Entrepreneurial Ventures Case Nolan Chao, David Ellis, Jacob Evans & Lisa Mongillo

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• Executive Summary • Industry Overview • Visa Overview • Mobile Payment Technology • Options for Visa • Market Research • Appendix

is the current industry leader in terms of credit card transactions, transaction volume and total cards issued. It is one of the most recognizable brands in the world. Recent news suggests that AT&T and Verizon Wireless are in the process of developing a mobile payment system that works via Smartphones. The system would function through Discover’s payment network and with assistance from Barclays. After extensive research involving the credit card industry, mobile payment technology and VISA itself, we do not recognize the development of the AT&T-Verizon-Discover-Barclays system as an immediate and serious threat to VISA. We recommend that VISA enter the mobile payment sector cautiously through further developing its RFID technology (PayWave) for use with cell phones. In the past, VISA has tried to be an industry leader in new forms of payment technology and has been unsuccessful. The company’s failed launch of a new chip-card at the 1996 Olympics serves as a reminder of the risks of launching a new venture before there is substantial public demand to provide sustainability. For this reason, we reccomend that VISA forgo developing a completely new system of payments, such as mobile-to-mobile or SMS mobile-to-vendor, and instead focus on near-field-communications in the form of RFID chips installed inside consumer mobile devices. An RFID payment transaction is quicker and more convenient for both the merchant and consumer in comparison to other forms of mobile payments. RFID is relatively cheap to implement as a continuation of VISA’s current PayWave technology. While some consumers have expressed concerns about the safety of such transactions, an RFID chip actually provides the same amount of security found in a typical credit card swipe transaction. VISA is a brand management company; it’s direct customers are not the cardholders but the banks. Any new form of payment technology should provide incentive for more transaction volume on the VISA network. RFID mobile technology will provide this incentive because it is cool, quick, and convenient. It is for these reasons, which are further explored in this report, that we recommend VISA enter the mobile payment sector by incorporating its RFID technology into cell phones to be used with merchants’ PayWave readers.

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History
Since the 1980s, Visa and MasterCard International, the bank-controlled credit card associations that together account for approximately 70 percent of today's credit card market, have been able to control the use of and access to their networks to the advantage of their bank members. Recently, however, the credit card industry has been changing: some merchants are now large enough to exert their own leverage, legal defeats have impeded the ability of credit card associations to control the market, and some participants have developed new arrangements and alliances that may be a prelude to further changes in the industry. Although merchant credit may be as old as civilization, the present-day credit card industry in the United States originated in the nineteenth century. In the early 1800s, merchants and financial intermediaries provided credit for agricultural and durable goods, and by the early 1900s, major U.S. hotels and department stores issued paper identification cards to their most valued customers. In 1949, Diners Club established the first general purpose charge card, enabling its cardholders to purchase goods and services from many different merchants in what soon became a nationwide network. The Diners Club card was meant for high end customers and was designed to be used for entertainment and travel expenses. Merchants found that accepting Diners Club cards brought more customers who spent more freely. The Diners Club program proved successful, and in the following decade it spawned many imitators. In the late 1950s, Bank of America, located on the West Coast, began the first general purpose credit card (as opposed to charge card) program. To increase the number of consumers carrying the card and to reach retailers outside of Bank of America’s area of operation, other banks were given the opportunity to license Bank of America’s credit card. At first Bank of America operated this network internally. As the network grew, the complexity of interchange—the movement of paper sales slips and settlement payments between member banks—became hard to manage. Furthermore, the more active bank licensees wanted more control over the network’s policy making and operational implementation. To accommodate these needs, Bank of America spun off its credit card operations into a separate entity that evolved into the Visa network of today. In 1966, in the wake of Bank of America’s success, a competing network of banks issuing a rival card was established. This effort evolved over time into what is now the MasterCard network. In addition, firms that were not constrained by interstate banking restrictions formed card networks on the single-issuer model .For instance, the American Express Company (American Express) introduced its charge card system in 1958, and Sears, Roebuck and Co. (Sears) established the Discover Card credit card in 1986. (Source: http://www.fdic.gov/bank/analytical/ banking/2005nov/article2.pdf)

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The Industry Today
Currently the U.S. credit card industry is a mature market. Today credit cards are widely held by consumers: in 2001 an estimated 76 percent of families had some type of credit card. Recent estimates suggest that among all households with incomes over $30,000, 92 percent hold at least one card, and the average for all households is 6.3 credit cards. Credit cards are also widely accepted by merchants, and with the recent addition of fast-food and convenience stores to the credit card networks, credit card payments are now processed at nearly all retail establishments. (Source: http://www.fdic.gov/bank/analytical/banking/2005nov/article2.pdf) The chart above shows the 2009 values for market share in terms of total volume. The following diagrams show the transaction processes in terms of single-issuers such as Diner’s Club, Discover and American Express and in terms of multiple-issuers such as VISA and Mastercard.

The Appendix of this report contains a diagram entitled The Anatomy of a Transaction, which provides a more detailed look into the process of a payment transaction under the multiple-issuer model of VISA and Mastercard.

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Imagine that you are out at Zable Stadium on a
Saturday night to watch the Tribe Football team take on one of their CAA rivals. In between quarters you stop by the concession stand to grab a bottle of Coke. Having spent your last few singles on the 50-50 raffle tickets you bought before the game, all you have left are twenty dollar bills. Instead of having to break one of these larger bills, however, you pull out a little rectangular piece of plastic that has started to take over the methods of payment in today’s world. This piece of plastic, your credit card, has become a vital part of our global economy for the past couple of decades. More specifically, it is highly probable that you used a VISA card to buy your bottle of Coke, due to the fact that VISA, at the end of 2009, held just under half of the total market share for credit cards held in the United States (http://www.creditcards.com/credit-card-news/credit-card-industry -facts-personal-debt-statistics-1276.php). Although many may believe that VISA makes its money by issuing their credit and debit cards to consumers, this is actually not how the company operates; VISA cardholders belong to their banks, and not to VISA itself. The customers of VISA, in turn, are the banks and other financial institutions that issue their cards to consumers. In addition to the cardholders, merchants are the other key players in the credit card payment system. In order for this entire system to work, there must be benefits in place for each of the parties, otherwise they would have no incentives to enter the process. First and foremost, the consumers or cardholders chose to buy on credit because of the convenience of not having to actually pay until a later date. The merchants have accepted the system because the transactions are guaranteed payments when credit is involved. Next, banks benefit by receiving revenue due to the fact that they are the ones handling all of the cardholder risk of not paying in these situations. This leaves the role of managing all of the transactions to VISA; essentially, VISA is strictly a payments company, which may be eye-opening information to some who may believe that VISA makes their money by selling their cards to consumers. VISA entered the global marketplace in 1989 as VISA USA, VISA International, and VISA Canada. All of these branches of VISA were essentially separate companies, each with their own operations and clients, but centralized under their system of monitoring transactions and payments. All of the VISA branches were able to make money simply on transaction volume alone, which, in 1989, was $267 billion. Although this may seem like a large number, last year’s transaction volume totaled $4.4 trillion, resulting in a quadrupling of income every ten years. Since VISA entered the scene, it has also grown to being one of the top ten most recognizable brands of any kind in the entire world.

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Over the past ten years, VISA has undergone a multitude of changes to address its increased power and influence over the global economy. The separate branches have now been consolidated to VISA International and VISA Europe, with the United States falling under the International heading. There have also been three different CEOs during this period, indicating just how much VISA has needed to change and adapt in order to meet its growing demand. VISA is now essentially a “brand management” company responsible for providing credit and managing transaction processes with a vision for the future of a cashless, check-less society. In the past, VISA has also taken charge of trying to be the first company to institute new technologies into its processes. For example, when card swipers were first introduced on telephones in the early 1990s, VISA went ahead and made a large investment on this new machinery. It felt that this method of payment was going to be the new wave of completing payment transactions. Shortly thereafter when online banking was introduced via the Internet, the telephone card swipers became obsolete technology. Also during this time, VISA introduced chip cards to the world, using the 1996 Summer Olympics in Atlanta, Georgia as their platform. Although these new chip cards were great in theory, banks would have had to change all of their ATMs in order to read the new cards as well as traditional ones. In this case the technology was actually ahead of its time which resulted in another unsuccessful investment on VISA’s behalf. Because VISA has had trouble leading the way when it comes to the introduction of new technologies in their arena, it makes sense that they step back when it comes to mobile payments and enter the game once it has proven successful. The key process which is the underlying basis for the entire system is known as interchange. This process, also referred to as “balancing the system,” was designed in order to give banks incentives to issue payment cards to consumers, as well as for merchants to accept these cards in their places of business. Every time that a transaction using one of these cards is made, there is a small fee paid from the merchant’s bank, the acquiring bank, to the cardholder’s bank, the issuing bank. This payment compensates the issuing bank for the risks and costs it incurs while maintaining their cardholder’s accounts. In addition, there is also an interchange fee paid from the acquiring bank to the issuing bank when a purchase is made with a payment card; this is done in order to offset other costs involved in the process. Eventually, this fee is collected by the acquiring bank from the merchant as a component of the merchant discount fee. Interest rates for the cardholders themselves are often high in order to protect against missed payments and also credit card fraud.

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Selected Financial Data for VISA Based on payments volume, total volume, number of transactions and number of cards in circulation, Visa is the largest retail electronic payments network in the world. The following chart compares the VISA network with those of major general-purpose payment network competitors for calendar year 2008:
Company Visa Inc. MasterCard American Express Discover JCB Diners Club Payments $ Volume 2,727 1,900 673 106 63 30 Total $ Volume (billions) 4,346 2,533 683 120 68 31 Total Transactions (billions) 56.7 29.9 5.3 1.6 0.7 0.2 Cards (millions) 1,717 981 92 57 60 7 (billions)

The following table presents selected Visa Inc. financial data for fiscal 2009 and 2008 and selected Visa U.S.A. financial data for fiscal 2007, 2006 and 2005. The reorganization through which VISA U.S.A., Visa International, Visa Canada and Inovant became direct or indirect subsidiaries of Visa Inc. occurred in October 2007. The operating results of the acquired interests are included in the consolidated financial results of Visa Inc. beginning October 1, 2007.
Fiscal Year Ended September 30, 2009 Statement of Operations Data: Operating revenues Operating expenses Operating income (loss) Net income (loss) Basic net income per share— class A common stock(2) Diluted net income per share—class A common stock(2) $ 2009 6,911$ 3,373 3,538 2,353 3.11 3.1 2008 2007 2006 (in millions, except per share data) 6,263 5,031 1,232 804 0.96 0.96 $ 3,590 5,039 (1,449 (1,076 N/A N/A $ 2,948 2,218 730 455 N/A N/A $ 2005 2,665 2,212 453 360 N/A N/A

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The term “mobile payment” is used very loosely today and can incorporate a number of different meanings. In order to fully understand mobile payments and VISA’s suggested strategy, we’ll have to understand the different categories of types of technologies. There are a myriad of ways to classify these payments—in fact, it’s incredibly difficult to find consensus for categorization. For the purpose of this report, we will identify five categories:

Mobile-to-mobile
“Western Union” style transfers amongst people transferring money from accounts to accounts, e.g. via Paypal or banking applications. Generally, mobile-to-mobile payments are for consumer to consumer for personal use rather than business/transactional merchant use—such as cnet.com’s example of “paying a babysitter” (http://www.cnet.com/8301-17918_120013480-85.html).

SMS mobile-to-vendor
In this category, a customer goes to a register to purchase a product. Instead of handing over their card, they send an SMS text message confirming the amount. The merchant confirms payment and the customer is free to take their purchases. The customer is billed via their existing mobile service payments or their credit card bill. This is often used for digital goods, such as music and cell ringtones. However, this process is not cost effective at all (http://www.merchantequip.com/merchantaccount-blog/1368/what-the-heck-is-a-mobile-payment).

Truly “mobile” payments/applications
This is commonly referred to “mobile commerce”. Think of this technology as when someone uses an iPhone to place an order to Chipotle using their official application on their phone, or perhaps when someone browses eBay and bids on something using their Nokia phone. This generally requires a network connection. Essentially, it provides freedom and mobility to those wishing to purchase products by releasing them from wires and cords and is a mobile payment in the literal sense.

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Mobile acceptance
This is accepting payments through mobile phones or mobile devices. The most popular example today would be that of Square, a company founded by twitter co-founder Jack Dorsey. Square has created technology that enables merchants to attach a card swiper to the headphone jack of an iPhone or iPad that is capable of reading and accepting payment.

Near Field Communication
This categorization implies “waving” a phone over a reader just as swiping a credit card. This is the most efficient type of mobile phone payment in terms of cost. Under this category, phones can be used as credit cars, bus passes, and more—providing what the industry calls a “mobile wallet”. Essentially, a phone is installed with an RFID chip (radio frequency) used to store payment data. The merchant would then have some sort of reader that confirms payment after reading the RFID chip in the phone.

The category that pertains most to Visa is that of Near Field Communication (NFC) payments. It is the mobile technology with the most room for expansion and growth (e.g. using phones not only as credit cards but as metro tickets, bus passes, cab fair) but it is also the most efficient in terms of time (much more sufficient than an SMS transaction) and implementation (a number of merchants already feature Visa’s “PayWave” technology, which enables customers of over 32,00 retailers (http://usa.visa.com/merchants/payment_technologies/paywave.html) to wave their credit card instead of swiping it). In terms of implementation, Visa has intended on installing the RFID chips on mobile phones in two different ways—through a microSD card or through an external case. The RFID chips themselves are very inexpensive to manufacture. The MicroSD card slots present a great opportunity—94% of the US has a mobile phone, and 60% of those users have a card slot in their mobile phone. By having a MicroSD RFID chip, customers can simply use their phone as they

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always have without having to purchase a new phone or without a noticeable change to their existing ones. The phone case would primarily be developed for the more popular phone models that don’t have an existing MicroSD slot—e.g. the iPhone. The RFID technology also has a variety of features. Security wise, users will be able to deactivate the RFID chips via password protection in the case that they lose their phone or “accidentally” purchase something. In terms of having to “sign” for payments—customers in a test market in Spain had to enter a PIN over payments of €20, and we can expect something similar in the United States. Lastly, consumers may have concerns about if their phone dies. Luckily, a fully charged battery isn’t necessary for the RFID transmission (http://www.silicon. com/technology/mobile/2010/09/22/mobile-wallets-coming-to-uk-in-time-for-olympics39746371/). Finally, INSIDE Contactless has developed RFID stickers for credit card payment, enabling customers to pay with almost anything—say, a banana or their Diet Coke. A number of existing test markets and markets have already been established by Visa. For instance, Visa launched the world’s first commercial mobile payment service last April in Malaysia (http://corporate.visa.com/media-center/press-releases/press921.jsp) using Nokia’s 6212 (the RFID chip was embedded). The 6212 enabled Malaysians to not only use it as a card but also for metro systems, bus terminals and carparks. Additionally, in just late September Visa started a mobile payment trial amongst NYC and LA public transportation systems. The future brings about a number of possibilities for NFC payments. For instance, a merchant could use GPS to give an incoming customer a text message coupon for the specific store they just entered. The integration of mobile payments with existing services could also prove to be attractive for customers—e.g. combining the Oyster Card for London’s Tube with mobile credit card payments eliminates the needs for consumers to carry so many things.

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In the market for more advanced payment technology, VISA is faced with several options. Whatever it chooses, the new method(s) of payment must be relatively inexpensive, backwards compatible with the existing payment terminals, and at least as quick to process payments as the traditional card method. The easiest option in any changing market is, naturally, to continue offering the same technology. In the case of credit cards this is especially tempting, since VISA and MasterCard currently operate with such little overhead and competition. Credit cards in the United States are now ubiquitous, and it’s rare in 2010 to find a vender that doesn’t accept the two major cards. Their enviable position makes it easy to become complacent, but both companies can see their future in the Asian market and the technologies that are currently rising in popularity in a famously trendy tech market. For this reason, we don’t believe that inaction is a viable option for VISA. If VISA were to market solely the traditional cards, it would eventually lose market share to MasterCard (which is currently in development of new technologies). The loss of competitive strength would be especially strong among younger clients, who will certainly pioneer whatever new technology is released. Another option our group considered is payment by text messaging (SMS). The most common use of phone payments at this time is for online purchases on smart phones, at sites such as eBay. These types of purchases don’t differ practically from a purchase made on a regular computer. For use with mobile payments, some companies such as PayPal and Obopay have already developed the ability to transfer funds by SMS. Our group believes that there are five major drawbacks to this particular payment system. The most crippling problem with SMS retail payments is slow processing. No business wants to adopt a system that makes cashiers, waiters, and most importantly customers, wait any longer. The time to pull out the phone, sign into Obopay, enter the amount and number of the recipient, then send the SMS is slower than that needed to simply swipe the card. For this reason alone, SMS payment has significant hurdles if it is to be adopted on more than a trial scale. The other main drawback is technology dependency.

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Consumers wouldn’t want to use SMS payment as their sole means of payment, because they would be effectively broke when faced with situations where either their phone broke, lost power, or simply wasn’t in range of a cell tower. And if you have to carry a card as a backup in these cases, why bother with SMS payment at all? The final option, and the best for VISA, is RFID technology. Through its Wave system, VISA has already implemented this payment system to great success in Asia. The VISA Wave program uses an RFID chip implanted in either a regular credit card or cell phone (or anything else for that matter, because the RFID chip doesn’t require a power source) so the customer merely “waves” the card in front of the credit card reader. The signal from the RFID chip identifies the customer, and the payment is processed as usual. VISA is currently testing another proximate payment method with Wells Fargo. In the Wells Fargo trial, a chip is implanted in a microSD card that is then inserted into the memory slot of a smart phone. The phone can then be waved in front of the reader for contactless payment just as a Wave card or phone. For other phones, the same chip could be inserted into a special case to achieve the same contactless payment capabilities. Unlike SMS payment, this technology offers the same fraud and theft protection as any other credit card. In our survey of college students, security was the chief concern about new payment methods. The contactless payment technology is already developed and experiencing strong growth in Asia and our group believes that it represents the strongest choice for VISA

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While we are familiar with the usage and functions of credit cards within the US, we needed insight into how credit cards are used and how new payment technologies might be perceived in other countries. VISA is an international corporation, so a new technology venture has the potential to affect the way consumers pay for goods across the globe. In order to gain a global perspective, we enlisted the help of several W&M international students. The majority of our subjects were from Europe, where credit cards are generally not used as frequently as in the US. While none of these students had previous personal experience with mobile payments, the majority of them expressed an interest in the technology, with the exception of the student from Holland. The student from England thought that mobile payments could be convenient, but raised concerns about security. The student from France gave us further insight into these concerns, informing us about how his friends and family back in Europe were very cautious in their use of credit cards. Also, the French are less likely to use their cards for smaller purchases, especially since Euro coins and bills are available in higher denominations than US currency. We also surveyed a student from India who expressed interest in mobile payments via PayWave and other methods. While consumers in India still prefer to pay for goods with cash, much like those in Europe, they do place trust in the credit card companies. Thus, a new payment technology introduced by VISA has the potential to be widely accepted. Security issues were not an overwhelming concern in the eyes of this student. All of these students are in their early to mid twenties, representing an age group that has grown up with increased usage of credit cards and cell phones. While they still have some reservations about the security risks associated with new forms of payment, they are also open to adopting methods that are quicker and more convenient.

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Interview with international students regarding use of mobile phones to pay for purchases:

Q: Have you / your family / your friends ever used your cell phone to pay for something you bought? Q: If yes, what do you think that the advantages or disadvantages of paying with your cell phone are? Q: If no, do you think that paying with your cell phone could become popular where you are from?

A1: (Jeltje Loomans, Holland) “I have never used or know someone who used their cell phone to pay for something. I'm from Holland and I don't think it will be popular there.”

A2: (Hope Johnson, England) “No I don't know anyone who has ever used a cell phone to pay for something in that method. I would say that the advantages would be it is useful, but the negatives would be obvious security problems, the cost of cell phones would probably increase? (I don’t if this is true I'm guessing). I think that yes it would, I am someone who tries to use my phone for everything, if the security problems were sorted then it would be useful for sure....and I think British people would come around to it eventually. There are always people who hate change.”

A3: (Anik Cepeda, Spain) “In Spain they aren't so big on the iPhone and Blackberry (at least not since I was there last) and I don't know of anyone in my family who has paid for things via their cell phone. If the cell phone plans became less expensive, like some plans are here, I can see that becoming popular for sure. ”

A4: (Marlen Mezgarzadeh, Germany) “I have never used my cell phone for payments either. In Germany many people are buying the newest technology in regard to phones; many use them for emails and internet nowadays, too. I think once people gain trust in the system and understand how it works it might become popular.”

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International Student Survey Responses:
Respondant #1: Sukrit Sehgal, India 1. Would you use a Visa wave credit card? (for proximate pay, you would simply wave the card in front of a reader) Yes, it would be very convenient. 2. Would you use the same RFID chip technology implanted in a cell phone? Yes 3. Would you use technology that allowed you to transfer funds by text message? I would say yes, but GPRS/ EDGE is still not very common back home as its expensive. 3G is being rolled out but is not in the reach of the common man as of now. But online banking has become quite popular in the recent years. So it should be a matter of time. 4. If any, what convenience and security preferences do you have? Visa and mastercard are trusted back home. Also, since they have a secure technology and have next to zero liability, its safe to assume that people will not be hesitant while using these cards. 5. Overseas (either your acquaintances, or just general observation), what types of payment are most popular? Trusted? Cash is the still the most popular medium of payment in India. Smaller vendors don’t prefer Debit/ Credit cards due to payments that they have to make to Visa. But that said, larger establishments have Visa and Mastercard tie-ups.

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International Student Survey Responses:
Respondant #2: Alexandre Pouille, France
1. Would you use a Visa wave credit card? (for proximate pay, you would simply wave the card in front of a reader) For me, I think the wave would be awesome. In Hong Kong they have this thing called the octopus card. You load it up any 7-11 or a ton of other places around Hong Kong and you use it as the exclusive payment method on bus, taxi, ferry, at dinning halls, restaurants, haagan dazs, etc. It's really cool and at the university you even use it to pay for photocopies. As for the French, a little less comfortable with this. On both sides of my family, they are paranoid about leaving a paper trail in the US whenever they come and visit. In France, they use their cards but not for everyday purchases like we do. Like at WaWa, they would laugh if they saw me using my visa for a 99 cent purchase of gummy bears. This has something to do with the prevalence of coins in the Euro zone (in larger denominations (up to 2euros) and the belief that credit cards are inherently bad. You know, we have this type of banking system in this country where we are comfortable spending everything on plastic, and then paying at the end of the month. As long as you pay it off, no service fees. Well in France and I assume other places, consumer power isn't as high and banks still depend on fees or inconvenient web transfers to discourage people from doing what I do with my credit cards. 2. Would you use the same RFID chip technology implanted in a cell phone? Cell phone minutes work very differently in France. So a cell phone for the youth isn't as indispensable because with some plans you have to go into a Tabac to add money to them. I feel like our generation is attached to their phones. In france, a little less so. If an RFID chip was in my phone I would be wary of compatibility. It would have to be the same system for all retailers. And I'd like some sort of protection from theft. Like a pin or a thumbprint or something. 3. Would you use technology that allowed you to transfer funds by text message I actually think this exists already. Bank of America? But no. I don't ever transfer funds. You know, in France they might be up for this but just look at how banks are set up over there. To even get into a public branch you have to press this green button to call an attendant. The attendant then activates the door. But there is another door. This time you have to again press the green button, but the door won't open until the door directly behind you is closed. To get out, same procedure. So even getting into a bank is more difficult. Therefore, this would make text message banking more appealing. Would French people trust it? They are skeptical people - and they smell from time to time - so not the older generation. 4. If any, what convenience and security preferences do you have? Me? I hate it when CVS says I don't have to sign under $20, Target says $50, and I have to sign for a .35 cent purchase at the daily grind. Why can't they just be standardized. For convenience, I like a bank that has a lot of branches and visibility. For payment, I haven't carried cash in over a year. I like it when my bank statement shows me all of my transactions. 5. Overseas (either your acquaintances, or just general observation), what types of payment are most popular? Trusted? Well, all of their credit cards have these "puse" in them, or a microchip. Rather than reading the easily to scan magnet strip, you stick your card in this portable card reader and type in your pin. The device sends the data over a secure connection to a base, and your done. No signature required, nothing like that. That is popular. But Coins and Cash are ridiculously popular. I mean with a bill that goes up to $500, you can pay for most anything in cash by just carrying a few bills.

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Source: CPSS Red Book statistical update , December 2009 http://www.bis.org/publ/cpss88p2.pdf

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Source: CPSS Red Book statistical update , December 2009 http://www.bis.org/publ/cpss88p2.pdf

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Source: CPSS Red Book statistical update , December 2009 http://www.bis.org/publ/cpss88p2.pdf

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Standard Credit Card Swipe Machine

PayWave-enabled Machine

We would like to thank John Van Aken, Charlie Raphael & Bob McKnew for their contributions to this project.

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