Exhibit 10.03




                        SETTLEMENT AND RELEASE AGREEMENT

         This  Settlement  and  Release  Agreement  (Agreement)  is  made by and
between Schimatic Cash  Transactions  Network.com,  Inc., a Florida  corporation
with principal  offices at 740 East 3900 South,  Salt Lake City, Utah 84107, the
parent corporation and sole owner of IC One, Inc., a Delaware  Corporation,  and
INTERNATIONAL BUSINESS MACHINES CORPORATION ("IBM"), a New York Corporation.

         SCTN has entered into the following written agreements:

         IBM Customer Agreement Number VJ61633
         IBM Global Services Statement of Work Numbers CHWWA and CJFGA

         IBM claims that SCTN has failed to meet  certain  responsibilities  and
obligations in connection with the aforesaid  agreements,  including  failure to
pay $1.97 million which is due under the agreements.

         The parties now desire to settle any potential  liability that may have
been incurred as a result of the matter  mentioned  above.  Therefore,  with the
consideration and mutual promises listed below, the parties agree as follows:

         1.  SCTN will pay  $1,200,000  to IBM in  eleven  installment  payments
according to the following payment schedule:

                  DUE NO LATER THAN                           AMOUNT
                  -----------------                           ------
                  September 30, 2001                          $70,000.00
                  October 30, 2001                            $70,000.00
                  November 30, 2001                           $70,000.00
                  December 30, 2001                           $70,000.00
                  January 30, 2002                            $70,000.00
                  February 30, 2002                           $70,000.00
                  March 30, 2002                              $80,000.00
                  April 30, 2002                              $80,000.00
                  May 28, 2002                                $80,000.00
                  June 30, 2002                               $90,000.00
                  July 30, 2002                               $90,000.00
                  August 30, 2002                             $90,000.00
                  September 30, 2002                          $90,000.00
                  October 30, 2002                            $90,000.00
                  November 30, 2002                           $90,000.00
                  ------------------------------------------------------
                  TOTAL OF PAYMENTS                        $1,200,000.00

         2. IBM will charge no late fees as long as SCTN adheres to this payment
plan. IBM will charge, and SCTN is additionally  liable for a late fee charge of
2% per month for any payments that become past due under this Agreement.

         3. IBM will return to SCTN  shares of stock  which SCTN had  previously
issued to IBM, and hereby  authorizes  cancellation of all shares in IBM's name,
including any shares held in escrow.


<PAGE>

         4. To induce  IBM to enter into this  Agreement,  SCTN shall and hereby
does release and discharge IBM and their respective officers, directors, agents,
employees,  representatives,  successors  and  assigns  of and from ail  claims,
demands,   debts,  damages,   duties,  causes  of  action,  actions,  and  suits
whatsoever,  in law or  equity,  which it now has or to  which it may  hereafter
become entitled, on account of any act, failure to act, or event occurring prior
to  the  date  of  this  Agreement,   including   claims  and  damages  not  yet
ascertainable,  if there  be any,  as well as those  known,  and it does  hereby
acknowledge satisfaction thereof.

         5. SCTN, in executing this Agreement, does not rely on any inducements,
promises,   or   representations   made  by  IBM,  with  the  exception  of  the
consideration cited herein.

         6. SCTN agrees not to publicize or disclose the terms and conditions of
this  Agreement or the  underlying  circumstances  except with the prior written
consent of IBM.

         7. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and with respect to each of its successors and assigns.

         8. SCTN acknowledges that it has read this Agreement carefully, has had
an  opportunity  to review it with its  counsel  of  choice,  and has freely and
voluntarily agreed to the releases and obligations set forth in this Agreement.

         9. The laws of the State of New York shall govern this Agreement.

         Executed by the authorized representatives of:


                  Schimatic Cash Transaction Network.com, Inc. (SCTN)


                  By: /s/ Jim Williams
                     -----------------------------------------
                  Name:  Jim Williams
                  Title: President and CEO

                  Date:  8/2/01

                  INTERNATIONAL BUSINESS MACHINES CORPORATION



                  By:    /s/ David S. Asay
                       ---------------------------------------
                  Name:  David Asay
                  Title: Principal, IBM Global Services

                  Date:  8-2-2001


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