entire commerce chain,” said Mark Shirman, BSG vice president.

“By partnering with Commerce One, BSG can provide a real-time, interbusiness solution that brings all the disparate steps of selling and purchasing products together into one complete process. Fortune 1000-class customers can now benefit from reduced acquisition, inventory and procurement costs, resulting in a larger return on investment.”

The C1 Commerce Chain(TM) Suite

Commerce One’s technology strategy encompasses three key products: C1 BuySite, a proxy catalog server that enables simultaneous and centralized storage of catalogs from multiple suppliers; C1 SupplySite, a GUI-based, interactive multimedia catalog that enables the selection of catalog-listed products for review or inclusion in a quotation, requisition, purchase order or workflow template; and C1 REOS 5 transaction server, a real-time electronic on-line transaction system which interfaces with C1 BuySite and C1 SupplySite as well as third party electronic catalogs.

About BSG

Founded in 1987, BSG partners with companies worldwide in applying unparalleled expertise with client/server and advanced information technologies to create business value and lead change through innovative solutions.

BSG has more than 1,000 people in major business centers across the United States and in Europe, and is a subsidiary of Medaphis Corporation (NASDAQ:MEDA). For more information, please contact a local BSG sales office at 1-800-873-1274 or visit the BSG website at [][1]

About Commerce One

Commerce One, Inc., develops, licenses and markets the Commerce Chain Solution, the industry’s only real-time, electronic procurement and supplier management electronic commerce solution for interbusiness transactions. The Commerce Chain Suite of products includes: C1 BuySite, a proxy catalog server; C1 SupplySite, a multimedia catalog; and C1 REOS 5 transaction server, a real-time electronic on-line transaction system.

The Commerce Chain Suite provides procurement and selling organizations with the opportunity to reduce costs, increase revenue and streamline operational processes to maximize profitability. Commerce One is a privately held company based in Walnut Creek, Calif.

Mark Hoffman, co-founder and former CEO of Sybase, serves as Commerce Ones president and CEO and is supported by an industry- leading management team of senior executives from top technology companies. Commerce One can be reached at 510/941-6000 or [][2]



S2 Speeds Card Processing

S2 Systems, Inc. today announced at the HP World trade show on Chicago’s Navy Pier that its Network Express software is now generally available on the UX operating environment (“UX”), distributed by the Hewlett-Packard Company and Stratus Computer, Inc.

Network Express Release 8.0 is a modular, highly inter-operable enterprise gateway that links intranets, proprietary host systems, open networks like the Internet, dial-up or dedicated terminals and devices, business applications and databases to external networks or devices. It supports messages, files and transactions all within a common framework, which — with Release 8.0 — is now fully scaleable and can function in distributed operations.

For example, the Florida Department of Law Enforcement’s officers in the field use hand-held computers with wireless PC cards to access federal, state and local law enforcement databases. Many people need access to the same information, such as all law enforcement and criminal justice personnel, 911 dispatchers, court clerks and parole officers.

With S2 Systems’ Network Express for UX, which is being installed by New York integrator and value-added reseller for S2(TM) software, Paradigm4, the law enforcement agency will significantly increase its capacity. While the existing system handles a peak of approximately 10 messages per second, the new system will handle approximately 250 messages per second. Due to the open environment created by Network Express 8.0’s capability, the new system will accommodate one-half million transactions a day and 2,000 concurrent users from 600 locations.

“Individuals choosing UX now have a choice in internetworking and EC gateway software that is far more cost competitive than existing solutions,” said Ivan Koon, president of S2 Systems, Inc. “Plus, there’s no guess work. The software is proven in some of the most grueling network environments running every day around the world, such as credit card processing, reservations between airlines and their travel partners, claims or managed care administration over the Internet, corporate banking operations and more.”

Two other key benefits of this implementation of Network Express Release 8.0 include Year 2000 compliance and the integration of simple network management protocol (SNMP). SNMP is a graphical way to view an entire network’s activity. Companies with existing SNMP monitoring systems, such as the HP(TM) OpenView(TM) product, can capitalize on Network Express for new application integration with legacy systems.

Network Express 8.0 for UX is scheduled for general availability September 30, 1997.

S2 Systems, Inc., is a leading worldwide supplier of business electronic commerce software and professional services. S2 Systems focuses on electronic commerce gateway, electronic banking/payments, healthcare transaction processing and decision support systems for retail, financial services, healthcare and other evolving industries. With headquarters in Dallas and offices in Atlanta, Hong Kong, London, and Sydney, S2 Systems products are used by customers in more than 60 countries. S2 Systems is a wholly-owned subsidiary of Stratus Computer (NYSE: SRA). S2 is at 15301 Dallas Parkway, Suite 600, Dallas, TX 75248, Phone: (972) 458-3800, Fax: (972) 458-3870, [][1]

Network Express and S2 are trademarks of S2 Systems, Inc. HP and OpenView are trademarks of the Hewlett-Packard Company. All other trademarks are the property of their respective companies. S2 does not imply nor warrant capabilities of these companies or their products.



Canda’s Internet Card System

Valu-net International Ltd. (“Valu-net”), a leading Internet Marketing Solutions provider and Previse Inc., a Microsoft Solution Provider Partner, today announced the signing of an agreement with NCR Canada to develop customized software, allowing companies and consumers to carry out credit card transactions over the Internet quickly and securely.

The solution, called Credit Payment Authorization Component (“CPAC”) integrates Microsoft Site Server with NCR Canada’s credit card authorization and processing system, enabling Canadian businesses and consumers to conduct secure, real-time Internet transactions using VISA, Mastercard and American Express. Microsoft Site Server allows organizations to easily enhance, deploy and manage complex Web sites, ensuring organizations maximize the return on their Web site investment.

“Microsoft Canada is pleased to see the serious work going forward to link Site Server, Enterprise Edition with Canadian financial institutions and customers on the Internet,” said David Wright, director of Microsoft Canada’s Organization Customer Unit. “This solution is another example of how Microsoft Certified Solution Provider Partner enhances and extends our products and services, with Previse providing a solid business solution for electronic commerce customers.”

Under the terms of the agreement, Valu-net and Previse will jointly own the CPAC technology. Valu-net will implement the technology through its Web sites and client base, made up of more than 1250 Internet customers. Previse will be responsible for leading the development team and marketing the technology. NCR Canada will provide Internet transaction processing, with Scotiabank. “Through this agreement, Valu-net will offer Canadian businesses and consumers a well-developed, secure environment from which to conduct electronic transactions as well as exceptional, real-time technology supported by a network of highly recognized corporations,” said David Lucatch, president of Valu-net.

“This new technology is an excellent example of the partnering required to bring Internet solutions to the market,” said David Gould, president of Previse Inc.

According to John Bennett, NCR Canada’s vice president, EFT Network Services, the resources of Valu-net, Previse and NCR, will result in the development and marketing of Internet solutions that are leading-edge in the Canadian marketplace.

“Businesses and consumers alike will benefit from this partnership. Currently, retailers are waiting until the end of the business day to verify credit card purchases made via the Internet which results in at least a day’s delay in ordering goods and services. Through this new partnership, retailers will have the ability to process a customer’s credit card transaction instantly, thereby improving overall service and delivery,” said Bennett.

“Scotiabank is pleased to work with Valu-net in providing leading-edge solutions to further develop the electronic commerce marketplace for both businesses and consumers,” stated Phil Griffiths, Director of Electronic Commerce at Scotiabank.

Previse Inc. provides software system development and deployment services for the most current Microsoft platforms and products for industrial and commercial customers. Previse Inc. has been selected by Microsoft as a Partner within the Microsoft Solution Provider program.

NCR is a recognized world leader in data warehousing solutions, Automated Banking Machines (ABMs), open high availability transaction processing systems, commercial UNIX mid-range systems, scanners, point-of-sale terminals and service and support for transaction-based systems for the retail, financial, communications and government markets.

Valu-net, with operations in Canada, Australia, New Zealand and Malaysia, is a marketing and technology company specializing in Internet marketing solutions, integrated retail and business strategies and electronic commerce and transaction technologies. Valu-net provides complete turnkey, proprietary, cybersolutions for business. Valu-net’s strategic partners provide complete hardware, custom technology, software and fulfilment services.

As announced in the press release of April 24, 1997, Faymar (FAY), a Junior Capital Pool Corporation listed on The Alberta Stock Exchange, entered into an agreement with Valu-net International Ltd. to acquire all of the issued and outstanding shares of Valu-net. This transaction constitutes Faymar’s “Major Transaction” within the meaning of Circular No. 7 of The Alberta Stock Exchange and is expected to close in September, 1997.

Founded in 1975, Microsoft (NASDAQ “MSFT”) is the worldwide leader in software for personal computers. The company offers a wide range of products and services for business and personal use; each designed with the mission of making it easier and more enjoyable for people to take advantage of the full power of personal computing every day.

If you are interested in viewing additional information on Microsoft, please visit the Microsoft home page at [][1] For more information on Valu-net, please visit [][2] For more information on Previse, please visit [][3] For further information on NCR, please go to [][4]



BankAtlantic’s New Campus Branch

Amid the first day of the fall semester swirl of students, faculty and others on the Boca Raton campus of Florida Atlantic University (FAU), BankAtlantic today opened the doors of its innovative, full-service banking branch located on the second level of the University Center. The new branch provides students, faculty, administrators and other FAU employees the convenience of a complete line of banking services housed in a central, easy to walk to location. The branch is open Monday through Friday from 8:00 a.m. to 4:15 p.m.

The FAU branch offers access to financial products usually associated with traditional off-campus banking facilities, and serves approximately 3,300 employees and 12,800 students on FAU’s Boca Raton campus. BankAtlantic, which since 1994 has operated one ATM on campus, will this week activate ATMs on the first floor level of the University Center and in the Administration Building. Also, BankAtlantic presently operates ATMs on FAU campuses in Davie and Palm Beach Gardens.

“We are excited about BankAtlantic’s partnership with FAU, and the highly competitive banking services program we have developed exclusively for FAU students, faculty, administrators and employees,” commented BankAtlantic Senior Vice President for Corporate Product Development Eris Sandler.

BankAtlantic’s special banking services program offers FAU students, faculty, administrators and employees the choice of free basic checking with a free first order of standard checks, or participation in the popular BankAtlantic Generations Gold checking product. This program is provided to FAU participants at a cost of $3.50 per month, or 50% off the standard monthly membership price. Generations Gold provides: Free standard checks; no monthly minimum balance required; no per check charges; free ATM access at hundreds of BankAtlantic ATMs statewide; $10,000 “All-Risk” accident insurance coverage; no fee Visa and Mastercard to qualified applicants; and special travel, health care, local merchant and long distance telephone discounts.

Along with either free Basic Checking or Generations Gold, full-time FAU students, faculty, administrators and employees receive free online account access and bill payment service via Microsoft Money ’97, Quicken, or BankNOW on America Online.

Manager of the FAU branch is Joseph Jenkins, who can be contacted at 561-361-2889.

BankAtlantic is the second largest financial institution based in Florida, and operates 60 full-service branches in Broward, Palm Beach, Dade, Sarasota, Lee, Charlotte, Osceola, Flagler and Manatee counties. BankAtlantic Bancorp, (NYSE: BBX) the parent company of BankAtlantic, is a public company whose Class A Common Stock trades on the New York Stock Exchange under the symbol BBX, and whose Class B Common Stock trades on the Nasdaq National Market under the symbol BANC.


Gelco Announces ExpenseLink 2.1

Gelco Information Network, the leading U.S. supplier of outsourced solutions for business travel expense management and reimbursement, today announced the availablity of ExpenseLink 2.1 Travel and Expense Management System. ExpenseLink 2.1, a complete outsourced solution that relieves companies of the cost and administrative burdens of travel expense management, now allows travelers to choose to submit expense reports to Gelco via the Internet, instead of by modem, simplifying MIS support and cutting expense submission time to seconds.

Not all business travelers use laptop computers and modems. ExpenseLink 2.1 speeds and simplifies expense reporting for corporate travelers who use desktop, networked computers. ExpenseLink 2.1 enables these travelers to submit expense reports to Gelco via their corporate Internet gateways, instead of by modem or modem pool. Because the network is immediately available and offers high data transmission speeds, it takes just seconds to transmit an ExpenseLink 2.1 expense report. Tapping the power of the corporate network, ExpenseLink 2.1 makes it easy to add users from divisions and networked branch offices, and eliminates modem-specific support requirements.

ExpenseLink offers companies with 150+ travelers the most reliable and cost-effective solution for reimbursing cash and corporate card expenditures. Outsourcing expense management to Gelco can cut the total cost of processing expense reports by more than 70%. Unlike software packages, Gelco outsource solutions enable companies to consolidate multiple expense reporting systems, or quickly implement a new program, without heavy demands on MIS – a resource often absorbed by mission-critical projects.

ExpenseLink speeds and simplifies expense management by providing employees a strong incentive to complete and file their expense reports: reimbursement within three business days. The ExpenseLink solution pays any and all corporate cards on time, eliminating late charges. Automated general ledger updates, from verified Automated Clearing House transactions, are then available for ad hoc queries, and for electronic transfer to the major accounting software packages, including SAP and PeopleSoft.

Using a “best practices” methodology, ExpenseLink automatically pays standard business expense, and flags irregular or excessive requests for special attention. Inappropriate past payments can be rectified by debits to new reports. By automatically paying standard expenses and focusing managerial attention on exceptions, the system streamlines the expense process and gives finance managers a current assessment of liabilities.

Gelco Information Network, Eden prairie, Minn., is a leading worldwide supplier of cost-effective, outsourced trade payment and expense management solutions to U.S. and multinational Fortune 1000 companies and to government agencies. For more information on ExpenseLink 2.1, call Gelco at 800-444-6588 or visit Gelco’s Web site at : [][1]



MBNA Downgraded Again

Standard & Poor’s says MBNA’s capital levels continue to trail MBNA’s rapid growth in managed assets and remains highly leveraged. S&P says after adjusting for securitizations, MBNA’s capital and reserves as a percentage of managed assets was 4.56% at mid-year. As a result S&P lowered its ratings Friday of MBNA Corp and MBNA America Bank but did not change ratings on MBNA’s card securities, short-term counterparty and uninsured CDs. MBNA responded to the action by pointing out that an evaluation of the real market value of MBNA’s managed assets would show its capital far exceeds stated capital. MBNA also says it just came off its “best ever quarter” with S&P’s equity department giving the card issuer its highest “buy” rating. MBNA is currently the fastest growing major issuer according to the August issue of CardTrak. CardTrak says MBNA is currently growing 28% faster than Citibank and may emerge as the nation’s #1 card issuer, ranked by receivables, by year-end.