• The market for credit card authorization/check guarantee services focuses on consumers. In the aggregate, the size of the potential marketplace is defined by 1984 industry based data statistics:

Credit cards: seven billion transactions with a total volume approaching $300 billion.

Retail checks: over 20 billion checks with total check volume exceeding $470 billion.

• With respect to market penetration, 1984 industry data indicates that:

Less than 25% of all credit card transactions currently receive credit authorization.

Less than 3% of retail check dollar volume is validated/guaranteed.

• The six vendor groups that make up the structure of the credit card authorization and check guarantee services marketplace are shown in Exhibit lll-l. These groups interact through elaborate and complex voice and data networks to provide CCAS/CGS through an increasingly electronic retailer interface to consumers.