Press Release

BANKSERV TO PROVIDE TECHTRADER WITH FIRST INTERNET PAYMENT SOLUTION SUITE FOR DIRECT MATERIALS E-MARKETPLACES

Payment Suite to Integrate into TechTrader's SMarTT™ Engine by Mid-November 2000

October 19, 2000 - SAN FRANCISCO and WASHINGTON - BankServ, one of the nation's leading providers of Internet payment services, and TechTrader, the technology leader transforming complex, direct materials, business-to-business (B2B) e-marketplaces, announced today that TechTrader will integrate BankServ's full suite of Internet payment services into its flagship e-marketplace solution, SMarTT™ Engine (Scenario Market Transformation Technology), by mid-November 2000.

TechTrader will provide one of the earliest deployments of straight-through Internet payment options available in direct materials e-marketplaces today. Direct materials trade accounts for nearly 80 percent of B2B purchases, according to research analysts at Morgan Stanley Dean Witter.

While Internet payment options have been available in certain indirect marketplaces, the technology has not been widely used in direct materials trade until now. Internet payment options eliminate the final "paper" stage of e-procurement, including the sending of a check or purchase order, or the cumbersome processing of large-volume credit payments.

"Time to market is enormously important," said Dave Kvederis, president and CEO of BankServ. "TechTrader's open, Java-based architecture allows swift construction of e-commerce markets. Because of this architecture, the BankServ payment suite will be integrated faster into the TechTrader e-marketplaces than in any others we've done -- which gives these e-marketplaces a real competitive advantage. TechTrader's design philosophy fits perfectly with BankServ's goal of creating a flexible suite of payment services for any type of online B2B commerce."

"Payment services is a critical component of transaction processing for these direct materials marketplaces," said Jacob Pechenik, president and CEO of TechTrader. "BankServ has configured a proven solution to provide flexible services with the ability to move monies anywhere in the financial system. With their solution integrated into our SMarTT™ Engine, we are able to offer our clients a robust payment services package to meet marketplace needs today." BankServ's Internet payment suite includes real-time, secure, online check processing and automated clearing house (ACH)-based funds transfers, purchasing and credit card processing, domestic and international wire transfers, invoice management systems, and reporting and settlement services. The company's Internet check and wire transfer services are built on the backbones of BankServ's secure proprietary ACH and Fedwire processing systems. Security and verification services are provided through BankServ's own database management systems and through partnerships with Thomson Financial Publishing and Experian. Digital certification is provided through BankServ's own proprietary software.

"With the addition of BankServ's payment technologies to TechTrader's e-marketplaces, we're underscoring our promise to bring any offline process online, while allowing participants to conduct business the way they want," Pechenik said.

About BankServ

Founded in 1996 by CEO Dave Kvederis, BankServ is one of the country's leading providers of payment solutions for online businesses, retailers and financial services companies. Its electronic check conversion, ACH funds transfer and global wire transfer systems serve hundreds of U.S. businesses and financial institutions in online, point-of-sale and back-office applications. Headquartered in San Francisco, BankServ also maintains offices in Atlanta, Austin, Boise, Boston, Chicago, Dallas, Houston, Lafayette, La., Las Vegas, and New York.

About TechTrader

TechTrader is defining the future of trade for e-commerce marketplaces. The company separates the hype from reality with its Scenario Market Transformation Technology™ (SMarTT™), a scenario-based product, which brings any offline business process online and preserves competitive differentiation among market participants. The technology provides true application collaboration, creating synergy between applications, back-end systems, and value-added functionality, such as market intelligence. TechTrader's collaborative architecture is the choice for those looking to launch, re-launch or even refurbish an e-marketplace to streamline direct materials trade. SMarTT's extensible, open architecture and scenario-based engine make it possible to enhance any e-market technology, providing a relevant solution now and in the future. Headquartered in Washington, D.C., TechTrader was incorporated in 1998 and is a privately held company whose investors include J Net Enterprises, Vistaar and Banc One Equity Capital. Visit TechTrader at www.techtrader.com.

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