Document:

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                                                                   EXHIBIT 10.55

                              EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (this "Agreement") is made effective the 24th day
of May, 2000 (the "Effective Date") by and between Steve M. Scheppmann
(hereinafter referred to as "Employee") and NOVA Corporation, a Georgia
corporation ("NOVA").

                             W I T N E S S E T H:
                             -------------------

     WHEREAS, NOVA, through its direct and indirect subsidiaries, is in the
business of providing credit card and debit card transaction processing services
and settlement services (including the related products and services of
automated teller machines and check guarantee services) to merchants, financial
institutions, independent sales organizations ("ISOs"), and other similar
customers (collectively, the "Business") throughout the United States (the
"Territory");

     WHEREAS, NOVA desires that Employee work for NOVA, and Employee desires to
accept said employment, all as contemplated herein;

     NOW, THEREFORE, for and in consideration of his employment by NOVA pursuant
to this Agreement, the NOVA Confidential Information and Trade Secrets (as
hereafter defined) furnished to Employee by NOVA in order that he may perform
his duties under this Agreement, the mutual covenants and agreements herein
contained, and other valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

     1.  Employment of Employee.  NOVA hereby employs Employee for a period
beginning as of the Effective Date and ending two (2) years thereafter (the
"Initial Term"), unless Employee's employment by NOVA is sooner terminated or
automatically renewed pursuant to the terms of this Agreement (Employee's
employment by NOVA pursuant to the terms of this Agreement shall hereinafter be
referred to as "Employment").

         (a) Employee agrees to such Employment on the terms and conditions
     herein set forth and agrees to devote his reasonable best efforts to his
     duties under this Agreement and to perform such duties diligently and
     efficiently and in accordance with the directions of NOVA's Chief Executive
     Officer.

         (b) During the term of Employee's Employment, Employee shall serve as
     Chief Financial Officer of NOVA. Employee shall perform such duties as are
     assigned to him by NOVA's Chief Executive Officer, including but not
     limited to such duties as are customary for an officer in Employee's
     position.

         (c) Employee shall devote substantially all of his business time,
     attention, and energies to NOVA's Business, shall act at all times in the
     best interests of NOVA, and shall not during the term of his Employment be
     engaged in any other business activity, whether or not such business is
     pursued for gain, profit, or other pecuniary advantage, or permit such
     personal interests as he may have to interfere with the performance of his
     duties hereunder. Notwithstanding the foregoing, Employee may participate
     in industry, civic and charitable activities so long as such activities do
     not materially interfere with the performance of his duties hereunder.
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     2.  Compensation.  During the term of Employee's Employment and in
accordance with the terms hereof, NOVA shall pay or otherwise provide to
Employee the following compensation:

         (a) Employee's annual salary during the term of his Employment shall be
     Three Hundred Thousand and No/100 Dollars ($300,000.00) ("Base Salary"). So
     long as this Agreement remains in effect, Employee's Base Salary shall be
     reviewed by NOVA's Chief Executive Officer in each fiscal year, within a
     reasonable time following the availability of NOVA's financial statements
     for the preceding fiscal year. Following such review (or at any other
     time), NOVA may, in its sole and exclusive discretion, increase Employee's
     Base Salary. The Base Salary shall be paid by NOVA in accordance with
     NOVA's regular payroll practice.

         (b) In addition to the Base Salary, Employee shall be eligible to
     receive annual bonus compensation ("Bonus Compensation") in the amount, and
     on the terms and conditions described in the Annual Incentive Compensation
     Schedule attached as Exhibit A (the "Incentive Compensation Plan"). NOVA
                          ---------
     may, in its sole discretion, unilaterally modify Exhibit A on an annual
                                                      ---------
     basis.  Upon written request and subject to the terms and conditions set
     forth in this Section 2(b), Employee shall be entitled to elect to receive
     all or part of any Bonus Compensation payable to Employee under the
     Incentive Compensation Plan in shares of NOVA common stock, par value $.01
     per share ("NOVA Stock"), valued on the basis of the closing price of NOVA
     Stock on the New York Stock Exchange on the date of Employee's request (or
     if such date is not a trading day, on the immediately preceding trading
     day); provided, however, that NOVA shall not be obligated to comply with
     Employee's request if (i) NOVA does not have shares of NOVA Stock available
     for issuance or (ii) the issuance of NOVA Stock to Employee would be
     impracticable or impede, in any respect, NOVA's ongoing business
     operations.

         (c) Employee shall be entitled to the following options under this
     Agreement:

             (i)   Contingent upon the approval of NOVA's Board of Directors,
                   Employee will be granted on the Effective Date the option to
                   purchase 125,000 shares of NOVA Corporation common stock
                   ("NOVA Stock") at a price per share equal to the closing
                   price of NOVA Stock on the Effective Date. (the "Option").
                   The Option will be granted subject to the terms of NOVA's
                   most recent stock option plan in effect prior to the
                   Effective Date. The Option will vest in eight (8) equal
                   increments of 12.5%. The first increment will vest three (3)
                   months after the Effective Date. Another increment of the
                   Option will vest every three (3) months thereafter until 100%
                   of the Option is vested.

             (ii)  Contingent upon the approval of NOVA's Board of Directors,
                   Employee will be granted on the Effective Date a Restricted
                   Stock Award (the "Award") for thirty thousand (30,000) shares
                   of NOVA common stock. The Award will be granted subject to
                   the terms of NOVA's 1996 stock option plan. The Award will
                   vest in four (4) equal increments of 25% each. The first
                   increment will vest on the first anniversary of the Effective
                   Date. Another increment of the Award will vest every
                   anniversary of the Effective Date thereafter until 100% of
                   the Award is vested.

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         (d) As an inducement for Employee to accept NOVA's offer of employment
     and to remain employed, unless terminated by NOVA, for no less than twelve
     (12) months, NOVA will pay Employee a special, one time incentive of
     Seventy-Five Thousand and No/100 Dollars ($75,000) (the "Signing Bonus")
     within thirty (30) days of the Effective Date. If Employee's employment
     with NOVA ends pursuant to Sections 6(b), 6(e), or 6(f) of this Agreement
     or if Employee otherwise voluntarily ends his employment with NOVA within
     twelve (12) months of the Effective Date, Employee will repay the Signing
     Bonus to NOVA. Employee's obligation to repay the Signing Bonus under this
     Section will be reduced by 1/12/th/ of the full amount for each full month
     of employment completed by Employee.

         (e)  To assist Employee's transition to NOVA, and subject to the
     approval of NOVA's Board of Directors, NOVA will loan employee up to Five
     Hundred Thousand and No/00 Dollars ($500,000.00). The execution of a
     promissory note for the amount borrowed is an express condition precedent
     to NOVA's obligation to deliver any funds to Employee. Any loan taken
     pursuant to this Section will be payable over five years or within 30 days
     of the end of Employee's employment with NOVA for any reason whatsoever,
     whichever is sooner. Payment terms and frequency will be determined prior
     to the disbursement of any loan and will be set forth in the promissory
     note. The interest rate on any loan under this Section shall be equal to
     NOVA's cost of funds plus ten (10) basis points.

         (f) NOVA may withhold from any benefits payable under this Agreement
     all federal, state, city or other taxes as shall be required pursuant to
     any law or governmental regulation or ruling.

     3.  Benefits.  During the term of Employee's employment, and for such time
thereafter as may be required by Section 7 hereof, NOVA shall provide to
Employee the following benefits and shall waive, to the extent possible, any
applicable waiting periods:

         (a) Medical Insurance.  Employee and his dependents shall be entitled
             -----------------
     to participate in such medical, dental, vision, prescription drug,
     wellness, or other health care or medical coverage plans as may be
     established, offered or adopted from time to time by NOVA for the benefit
     of its employees and/or executive officers, pursuant to the terms set forth
     in such plans.

         (b) Life Insurance.  Employee shall be entitled to participate in any
             --------------
     life insurance plans established, offered, or adopted from time to time by
     NOVA for the benefit of its employees and/or executive officers.

         (c) Disability Insurance.  Employee shall be entitled to participate in
             --------------------
     any disability insurance plans established, offered, or adopted from time
     to time by NOVA for the benefit of its employees and/or executive officers.

         (d) Vacations, Holidays.  Between the Effective Date of this Agreement
             -------------------
     and December 31, 2000, Employee shall be entitled to three (3) weeks of
     paid vacation and all holidays observed by NOVA between the Effective Date
     and December 31, 2000. In all

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     subsequent years during which Employee remains employed by NOVA, Employee
     shall be entitled to at least four (4) weeks of paid vacation each year and
     all holidays observed by NOVA.

         (e) Stock Option Plans.  Employee also shall be eligible for
             ------------------
     participation in any stock option plan or restricted stock plan adopted by
     NOVA's Board of Directors or the Compensation Committee which is applicable
     to NOVA's Executive Vice Presidents.

         (f) Other Benefits.  In addition to and not in any way in limitation of
             --------------
     the benefits set forth in this Section 3, Employee shall be eligible to
     participate in all additional employee benefits provided by NOVA
     (including, without limitation, all tax-qualified retirement plans, non-
     qualified retirement and/or deferred compensation plans, incentive plans,
     other stock option or purchase plans, and fringe benefits) on the same
     basis as such are afforded to other executive officers of NOVA during the
     term of this Agreement.

         (g) Terms and Provisions of Plans.  Except as provided in Section 7(f)
             -----------------------------
     below, NOVA agrees that it shall not take action (during the term of this
     Agreement or the "Continuation Period," as defined in Section 7(a)) to
     modify the terms and provisions of any such plan or arrangement so as to
     exclude only Employee and/or his dependents, either by excluding Employee
     and/or his dependents explicitly by name or by modifying provisions
     generally applicable to all employees and dependents so that only Employee
     and/or his dependents would be affected.

         (h) Vesting of Rights.  Upon the occurrence of the events set forth in
             -----------------
     Sections 7(e)(i)(A), 7(e)(i)(B) or 7(e)(i)(C) during the term of this
     Agreement, and regardless of whether Employee terminates this Agreement
     following such occurrence, and notwithstanding any provision to the
     contrary in any other agreement or document (including NOVA's applicable
     plan documents), all stock options, restricted stock, and other similar
     rights that have been granted to Employee and are not vested on the date of
     occurrence of such event shall become vested and exercisable immediately
     (collectively, the "Vested Rights").  As provided under the applicable plan
     or agreement, Employee shall have the right to exercise any or all of the
     Vested Rights.

     4.  Personnel Policies.  Employee shall conduct himself at all times in a
businesslike and professional manner as appropriate for a person in his position
and shall represent NOVA in all respects with good business and ethical
practices.  In addition, Employee shall be subject to and abide by the policies
and procedures of NOVA applicable generally to personnel of NOVA, as adopted
from time to time.

     5.  Reimbursement for Business Expenses.  Employee shall be reimbursed, on
no less frequently than a monthly basis, for all out-of-pocket business expenses
incurred by him in the performance of his duties hereunder, provided that
Employee shall first document and substantiate said business expenses in the
manner generally required by NOVA under its policies and procedures.

     6.  Term and Termination of Employment.

         (a) This Agreement shall be effective as of the Effective Date.

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         (b) Employee's Employment shall terminate immediately upon the
     discharge of Employee by NOVA for "Cause." For the purposes of this
     Agreement, the term "Cause," when used with respect to termination by NOVA
     of Employee's Employment hereunder, shall mean termination as a result of:
     (i) Employee's violation of the covenants set forth in Section 10 or 11;
     (ii) Employee's willful, intentional, or grossly negligent failure to
     perform his duties under this Agreement diligently and in accordance with
     the directions of NOVA; (iii) Employee's willful, intentional, or grossly
     negligent failure to comply with the decisions or policies of NOVA; or (iv)
     final conviction of Employee of a felony; provided, however, that in the
                                               --------  -------
     event NOVA desires to terminate Employee's Employment pursuant to
     subsections (i), (ii), or (iii) of this Section 6(b), NOVA shall first give
     Employee written notice of such intent, detailed and specific description
     of the reasons and basis therefor, and thirty (30) days to remedy or cure
     such perceived breaches or deficiencies (the "Cure Period"); provided,
                                                                  --------
     however, that with respect only to breaches that it is not possible to cure
     -------
     within such thirty (30) day period, so long as Employee is diligently using
     his best efforts to cure such breaches or deficiencies within such period
     and thereafter, the Cure Period shall be automatically extended for an
     additional period of time (not to exceed sixty (60) days) to enable
     Employee to cure such breaches or deficiencies, provided, further, that
                                                     --------  -------
     Employee continues to diligently use his best efforts to cure such breaches
     or deficiencies. If Employee does not cure the perceived breaches or
     deficiencies within the Cure Period, NOVA may discharge Employee
     immediately upon written notice to Employee. If NOVA desires to terminate
     Employee's Employment pursuant to subsection (iv) of this Section 6(b),
     NOVA shall first give Employee three (3) days prior written notice of such
     intent. Notwithstanding anything to the contrary contained herein, NOVA
     shall not be entitled to discharge Employee for "Cause" pursuant to this
     provision because of Employee's failure to perform his duties or to comply
     with the decisions or policies of NOVA if performance of such duties or
     compliance with such decisions or policies of NOVA would be illegal or
     inconsistent with the rules and regulations of any regulatory agency
     governing the duties of a Chief Financial Officer or Principal Accounting
     Officer.

         (c) Employee's Employment shall terminate immediately upon the death of
     Employee.

         (d) Employee's Employment shall terminate immediately upon thirty (30)
     days prior written notice to Employee if Employee shall at any time be
     incapacitated by reason of physical or mental illness or otherwise become
     incapable of performing the duties under this Agreement for a continuous
     period of one hundred eighty (180) consecutive days; provided, however, to
                                                          --------  -------
     the extent NOVA could, with reasonable accommodation and without undue
     hardship, continue to employ Employee in some other capacity after such one
     hundred eighty (180) day period, NOVA shall, to the extent required by the
     Americans With Disabilities Act, offer to do so, and, if such offer is
     accepted by Employee, Employee shall be compensated accordingly.

         (e) Employee may terminate this Agreement, upon thirty (30) days prior
     written notice to NOVA (the "Notice Period"), in the event (i) there is a
     material diminution in Employee's duties and responsibilities such that
     they no longer reflect duties and responsibilities customary for an
     executive officer of a publicly-traded company; provided, however, that
                                                     --------  -------
     NOVA's change to a privately-held company (for example, as a result of
     acquisition) and the

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     corresponding change in Employee's duties and responsibilities shall not,
     by itself, be sufficient to qualify as a "Responsibilities Breach"; (ii)
     Employee is required to relocate to an office that is more than thirty-five
     (35) miles from Employee's current office located at One Concourse Parkway,
     Suite 300, Atlanta, Georgia 30328; (iii) there is a reduction in Employee's
     Base Salary payable under Section 2, an adverse change in the terms of the
     Incentive Compensation Plan, or a material reduction in benefits provided
     to Employee under Section 3 (whether occurring at once or over a period of
     time); or (iv) NOVA materially breaches this Agreement, (each of (i), (ii),
     (iii) and (iv) being referred to as a "Responsibilities Breach"), and NOVA
     fails to cure said Responsibilities Breach within the Notice Period;
     provided, however, that with respect only to breaches that it is not
     --------  -------
     possible to cure within the Notice Period, so long as NOVA is diligently
     using its best efforts to cure such breaches within such Notice Period, the
     Notice Period shall be automatically extended for an additional period of
     time (not to exceed sixty (60) days) to enable NOVA to cure such breaches,
     provided, further, that NOVA continues to diligently use its best efforts
     --------  -------
     to cure such breaches. Notwithstanding anything to the contrary in this
     Section 6(e), the Notice Period for any breach arising from the failure to
     pay compensation shall be five (5) days.

         (f) Employee may terminate this Agreement at any time, without cause,
     upon thirty (30) days prior written notice to NOVA.

         (g) NOVA may terminate this Agreement at any time, without cause, upon
     written notice to Employee.

         (h) This Agreement shall automatically renew for successive one (1)
     year terms (each a "Renewal Term") unless either party hereto gives the
     other party hereto written notice of its or his intent not to renew this
     Agreement no later than one hundred eighty (180) days prior to the date the
     Initial Term, or the then-current Renewal Term, is scheduled to expire.
     Employee's Employment shall terminate upon termination or expiration of
     this Agreement.

     7.  Termination Payments.

         (a) Upon termination of Employee's Employment, for whatever reason
     (other than termination for "Cause" pursuant to Section 6(b), termination
      ----- ----
     by Employee pursuant to Section 6(f), expiration of this Agreement
     following notice of non-renewal by Employee pursuant to Section 6(h), or
     termination because Employee otherwise "quits" or voluntarily terminates
     his employment other than pursuant to Section 6(e) (each, a "Termination
     Exclusion") (the effective date of such termination or expiration being
     referred to as the "Termination Date"), in addition to any amounts payable
     to Employee hereunder (including but not limited to accrued but unpaid Base
     Salary or accrued but unpaid Bonus Compensation), and any other benefits
     required to be provided to Employee and his dependents under contract and
     applicable law:

              (i)  NOVA shall pay Employee in cash an amount equal to his
          "Annual Base Compensation" (as defined in Section 7(e)) multiplied by
          two (2) (the "Severance Payment"). The Severance Payment shall be paid
          in twenty-four (24) equal monthly installments, the first of which
          shall be made on the first day of the calendar month following the
          calendar month in which the Termination Date occurs; provided,
          however, that if Employee's Employment is terminated (other than by
          reason of a Termination

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          Exclusion) within two (2) years after a Change in Control of NOVA,
          NOVA shall pay Employee the Severance Payment in one lump sum within
          thirty (30) days of the Termination Date.

              (ii)  NOVA shall pay Employee an amount (the "Supplemental
          Payment") equal to (x) the amount of Bonus Compensation payable to
          Employee for the calendar year immediately preceding the year in which
          the Termination Date occurs (the "Prior Bonus Amount") multiplied by
          (y) a fraction, the numerator of which is the number of days beginning
          on January 1st of the calendar year in which the Termination Date
          occurs and ending on the Termination Date, and the denominator of
          which is 365. The Supplemental Payment shall be paid to Employee
          concurrently with the payment of the Prior Bonus Amount; provided,
          however, that if the Prior Bonus Amount has already been paid to
          Employee, the Supplemental Payment shall be paid within 30 days of the
          Termination Date. In the event the Termination Date occurs in the
          first calendar year of Employee's employment, then the Supplemental
          Payment shall equal the pro rata percentage (determined using the
          fraction above) of the Bonus Compensation Employee would have received
          for the calendar year in which the Termination Date occurred had
          Employee remained employed for the entire calendar year in which the
          Termination Date occurred, and the Supplemental Payment shall be paid
          to Employee concurrently with NOVA's payment of Bonus Compensation
          generally for such calendar year.

              (iii) Notwithstanding any provision to the contrary in any other
          agreement or document (including but not limited to NOVA's applicable
          plan documents), all stock options, restricted stock and other similar
          rights that, as of the Termination Date, have been granted to Employee
          shall become vested and exercisable immediately upon notice of such
          termination.  As provided under the applicable plan or agreement,
          Employee shall have the right to exercise any or all of such rights.

              (iv)  Until the earlier to occur of (x) the expiration of the
          Severance Period or (y) Employee becomes an employee of another
          company providing Employee and his dependents with medical, life and
          disability insurance (the period from the Termination Date until such
          event being referred to herein as the "Continuation Period"), NOVA
          shall provide to Employee and his dependents the coverage for the
          benefits described in Sections 3(a), (b) and (c) on the same terms and
          conditions as it provides such coverage to its currently employed
          Executive Vice Presidents; provided, however, such coverage shall not
          be provided to the extent that such coverage is generally provided
          through an insurance contract with a licensed insurance company and
          such insurance company will not agree to insure for such coverage.

     During the two (2) year period following the Termination Date (the
     "Severance Period"), Employee shall comply with the non-disclosure
     obligations and covenants not to disclose confidential information, solicit
     or compete set forth in Sections 10, 11, and 12 below.  If Employee is
     found by a court of competent jurisdiction or an arbitrator to be in breach
     of Section 10, 11, or 12 as they are written, Employee shall have no
     further right to any unpaid installment of the Severance Payment.  In
     addition, Employee shall be obligated to repay to Employer all installments
     of the Severance Payment delivered to him by Employer from the time the

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     Employee first breached Section 10, 11, and/or 12 through the date of the
     court or arbitrator's decision.

     For purposes of this Section 7(a), any accrued but unpaid Bonus
     Compensation shall be paid to Employee on the date that Bonus Compensation
     would have been payable under the Incentive Compensation Plan had
     termination of Employee's Employment not occurred.

         (b)  In the event Employee's Employment is terminated as a result of
     the Termination Exclusions identified in Section 7(a), Employee shall be
     paid his accrued but unpaid Base Salary and/or accrued but unpaid Bonus
     Compensation through the Termination Date, and any other benefits required
     to be provided to Employee and his dependents under applicable law. In the
     event that Employee is entitled to receive Bonus Compensation under this
     Section 7(b), such Bonus Compensation shall be paid on the date that Bonus
     Compensation would have been payable under the Incentive Compensation Plan
     if termination of Employee's Employment had not occurred.

         (c)  In the event Employee's Employment is terminated as a result of
     one of the Termination Exclusions identified in Section 7(a), NOVA, at its
     sole option and its sole discretion and at any time within thirty (30) days
     of the Termination Date, may cause Employee to be obligated to comply with
     the non-disclosure obligations and covenants not to solicit or compete set
     forth in Sections 10 and 11 below for a period of one (1) or two (2) years
     following the Termination Date, as set forth below:

              (i)  By giving notice to Employee at any time within thirty (30)
          days of the Termination Date of its intent to exercise the "One Year
          Option" herein described, NOVA may cause Employee to be obligated to
          comply with the non-disclosure obligations and covenants not to
          solicit or compete set forth in Sections 10 and 11 below for a period
          of one (1) year following the Termination Date; provided, however,
          that NOVA shall pay Employee an aggregate amount in cash equal to
          Employee's then Base Salary in effect immediately prior to the
          Termination Date multiplied by one (1) (the "One Year Payment"). The
          One Year Payment shall be paid by NOVA to Employee in twelve (12)
          equal monthly installments, the first of which shall be made on the
          first day of the calendar month following the calendar month in which
          the Termination Date occurs. In the event NOVA exercises the One Year
          Option, the one (1) year period following the Termination Date shall
          be deemed the "Exclusion Period";

              (ii) By giving notice to Employee any time within thirty (30) days
          of the Termination Date of its intent to exercise the "Two Year
          Option" herein described, NOVA may cause Employee to be obligated to
          comply with the non-disclosure obligations and covenants not to
          solicit or compete set forth in Sections 10 and 11 below for a period
          of two (2) years following the Termination Date; provided, however,
          that NOVA shall pay Employee an aggregate amount in cash equal to
          Employee's Base Salary in effect immediately prior to the Termination
          Date multiplied by two (2) (the "Two Year Payment"). The Two Year
          Payment shall be paid by NOVA to Employee in twenty-four (24) equal
          monthly installments, the first of which shall be made on the first
          day of the calendar month following the calendar month in which the
          Termination Date

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          occurs. In the event NOVA exercises the Two Year Option, the two (2)
          year period following the Termination Date shall be deemed the
          "Exclusion Period".

              (iii) During the Exclusion Period, if Employee is found by a court
          of competent jurisdiction or an arbitrator to be in breach of Section
          10, 11, or 12 as they are written, Employee shall have no further
          right to any unpaid portion of the applicable Payment. In addition,
          Employee shall be obligated to repay to Employer all portions of the
          applicable Payment delivered to him by Employer from the time Employee
          first breached Section 10, 11, and/or 12 through the date of the
          court's or arbitrator's decision.

          (d) In the event of the death of Employee, all benefits and
     compensation hereunder shall, unless otherwise specified by Employee, be
     payable to, or exercisable by, Employee's estate.

          (e) For purposes of this Agreement, the following terms shall be
     defined as follows:

              (i)   "Change in Control" shall mean:

                    (A)  The acquisition (other than from NOVA) by any person,
                         entity or "group", within the meaning of Section
                         13(d)(3) or 14(d)(2) of the Securities Exchange Act of
                         1934 (the "Exchange Act") (excluding, for this purpose,
                         any employee benefit plan of NOVA or its subsidiaries
                         which acquires beneficial ownership of voting
                         securities of NOVA) of beneficial ownership (within the
                         meaning of Rule 13d-3 promulgated under the Exchange
                         Act) of 25% or more of either the then outstanding
                         shares of NOVA Stock or the combined voting power of
                         NOVA's then outstanding voting securities entitled to
                         vote generally in the election of directors; or

                    (B)  The consummation by NOVA of a reorganization, merger,
                         or consolidation, in each case, with respect to which
                         the shares of NOVA voting stock outstanding immediately
                         prior to such reorganization, merger or consolidation
                         do not constitute or become exchanged for or converted
                         into more than 50% of the combined voting power
                         entitled to vote generally in the election of directors
                         of the reorganized, merged or consolidated company's
                         then outstanding voting securities, or a liquidation or
                         dissolution of NOVA or of the sale of all or
                         substantially all of the assets of NOVA; and

                    (C)  The failure for any reason of individuals who
                         constitute the Incumbent Board to continue to
                         constitute at least a majority of the Board of
                         Directors of NOVA.

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                    (i.e., either (A) and (C) or (B) and (C) must occur in order
                    to constitute a Change in Control for purposes of this
                    definition).

              (ii)  "Annual Base Compensation" means the greater of (x)
         Employee's Base Salary in effect on the Termination Date, or (y) the
         greatest Base Salary in effect during the calendar year immediately
         prior to the calendar year in which the Termination Date occurs.

              (iii) "Incumbent Board" shall mean the members of the Board of
         Directors of NOVA as of the Effective Date hereof and any person
         becoming a member of the Board of Directors of NOVA hereafter whose
         election, or nomination for election by NOVA's shareholders, was
         approved by a vote of at least a majority of the directors then
         comprising the Incumbent Board (other than an election or nomination of
         an individual whose initial assumption of office is in connection with
         an actual or threatened election contest relating to the election of
         the directors of NOVA, as such terms are used in Rule 14a-11 of
         Regulation 14A promulgated under the Exchange Act).

     (f) The benefits provided for in this Section 7 are the only benefits
     Employee can be entitled to upon the termination of his employment.
     Employee expressly agrees and acknowledges that the benefits described in
     this Section are in lieu of, and not in addition to, benefits the Company
     may have provided for any other individual under any severance plan or
     severance Agreement.

     8.  Products, Notes, Records and Software.  Employee acknowledges and
agrees that all memoranda, notes, records and other documents and computer
software created, developed, compiled, or used by Employee or made available to
him during the term of his Employment concerning or relative to the Business,
including, without limitation, all customer data, billing information, service
data, and other technical material of NOVA is and shall be NOVA's property.
Employee agrees to deliver without demand all such materials to NOVA within
three (3) days after the termination of Employee's Employment.  Employee further
agrees not to use such materials for any reason after said termination.

     9.  Arbitration.

         (a)  NOVA and Employee acknowledge and agree that (except as
     specifically set forth in Section 9(d)) any claim or controversy arising
     out of or relating to Section 7 of this Agreement shall be settled by
     binding arbitration in Atlanta, Georgia, in accordance with the National
     Rules of the American Arbitration Association for the Resolution of
     Employment Disputes in effect on the date of the event giving rise to the
     claim or controversy.   NOVA and Employee further acknowledge and agree
     that either party must request arbitration of any claim or controversy
     within one (1) year of the date of the event giving rise to the claim or
     controversy by giving written notice of the party's request for
     arbitration.  Failure to give notice of any claim or controversy within one
     (1) year of the event giving rise to the claim or controversy shall
     constitute waiver of the claim or controversy.

         (b)  All claims or controversies subject to arbitration pursuant to
     Section 9(a) above shall be submitted to arbitration within six (6) months
     from the date that a written notice of request for arbitration is
     effective.  All claims or controversies shall be resolved by a panel of
     three arbitrators who are licensed to practice law in the State of Georgia
     and who are experienced

                                       10
<PAGE>

     in the arbitration of labor and employment disputes. These arbitrators
     shall be selected in accordance with the National Rules of the American
     Arbitration Association for the Resolution of Employment Disputes in effect
     at the time the claim or controversy arises. Either party may request that
     the arbitration proceeding be stenographically recorded by a Certified
     Shorthand Reporter. The arbitrators shall issue a written decision with
     respect to all claims or controversies within thirty (30) days from the
     date the claims or controversies are submitted to arbitration. The parties
     shall be entitled to be represented by legal counsel at any arbitration
     proceedings.

         (c)  NOVA and Employee acknowledge and agree that the arbitration
     provisions in this Agreement may be specifically enforced by either party,
     and that submission to arbitration proceedings may be compelled by any
     court of competent jurisdiction.  NOVA and Employee further acknowledge and
     agree that the decision of the arbitrators may be specifically enforced by
     either party in any court of competent jurisdiction.

         (d)  Notwithstanding the arbitration provisions set forth herein,
     Employee and NOVA acknowledge and agree that nothing in this Agreement
     shall be construed to require the arbitration of any claim or controversy
     arising under Sections 10, 11, and 12 of this Agreement nor shall such
     provisions prevent NOVA from seeking equitable relief from a court of
     competent jurisdiction for violations of Sections 10, 11, and 12 of this
     Agreement.  These provisions shall be enforceable by any court of competent
     jurisdiction and shall not be subject to arbitration except by mutual
     written consent of the parties signed after the dispute arises, any such
     consent, and the terms and conditions thereof, then becoming binding on the
     parties.  Employee and NOVA further acknowledge and agree that nothing in
     this Agreement shall be construed to require arbitration of any claim for
     workers' compensation or unemployment compensation.

10.  Nondisclosure.

         (a)  NOVA Confidential Information.  Employee acknowledges and agrees
              -----------------------------
     that because of his Employment, he will have access to proprietary
     information of NOVA concerning or relative to the Business (collectively,
     "NOVA Confidential Information") which includes, without limitation,
     technical material of NOVA, sales and marketing information, customer
     account records, billing information, training and operations information,
     materials and memoranda, personnel records, pricing and financial
     information relating to the business, accounts, customers, prospective
     customers, employees and affairs of NOVA, and any information marked
     "Confidential" by NOVA.  Employee acknowledges and agrees that NOVA
     Confidential Information is and shall be NOVA's property.  Employee agrees
     that during the term of his Employment, Employee shall keep NOVA
     Confidential Information confidential, and Employee shall not use NOVA
     Confidential Information for any reason other than on behalf of NOVA
     pursuant to, and in strict compliance with, the terms of this Agreement.
     Employee further agrees that during the Severance Period or the Exclusion
     Period, as applicable, Employee shall continue to keep NOVA Confidential
     Information confidential, and Employee shall not use NOVA Confidential
     Information for any reason or in any manner.

         (b)  Notwithstanding the foregoing, Employee shall not be subject to
     the restrictions set forth in subsection (a) of this Section 10 with
     respect to information which:

                                       11
<PAGE>

              (i)   becomes generally available to the public other than as a
         result of disclosure by Employee or the breach of Employee's
         obligations under this Agreement;

              (ii)  becomes available to Employee from a source which is
         unrelated to his Employment or the exercise of his duties under this
         Agreement, provided that such source lawfully obtained such information
         and is not bound by a confidentiality agreement with NOVA; or

              (iii) is required by law to be disclosed.

         (c)  Trade Secrets.  Employee acknowledges and agrees that because of
              -------------
     his Employment, he will have access to "trade secrets" (as defined in the
     Uniform Trade Secrets Act, O.C.G.A. (S) 10-1-760, et seq. (the "Uniform
                                                       -- ---
     Trade Secrets Act") of NOVA ("Trade Secrets").  Nothing in this Agreement
     is intended to alter the applicable law and remedies with respect to
     information meeting the definition of "trade secrets" under the Uniform
     Trade Secrets Act, which law and remedies shall be in addition to the
     obligations and rights of the parties hereunder.

     11. Covenant Not to Compete.  Employee acknowledges and agrees that,
because of his Employment, he will have access to confidential or proprietary
information concerning merchants, associate banks and ISOs of NOVA and shall
have established relationships with such merchants, associate banks and ISOs as
well as with the vendors, consultants, and suppliers used to service such
merchants, associate banks and ISOs.  Employee agrees that during the term of he
Employment and continuing through the Severance Period or the Exclusion Period
as applicable, Employee shall not, either individually, in partnership, jointly,
or in conjunction with, or on behalf of, any person, firm, partnership,
corporation, or unincorporated association or entity of any kind:

         (a)  perform services within the United States (the "Territory") in a
     financial, supervisory, or managerial capacity or as an advisor, consultant
     or independent contractor for any person, firm, partnership, corporation,
     or unincorporated association of any kind which is providing credit card
     and/or debit card transaction processing services within the Territory;

         (b)  obtain any ownership or financial interest in (except as a
     stockholder holding less than five percent (5%) interest in a corporation
     which is traded on a national exchange or over the counter) any firm,
     partnership, corporation or unincorporated association of any kind which is
     providing credit card and/or debt card transaction processing services.

     12. Covenant Not to Solicit. Employee further agrees that during the term
of his Employment and continuing through the Severance Period or the Exclusion
Period as applicable, Employee shall not:

         (a)  solicit or contact, for the purpose of providing products or
     services the same as or substantially similar to those provided by NOVA in
     connection with the Business, any person or entity that during the term of
     Employee's Employment was a merchant, associate bank, ISO or customer
     (including any actively-sought prospective merchant, associate bank, ISO or
     customer) of NOVA and with whom Employee had material contact or about whom
     Employee learned material information during the last twelve (12) months of
     his Employment;

         (b)  persuade or attempt to persuade any merchant, associate bank, ISO,
     customer, or

                                       12
<PAGE>

     supplier of NOVA to terminate or modify such merchant's, associate bank's,
     ISO's, customer's, or supplier's relationship with NOVA if Employee had
     material contact with or learned material information about such merchant,
     associate bank, ISO, customer or supplier during the last twelve (12)
     months of his Employment; or

         (c)  persuade or attempt to persuade any person who (i) was employed by
     NOVA or under agreement to provide services as an independent contractor to
     NOVA as of the date of the termination of Employee's Employment and (ii) is
     in a sales or management position with NOVA at the time of such contact, to
     terminate or modify his employment or other contractual relationship,
     whether or not pursuant to a written agreement, with NOVA, as the case may
     be.

     13. New Developments.  Any discovery, invention, process or improvement
made or discovered by Employee during the term of his Employment in connection
with or in any way affecting or relating to the Business (as then carried on or
under active consideration) shall forthwith be disclosed to NOVA and shall
belong to and be the absolute property of NOVA; provided, however, that this
provision does not apply to an invention for which no equipment, supplies,
facility, trade secret information of NOVA was used and which was developed
entirely on Employee's own time, unless (a) the invention relates (i) directly
to the Business or (ii) to NOVA's actual or demonstrably anticipated research or
development; or (b) the invention results from any work performed by Employee
for NOVA.

     14. Remedy for Breach.  Employee acknowledges and agrees that his breach
of any of the covenants contained in Sections 8, 10, 11, 12 and 13 of this
Agreement would cause irreparable injury to NOVA and that remedies at law of
NOVA for any actual or threatened breach by Employee of such covenants would be
inadequate and that NOVA shall be entitled to specific performance of the
covenants in such sections or injunctive relief against activities in violation
of such sections, or both, by temporary or permanent injunction or other
appropriate judicial remedy, writ or order, without the necessity of proving
actual damages.  This provision with respect to injunctive relief shall not
diminish the right of NOVA to claim and recover damages against Employee for any
breach of this Agreement in addition to injunctive relief.  Employee
acknowledges and agrees that the covenants contained in Sections 8, 10, 11, 12
and 13 of this Agreement shall be construed as agreements independent of any
other provision of this or any other contract between the parties hereto, and
that the existence of any claim or cause of action by Employee against NOVA,
whether predicated upon this or any other contract, shall not constitute a
defense to the enforcement by NOVA  of said covenants.

     15. Reasonableness.  Employee has carefully considered the nature and
extent of the restrictions upon him and the rights and remedies conferred on
NOVA under this Agreement, and Employee hereby acknowledges and agrees that:

         (a)  the restrictions and covenants contained herein, and the rights
     and remedies conferred upon NOVA, are necessary to protect the goodwill and
     other value of the Business;

         (b)  the restrictions placed upon Employee hereunder are narrowly
     drawn, are fair and reasonable in time and territory, will not prevent him
     from earning a livelihood, and place no greater restraint upon Employee
     than is reasonably necessary to secure the Business and goodwill of NOVA;

                                       13
<PAGE>

         (c)  NOVA is relying upon the restrictions and covenants contained
     herein in continuing to make available to Employee information concerning
     the Business; and

         (d)  Employee's Employment places him in a position of confidence and
     trust with NOVA and its employees, merchants, associate banks, ISOs,
     customers, vendors and suppliers.

         (e)  The restrictions placed on Employee pursuant to Sections 11 and 12
     above are reasonable as to time and geographic area, in consideration of
     the unique character of NOVA's business and Employee's high position in
     NOVA's corporate structure.  Sections 10, 11, and 12 also are definite as
     to time.  Employee understands that under certain circumstances the
     Agreement allows NOVA to elect one or two years of protection under these
     Sections.  Employee agrees that he is receiving good and valuable
     consideration for the providing NOVA with this election.

     16. Invalidity of Any Provision.  It is the intention of the parties
hereto that the provisions of this Agreement shall be enforced to the fullest
extent permissible under the laws and public policies of each state and
jurisdiction in which such enforcement is sought, but that the unenforceability
(or the modification to conform with such laws or public policies) of any
provision hereof shall not render unenforceable or impair the remainder of this
Agreement which shall be deemed amended to delete or modify, as necessary, the
invalid or unenforceable provisions.  The parties further agree to alter the
balance of this Agreement in order to render the same valid and enforceable.
The terms of the non-competition provisions of this Agreement shall be deemed
modified to the extent necessary to be enforceable and, specifically, without
limiting the foregoing, if the term of the non-competition is too long to be
enforceable, it shall be modified to encompass the longest term which is
enforceable and, if the scope of the geographic area of non-competition is too
great to be enforceable, it shall be modified to encompass the greatest area
that is enforceable.  The parties further agree to submit any issues regarding
such modification to a court of competent jurisdiction.  If said court declines
to so amend or modify this Agreement, the parties either will agree to modify
the term in question to make it enforceable or will submit the Agreement to
binding arbitration in accordance with the commercial arbitration rules then in
effect of the American Arbitration Association for the purpose of modifying the
covenant in question so that it is enforceable.  By this Agreement, the parties
expressly grant the arbitrator to authority to make a binding determination as
to what restriction will, under these circumstances, be enforceable.  Any such
arbitration hearing will be held in Atlanta, Georgia, and this Agreement shall
be construed and enforced in accordance with the laws of the State of Georgia,
including this arbitration provision.

     17. Full Settlement and Legal Expenses.  NOVA's obligation to make the
payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counter-claim, recoupment,
defense or other claim, right or action which NOVA may have against the Employee
or others.  NOVA agrees to pay, to the full extent permitted by law, all legal
fees and expenses which the Employee may reasonably incur as a result of any
contest which Employee initiates and wins or which NOVA initiates and loses
concerning the validity or enforceability of, or liability under, any provision
of this Agreement or any guarantee of performance thereof (including as a result
of any contest by the Employee about the amount of any payment pursuant to
Section 7 of this Agreement), plus in each case interest at the applicable
federal rate provided for in Section 7872(f)(2) of the Code.

                                       14
<PAGE>

     18. Applicable Law.  This Agreement shall be construed and enforced in
accordance with the laws of the State of Georgia.

     19. Waiver of Breach.  The waiver by NOVA of a breach of any provision of
this Agreement by Employee shall not operate or be construed as a waiver of any
subsequent breach by Employee.

     20. Successors and Assigns.  This Agreement shall inure to the benefit of
NOVA, its subsidiaries and affiliates, and their respective successors and
assigns.  This Agreement is not assignable by Employee but shall be freely
assignable by NOVA.

     21. Notices.  All notices, demands and other communications hereunder
shall be in writing and shall be delivered in person or deposited in the United
States mail, certified or registered, with return receipt requested, as follows:

         (i)   If to Employee, to:

               Steve M. Scheppmann
               3610 Schooner Ridge
               Alpharetta, Georgia 30005

         (ii)  If to NOVA, to:

               NOVA Corporation
               One Concourse Parkway
               Suite 300
               Atlanta, Georgia  30328
               Attention:  Edward Grzedzinski
                           Chief Executive Officer

               With a copy (which shall not constitute notice) to:

               NOVA Corporation
               One Concourse Parkway
               Suite 300
               Atlanta, Georgia  30328
               Attention: Cherie M. Fuzzell
                          General Counsel

     22. Entire Agreement.  This Agreement contains the entire agreement of the
parties, and supersedes all other prior negotiations, commitments, agreements
and understandings (written or oral) between the parties with respect to the
subject matter hereof. It may not be changed orally but only by an agreement in
writing signed by the party against whom enforcement of any waiver, change,
modification, extension, or discharge is sought.

     23. Indemnification.  At all times during and after Employee's Employment
and the effectiveness of this Agreement, NOVA shall indemnify Employee (as a
director, officer, employee and

                                       15
<PAGE>

otherwise) to the fullest extent permitted by law and shall at all times
maintain appropriate provisions in its Articles of Incorporation and Bylaws
which mandate that NOVA provide such indemnification.

     24. Survival.  The provisions of Sections 7, 8, 9, 10, 11, 12, 13, 14, 15,
16, 17, 18, 21, 23 and 25 shall survive termination of Employee's Employment and
termination of this Agreement.

     25. Withholding.  All payments required to be made by NOVA under this
Agreement will be subject to the withholding of such amounts, if any, relating
to federal, state and local taxes as may be required by law.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement under
seal as of the date first above shown.

                              "EMPLOYEE":

                              By: /s/ Steve M. Scheppmann
                                  -----------------------
                                  Steve M. Scheppmann

                              "NOVA":

                              NOVA Corporation

                              By: /s/ Edward Grzedzinski
                                  ----------------------
                                  Edward Grzedzinski
                                  Chairman, CEO and President

                                       16
<PAGE>

                                   EXHIBIT A
                                   ---------

                    Annual Incentive Compensation Schedule

*    Payment of annual incentive compensation (the "Bonus Payment") to be based
     upon relative achievement of Targeted Net Income (as defined).

*    Net Income is Net Income determined in accordance with GAAP as determined
     from the annual audited Financial Statements, as adjusted to exclude non-
     operating gains and losses.

*    Targeted Net Income will be established annually by the Board of Directors.

*    The Bonus Payment will be calculated by following the steps outlined below:

     (1)  Determining the percentage equivalent to a fraction, the numerator of
          which is Net Income and the denominator of which is Targeted Net
          Income (such percentage being referred to as the "Actual/Targeted
          Ratio").

     (2)  Values will be calculated based on (A) through (E):

          (A)  For each full percentage point (up to 84%) by which the
                   ----
               Actual/Targeted Ratio equals or exceeds 80%, a value of 1% will
               be awarded.

          (B)  For each full percentage point (up to 89%) by which the
                   ----
               Actual/Targeted Ratio exceeds 84%, a value of 2% will be awarded.

          (C)  For each full percentage point (up to 94%) by which the
                   ----
               Actual/Targeted Ratio exceeds 89%, a value of 3% will be awarded.

          (D)  For each full percentage point (up to 99%) by which the
                   ----
               Actual/Targeted Ratio exceeds 94%, a value of 4% will be awarded.

          (E)  For each full percentage point (up to 150%) by which the
                   ----
               Actual/Targeted Ratio exceeds 100%, a value of 1% will be
               awarded. (note:  for this purpose, no value will be awarded for
                         ----
               equaling 100%).

     (3)  The sum of the values calculated in (A) through (E) (the "Bonus
          Percentage") shall be multiplied by Employee's then current Base
          Salary to yield the Bonus Payment.

                                       17
<PAGE>

     Examples:
     ---------

     .    If the Actual/Targeted Ratio is 92%, the Bonus Percentage would be
          29%. This is calculated by adding:

                   5%  (1% for 80-84% of Actual/Targeted Ratio)
               +  15%  (2% for 85-89% of Actual/Targeted Ratio)
               +   9%  (3% for 90-92% of Actual/Targeted Ratio)
                  ----------------------------------------------
                  29%
          Employee's Bonus Payment would be equal to Employee's then-current
          Base Salary multiplied by 29%.

     .    If the Actual/Targeted Ratio is 112%, the Bonus Percentage would be
          62%. This is calculated by adding:

                   5%  (1% for 80-84% of Actual/Targeted Ratio)
               +  10%  (2% for 85-89% of Actual/Targeted Ratio)
               +  15%  (3% for 90-94% of Actual/Targeted Ratio)
               +  20%  (4% for 95-99% of Actual/Targeted Ratio)
               +   0%  (0% for 100% of Actual/Targeted Ratio)
               +  12%  (1% for 101-112% of Actual/Targeted Ratio)
                  -----------------------------------------------
                  62%

          Employee's Bonus Payment would be equal to Employee's then-current
          Base Salary multiplied by 62%.

*    The foregoing notwithstanding, in order for any bonus to be payable with
     respect to any calendar year, the "Revenue" (as defined below) for such
     calendar year must equal or exceed 105% of the Revenue for the immediately
     preceding calendar year.  "Revenue" means revenue of NOVA determined in
     accordance with GAAP as determined from the annual audited Financial
     Statements, as adjusted to exclude non-operating items.

*    Notwithstanding anything to the contrary in this Agreement, in order to
     receive Bonus Compensation for any calendar year, Employee must be employed
     by NOVA on the day that the Bonus Compensation is actually paid or on April
     15 of the following calendar year, whichever date occurs sooner.

                                       18<PAGE>

                                                                   EXHIBIT 10.56

DATED                                                               23 JUNE 2000
--------------------------------------------------------------------------------

               THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND  (1)

                              NOVA CORPORATION                  (2)

                                     - and -

                      EUROCONEX TECHNOLOGIES LIMITED            (3)

               ---------------------------------------------------

                             JOINT VENTURE AGREEMENT

               ---------------------------------------------------

                                  Arthur Cox
                               Earlsfort Centre
                               Earlsfort Terrace
                                   Dublin 2

                     cdb\mks\Project.docs\Venice\JVA\EXEC.
<PAGE>

                                   CONTENTS

<TABLE>
<CAPTION>
No       Clause                                                                                            Page
--       ------                                                                                            ----
<S>      <C>                                                                                               <C>
1.       Definitions and interpretation....................................................................   1
2.       Completion........................................................................................  10
3.       The Business......................................................................................  11
4.       Directors.........................................................................................  13
5.       Management of the Company.........................................................................  15
6.       Finance...........................................................................................  15
7.       Transfer of Shares................................................................................  16
8.       Deadlock..........................................................................................  17
9.       Distribution policy...............................................................................  19
10.      Warranties........................................................................................  19
11.      Undertakings......................................................................................  20
12.      Confidentiality...................................................................................  32
13.      Restrictions on announcements.....................................................................  33
14.      No partnership....................................................................................  33
15.      Conflict with Articles of Association.............................................................  33
16.      Remedies..........................................................................................  33
17.      Payments and costs................................................................................  34
18.      Transfer..........................................................................................  34
19.      Entire agreement..................................................................................  35
20.      Variation.........................................................................................  35
21.      Notices...........................................................................................  35
22.      Waiver............................................................................................  36
23.      Severability......................................................................................  36
24.      Counterparts......................................................................................  37
25.      Further assurance.................................................................................  37
26.      Governing law and jurisdiction....................................................................  37

Schedule 1        Details of the Company...................................................................  39
Schedule 2        Completion...............................................................................  40
Schedule 3        Memorandum and Articles of Association...................................................  41
Schedule 4        Deed of Adherence........................................................................  42
Schedule 5        Pre-emption provisions...................................................................  44
Schedule 6        Asset Contribution Agreement.............................................................  50
Schedule 7        Outsourcing Agreement....................................................................  51
Schedule 8        NOVA Software License Agreement..........................................................  52
Schedule 9        BOI Services Agreement...................................................................  53
Schedule 10       Sphere of operations.....................................................................  53
Schedule 11       Matters requiring Shareholder consent or Board approval..................................  55
Schedule 12       Business Plan............................................................................  59
Schedule 13       Econex Distribution Agreement............................................................  60
</TABLE>

<PAGE>

THIS AGREEMENT is made on the 23/rd/ day of June 2000 with the intent that it
should be effective from 1/st/ April 2000

BETWEEN:

(1)      THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND, an unregistered
         company established in Ireland, whose head office is Lower Baggot
         Street, Dublin 2, Ireland ("BOI");

(2)      NOVA CORPORATION, a company incorporated under the laws of the State of
         Georgia, whose registered office is at One Concourse Parkway, Suite
         300, Atlanta, Georgia 30328, USA ("NOVA"); and

(3)      EUROCONEX TECHNOLOGIES LIMITED a company incorporated in Ireland with
         registered number 327239, whose registered office is at Arthur Cox
         Building, Earlsfort Centre, Earlsfort Terrace, Dublin 2 (the
         "Company").

RECITALS:

(A)      The Company is an Irish private company limited by shares incorporated
         on 26th day of April, 2000 under the Companies Acts, 1963 to 1999.
         Further details of the Company are set out in Schedule 1.

(B)      NOVA and BOI each hold 1 Share in the capital of the Company and now
         wish to enter into this Agreement for the purposes of regulating their
         joint venture on the terms set out below.

(C)      Each of the Parties enters into this Agreement in consideration of each
         of the other Parties entering into this Agreement and accepting the
         terms, undertakings and covenants contained herein.

IT IS AGREED as follows:

1.       Definitions and interpretation

1.1      In this Agreement, where the context so admits, the following words and
         expressions shall have the following meanings:

         "Ancillary           means the Asset Transfer Agreement, the
         Agreement"           Outsourcing Agreement, the Econex Distribution
                              Agreement, the NOVA Software License Agreements,
                              the BOI Services Agreement, and the NOVA Services
                              Agreement;

         "Articles            means the articles of association to be adopted
          of Association"     by the Company in the form set out in Schedule 3
                              and any reference to an "Article" shall be a
                              reference to that article of the Articles of
                              Association;

         "Asset Contribution  the asset contribution agreement between BOI and
          Agreement"          the Company in the form set out in Schedule 6;

         "Associated          means
          Company"

                                       3
<PAGE>

                              (a)  in relation to BOI, any subsidiary
                                   undertaking of BOI or any joint venture
                                   vehicle of any of them (excluding any Member
                                   of the Group); and

                              (b)  in relation to NOVA, any subsidiary
                                   undertaking of NOVA or any joint venture
                                   vehicle of any of them (excluding any Member
                                   of the Group);

         "Board"              means the Company's board of directors or the
                              Directors present (personally or by their
                              alternates) at any meeting of the Directors duly
                              convened and held;

         "BOI Director"       means a non-executive Director appointed by the
                              BOI Shareholder pursuant to Clause 4.1;

         "BOI Merchant        at any time, means merchant customers of the
          Customers"          Company located in Ireland, Northern Ireland or
                              the United Kingdom at such time which are
                              introduced to the Company by BOI pursuant to the
                              provisions of the Outsourcing Agreement, including
                              merchant customers of BOI immediately prior to
                              Completion but excluding any such merchant
                              customers at such time who no longer receive a
                              significant portion of their banking requirements
                              from BOI or its subsidiary undertakings;

         "BOI Services        means the services agreement between BOI and the
         Agreement"           Company, in the form set out in Schedule 9;

         "BOI Share"          means an Ordinary Share of 1 par value in the
                              share capital of the Company held by BOI or its
                              permitted transferee hereunder, having the rights
                              and benefits and being subject to the restrictions
                              set out in the Articles of Association;

         "BOI Shareholder"    means the registered holder of one or more BOI
                              Shares;

         "Business"           means the business of the Group as described in
                              Clause 3.1 and such other business as the
                              Shareholders may agree in writing from time to
                              time should be carried on by the Company and the
                              other Members of the Group (provided that the
                              provisions of Clauses 11.1 and 11.3(a)(ii) shall
                              not apply to the Business as extended without the
                              prior approval of each Shareholder);

         "Business Day"       means any day (except any Saturday or Sunday) on
                              which banks in Dublin generally are open for
                              business;

         "Business            Plan" means, at the date of this Agreement, the
                              Company's first annual business plan in the form
                              set out in Schedule 12 and at any subsequent date,
                              the most recent annual business plan of the
                              Company and the Group approved in accordance with
                              Clause 11.7;

         "Buy-Sell Notice"    has the meaning given to that phrase in Clause
                              8.4(a);

         "Card"               means any form of credit card, debit card, charge
                              card, stored value

                                       4
<PAGE>

                              card, loyalty card or any virtual card which
                              permits or enables transactions on a customer's
                              account;

         "Change in Control"  shall be deemed to occurred in relation to BOI or
                              NOVA, as the case may be, if:

                              (a)  any person acquires or controls, whether
                                   directly or indirectly, shares or securities
                                   that ultimately confer in aggregate not less
                                   than 51% of the voting rights in BOI or NOVA,
                                   as the case may be; or

                              (b)  any two or more persons who actively
                                   cooperate in the doing, or procuring of the
                                   doing of, any act, with the result that one
                                   or more of them acquires or controls, whether
                                   directly or indirectly, shares or securities
                                   that ultimately confer in aggregate not less
                                   than 51% of the voting rights in BOI or NOVA,
                                   as the case may be;

         "Circulation Period" has the meaning given to that phrase in Clause
                              8.1;

         "Companies Acts"     means the Companies Acts, 1963 to 1999;

         "Competitor"         means

                              (a)  in the case of BOI, a person actually
                                   competing with BOI in the provision of
                                   general banking and financial services in
                                   Ireland; and

                              (b)  in the case of NOVA, a person actually
                                   competing with NOVA in the United States;

         "Completion"         means completion of the matters referred to in
                              Schedule 2;

         "Completion Date"    means the date of this Agreement;

         "Confidential        means:
          Information"

                              (a)  (i) all information of whatever nature
                                       (whether oral, written or in any other
                                       form, in whatever medium stored or
                                       maintained, including magnetic or digital
                                       form) containing, consisting or being in
                                       the nature of:

                                       (A)  non-public, proprietary,
                                            confidential or business information
                                            relating to; or

                                       (B)  intellectual property, business
                                            methods or know-how of any kind
                                            owned or developed by,

                                       any member of the Group, any other Party,
                                       any of their respective Associated
                                       Companies (the "Relevant

                                       5
<PAGE>

                                       Person") or any customer of any of them,
                                       which is obtained from time to time by or
                                       on behalf of any Relevant Person (in any
                                       capacity), either orally, in writing or
                                       otherwise from any other Relevant Person
                                       or anyone acting on a Relevant Person's
                                       behalf or any Relevant Person's
                                       customers, or pursuant to discussions
                                       with directors, employees, advisers or
                                       agents of any Relevant Person;

                                (ii)   the terms and conditions of this
                                       Agreement; and

                               (iii)   the terms and conditions of the Ancillary
                                       Agreements; and

                           (b) all notes, analyses, valuations, opinions,
                               papers, compilations, studies or other data or
                               materials or documents prepared by a Relevant
                               Person (in any capacity), his agents and/or
                               advisers which are derived from or generated from
                               or otherwise relating to or reflecting or
                               containing any such information as is described
                               in (a) above;

         "Deed of Adherence"   means a deed in the form attached as Schedule 4
                               pursuant to which a transferee of Shares agrees
                               to be bound by all the terms of this Agreement as
                               if it had been a signatory hereto;

         "Deemed Transfer      has the meaning given to that phrase in
          Notice"              paragraph 3 of Schedule 5;

         "Director"            means any director of the Company from time to
                               time;

         "Dissolution Period"  has the meaning given to that phrase in Clause
                               8.3;

         "Econex Distribution  means the software distribution agreement
         Agreement"            between NOVA and the Company in the form set out
                               in Schedule 13;

         "Effective Date"      means 1st April 2000;

         "Exclusive            up to 31/st/ December 2002, means the Territory
                               and after 31/st/ Territory" December 2002, means
                               those countries in the Territory in which the
                               Group's management:

                               (a)  has conducted (or procured the conduct of);
                                    or

                               (b)  is conducting (or procuring the conduct of),

                               significant marketing efforts by 31 December
                               2002, provided that there shall be deemed to be
                               excluded from (a) and (b) above:

                               (i)  any countries in the Territory in respect of
                                    which the Group has formally ceased to
                                    conduct marketing efforts by 31 December
                                    2002; and

                                       6
<PAGE>

                              (ii)  any countries in the Territory in which the
                                    Group is not actively processing
                                    transactions on behalf of merchants located
                                    in such countries by 30 June 2004,

                              and provided further that:-

                              (A)   if BOI or NOVA or their Associated no longer
                                    hold any Shares, any countries in which the
                                    Group is not at the time of such cessation
                                    actually carrying on the Business or
                                    conducting significant and ongoing marketing
                                    efforts shall be deemed not to form part of
                                    the Exclusive Territory; and

                              (B)   the Shareholders may by agreement in writing
                                    extend the scope of the Exclusive Territory
                                    to cover countries in the Extended
                                    Territory;

         "Expert"             has the meaning given to that phrase in paragraph
                              6.6 of Schedule 5;

         "Extended Territory" at any time, means those countries specified in
                              Part 2 of Schedule 10 where the Group conducts the
                              Business at such time;

         "Financial Year"     means the financial year (as defined in the
                              Companies Acts, 1963 to 1999) of the Company
                              determined by the Board;

         "Group"              means the Company, its subsidiary from time to
                              time and any other persons or vehicles in which
                              the Group has an ownership interest and through
                              whom the Group conducts the Business and the
                              expression "Member of the Group" shall be
                              construed accordingly;

         "Initiating          the meaning given to that phrase in Clause 8.4(a);
          Shareholder"

         "Management"         means the Chief Executive, the Chief Financial
                              Officer, the Chief Operations Officer and the
                              Chief Officer of the Company;

         "Merchant            means any customer who has a contract or other
         Customer"            arrangement with BOI for the provision of services
                              included in the Business and receives the benefit
                              of services provided by the Company pursuant to
                              the Outsourcing Agreement, including, without
                              limitation, any BOI Merchant Customer;

         "Notice Period"      has the meaning given to such expression in sub-
                              clause 8.4(a);

         "NOVA Director"      means a non-executive Director appointed by the
                              NOVA Shareholder pursuant to Clause 4.1;

         "NOVA Services       means the agreement on terms to be agreed
         Agreement"           NOVA concerning the provision of Merchant
                              accounting services from NOVA to the Company;

                                       7
<PAGE>

         "NOVA Share"         means an Ordinary Share of []1 par value in the
                              share capital of the Company held by NOVA or its
                              permitted transferee hereunder, having the rights
                              and benefits and being subject to the restrictions
                              set out in the Articles of Association;

         "NOVA Shareholder"   means the registered holder of one or more NOVA
                              Shares;

         "NOVA Software       means the software licence agreement between
          License Agreement"  NOVA (as licensor) and the Company, in the form
                              set out in Schedule 8;

         "Open Market         the meaning given to that phrase in paragraph
          Value"              6.7 of Schedule 5;

         "Outsourcing         means the outsourcing agreement between the
         Agreement"           Company and BOI in the form set out in Schedule 7;

         "Parties"            means the parties to this Agreement and "Party"
                              means any one of them, including any other person
                              who becomes a member of the Company and who agrees
                              to be bound by the provisions of this Agreement by
                              executing a Deed of Adherence;

         "Period"             has the meaning given to that phrase in Clause
                              11.1(a):

         "Permitted Target"   has the meaning given to that phrase in Clause
                              11.6(e);

         "Potential Business" has the meaning given to that phrase in Clause
                              11.3(a)(ii)(A);

         "Potential Deadlock" means any situation in which:

                              (a)  by virtue of a substantial disagreement
                                   amongst the Shareholders, which is manifested
                                   by an equality of votes at any two
                                   consecutive votes or meetings of the
                                   Shareholders;

                              (b)  by virtue of a substantial disagreement
                                   amongst the Shareholders, which is manifested
                                   by the Group not proceeding to carry out or
                                   agreeing to carry out any of the matters
                                   referred to in Part 1 of Schedule 11 within
                                   10 Business Days of the matter being formally
                                   presented to the Shareholders for approval at
                                   a time when one Shareholder wishes the
                                   Company to proceed with such matter; or

                              (c)  by virtue of an inability to form a quorum at
                                   any two meetings or adjourned Shareholders'
                                   meetings,

                              any of the matters referred to in Part 1 of
                              Schedule 11 cannot be resolved;

         "Proceedings"        has the meaning given to that phrase in Clause
                              26.2;

         "Prescribed Price"   has the meaning given to that phrase in paragraphs
                              6.2 and 6.3 of Schedule 5;

                                       8
<PAGE>

         "Purchase Offer"     has the meaning given to that phrase in Clause
                              8.4(a);

         "Receiving           has the meaning given to that phrase in Clause
         Shareholder"         8.4(a);

         "Relevant Date"      has the meaning given to that phrase in Clause
                              11.5(g);

         "Relevant Shares"    has the meaning given to that phrase in paragraph
                              4.1(a), 5.1 or 5.2 of Schedule 5, as the case may
                              be;

         "Representative"     in relation to a Shareholder, means any person or
                              persons who have (or will) become entitled to
                              legal or beneficial ownership of its Shares:

                              (a)  by reason of such Shareholder's insolvency;
                                   or

                              (b)  for any reason specified in paragraph 3(e) of
                                   Schedule 5;

         "Sale Offer"         has the meaning given to that phrase in Clause
                              8.4(a);

         "Scheme              Rules" the scheme rules if any from time to time
                              in force governing participation in the operation
                              of a Card scheme;

         "Share"              means a share in the capital of the Company;

         "Shareholder"        means any registered holder of one or more Shares
                              from time to time;

         "Territory"          means the countries in which the Group conducts,
                              or intends to conduct, the Business, being those
                              countries specified in Part 1 of Schedule 10;

         "Third Party         means and includes any interest or equity of any
          Interest"           person (including any right to acquire, option or
                              right of pre-emption), voting arrangement,
                              mortgage, charge, pledge, bill of sale, lien,
                              deposit, hypothecation, assignment or any other
                              encumbrance, priority or security interest or
                              arrangement or interest under any contract or
                              trust or any other third party interest of
                              whatsoever nature over or in the relevant
                              property;

         "Transfer Notice"    has the meaning given to that phrase in paragraph
                              4.1 of Schedule 5;

         "Transferee"         has the meaning given to that phrase in paragraph
                              4.2 of Schedule 5; and

         "Transferor"         has the meaning given to that phrase in paragraph
                              4.1 of Schedule 5.

1.2      In this Agreement, unless the context otherwise requires:

         (a)      references to this Agreement or any other document include
                  this Agreement or such other document as varied, modified or
                  supplemented in any manner from time to time;

         (b)      subject to Clauses 7 (Transfer of Shares) and 18 (Transfer),
                  references to any Party shall,

                                       9
<PAGE>

                  where relevant, be deemed to be references to or to include,
                  as appropriate, its respective permitted successors, assigns
                  or transferees;

         (c)      references to recitals, Clauses, Schedules, paragraphs and
                  sub-divisions of them are references to the recitals, Clauses
                  and paragraphs of, and Schedules to, this Agreement and
                  sub-divisions of them respectively;

         (d)      references to any enactment include references to such
                  enactment as re-enacted, amended, consolidated or extended on,
                  after or before the date of this Agreement and any subordinate
                  legislation made from time to time under it;

         (e)      references to a "person" include any individual, company,
                  corporation, firm, partnership, joint venture, association,
                  organisation, institution, trust or agency, whether or not
                  having a separate legal personality;

         (f)      references to the one gender include all genders, and
                  references to the singular include the plural and vice versa;

         (g)      headings are inserted for convenience only and shall be
                  ignored in construing this Agreement;

         (i)      the words "parent undertaking" and "subsidiary undertaking"
                  shall have the meanings ascribed to them in Regulations 3 and
                  4 respectively of the European Communities (Companies: Group
                  Accounts) Regulations, 1992;

         (j)      the symbols "(pound)," and "IR(pound)", shall be construed as
                  a reference to the currency of Ireland and shall, where
                  relevant or necessary, be converted into euro ("[]") using
                  the fixed conversion rate adopted by the member states of the
                  European Community participating in the third stage of
                  European Monetary Union;

         (k)      references to "Ireland" and similar expressions shall be
                  construed to mean Ireland, excluding Northern Ireland; and

         (l)      references to a time of day shall be construed as a reference
                  to Dublin time.

1.3      The Recitals and Schedules to this Agreement form part of it.

1.4      Any reference in this Agreement to a document being "in the agreed
         terms" is to a document in the terms agreed between the parties and
         initialled by them for identification purposes.

1.5      In construing this Agreement, general words shall not be given a
         restrictive meaning by reason of the fact that they are followed by
         particular examples intended to be embraced by the general words.

2        Contribution and Completion

2.1      On the Completion Date, the Parties will implement the provisions of
         Schedule 2.

2.2      The contribution by NOVA to the Company shall be:

                                       10
<PAGE>

     (a)  the NOVA Software Licences and the provision by NOVA to the Company of
          consultation and advice pertaining to operating practices and mergers
          and acquisitions/conversion expertise and fraud management;

     (b)  the delivery by NOVA of operating specifications for the development
          of the facility of the Company at Arklow;

     (c)  the delivery by NOVA of specifications for the customisation of the
          NOVA information technology platform to market specification of the
          Territory; and

     (d)  NOVA making available US$5 million to the Company on terms previously
          discussed by the Shareholders.

2.3  The contribution by BOI to the Company shall be the transfer contemplated
     by the Asset Contribution Agreement.

2.3  Notwithstanding anything to the contrary contained in this Agreement or in
     the Articles of Association for the period from the date hereof until NOVA
     has satisfied the conditions in clauses 2.2(b) and (c) and has indicated
     the availability to the Company from NOVA of funds of an amount not less
     than US$5,000,000, the BOI Shares shall carry the right to receive 70% of
     all dividends on Shares and the NOVA Shares shall carry the right to
     receive 30% of all such dividends declared. The parties shall procure that
     50% of the profits of the Company available for distribution (in respect of
     the first financial year of the Company many less any amount considered by
     the Board to be required for the working capital requirements or capital
     expenditure programme of the Company) shall be distributed to the
     Shareholders.

3.   The Business

3.1  The Parties shall procure that the Group's business shall, subject to
     Clause 3.3, constitute the provision to merchants which operate in the
     Territory of payment processing services for Cards in accordance with the
     Scheme Rules.

3.2  The Business shall be conducted in accordance with the Business Plan from
     time to time (subject to such amendments or changes as the Board may make
     to take account of changed circumstances).

3.3  The Shareholders may from time to time amend the nature and/or scope and/or
     the geographical extent of the Business, including extending the Business
     to include the provision of e-commerce services to merchants and other
     potential customers and the supply of additional products and services to
     merchants and other potential customers. If the nature and/or scope and/or
     geographical extent of the Business is extended in this manner, BOI and
     NOVA will negotiate in good faith to decide whether or not the non-compete
     provisions and other exclusivity restrictions contained in this Agreement
     will apply to the Business so extended.

3.4  The Shareholders acknowledge that it may be prudent from time to time to
     review and/or amend the Group's operations in light of technological
     developments (including changes in the method of data delivery) and/or
     regulatory changes which are not envisaged by the Shareholders at the date
     of this Agreement. In such event, the Shareholders will enter into good
     faith negotiations to address such developments and/or changes in an
     equitable manner.

3.5  The parties acknowledge their respective intention that the arrangements
     contemplated by this

                                       11
<PAGE>

     Agreement and the Ancillary Agreements (save the NOVA Services Agreement)
     are, to the greatest extent practicable, to be effective from the Effective
     Date.

                                       12
<PAGE>

4.       Directors

4.1      The maximum number of Directors shall be four. The BOI Shareholder
         shall be entitled to appoint two BOI Directors and the NOVA Shareholder
         shall be entitled to appoint two NOVA Directors and at any time to
         require the removal or substitution of any Director so appointed by it.
         The first Directors shall be:

         BOI Directors                         NOVA Directors
         -------------                         --------------

         Denis Hanrahan                        Ed Grzedzinski

         Paul D'Alton                          Pamela Joseph

4.2      A Shareholder may appoint or remove a Director appointed by it by
         depositing written notice at the Company's registered office and by
         sending a copy of the same to the other Shareholder.

4.3      If any Shareholder disposes of all its Shares (other than pursuant to
         clause 7.2), such Shareholder shall procure the resignation of the
         Directors at the time holding office by reason of their nomination by
         such Shareholder.

4.4      Any Shareholder removing a Director which it has appointed in
         accordance with this Clause 4 and the relevant provisions of the
         Articles of Association shall be responsible for and shall hold
         harmless the other Shareholder and the Company from and against any
         claim for unfair or wrongful dismissal arising out of such removal and
         any reasonable costs and expenses incurred in defending such
         proceedings.

4.5      The Board shall meet in person in Ireland not less than once in every
         Financial Year. The Board shall also meet in Ireland at such other
         times as may be required. Subject to Clauses 4.9 at each meeting of the
         Board and in respect of each resolution proposed to the Board or at a
         meeting of the Board, each Director shall have one vote. Subject to
         Clauses 4.9, 4.15 and 4.16, all resolutions of the Board shall be
         passed by simple majority vote.

4.6      Unless waived by a majority of the BOI Directors and a majority of the
         NOVA Directors, not less than 14 clear days' notice of all meetings of
         the Board shall be given to each Director and shall be accompanied by
         an agenda of the business to be transacted at such meeting together
         with all papers to be circulated or presented to the same. A Director
         may raise issues for discussion at any meeting of the Board, whether or
         not notice of such issues was provided in the manner set out in the
         previous sentence provided that no resolution of which no notice (or
         less than 14 clear days notice) has been given may be passed if it
         relates to any matter specified in Schedule 14, unless it is approved
         by at least one BOI Director and at least one NOVA Director. Within no
         more than 10 days after each such meeting, a copy of the draft minutes
         of that meeting shall be delivered to each Director.

4.7      The Directors shall elect one of their number to be chairman of the
         Company. The chairman shall be appointed on a rotating basis by the BOI
         Directors and the NOVA Directors respectively. Each chairman so
         appointed shall hold office for two years. The BOI Directors and the
         NOVA Directors may each remove a chairman appointed by it respectively
         and appoint a replacement chairman in his place for the remainder of
         the term of the outgoing chairman by depositing written notice at the
         Company's registered office and by sending a copy of the same to the
         other Directors. The first chairman shall be Ed Grzedzinski and he
         shall be deemed to have been elected by the NOVA Directors. In the case
         of an equality of votes at any meeting of the Board

                                       13
<PAGE>

         or of the Shareholders, the chairman shall not be entitled to a second
         or casting vote.

4.8      No meeting of the Board or of any committee thereof may proceed to
         business nor transact any business unless a quorum is present at the
         start of and throughout such meeting. Subject to Clause 4.16, a quorum
         of the Board shall be 1 BOI Director and 1 NOVA Director present in
         person or represented by an alternate. Subject to Clause 4.16, if a
         quorum of the Directors is not so present at the start of and
         throughout a duly convened Board or committee meeting, that meeting
         shall be adjourned to a day not earlier than 5 Business Days, and no
         later than 10 Business Days from the date of such meeting, unless all
         the Directors agree otherwise.

4.9      Each Director may, in accordance with and subject to the Articles of
         Association, appoint an alternate to represent him at meetings of the
         Board which he is unable to attend. Such alternate shall be entitled to
         attend and vote at meetings of the Board and to be counted in
         determining whether a quorum is present, without the need for such
         alternate to be approved by the Directors. Each alternate director
         shall have one vote for every Director whom he represents in addition
         to any vote of his own. If a Director (the "First Director") does not
         attend at a meeting of the Board or vote on a resolution, and if such
         Director has not appointed an alternate, then unless the First Director
         notifies the Company in writing to the contrary, the other Director
         appointed by the Shareholder who appointed the First Director shall
         have two votes on each resolution put to the Board for approval.

4.10     Subject only to Clause 5.1, a resolution of the Board shall be validly
         passed as a written resolution if the text of the resolution has been
         signed by a majority of the Directors (or their respective alternates)
         in accordance with the Articles.

4.11     The Directors shall from time to time select a chief executive officer,
         a chief financial officer, a chief operations officer and a chief
         information officer of the Company. The first chief executive officer
         shall be Billy Saunderson. The first chief financial officer shall be
         Keith Dignam. The first chief operations officer shall be Joseph
         Cohane. The first chief information officer shall be Grant Putre. The
         persons filling these executive positions shall have the
         responsibilities delegated to them by the Board but they shall not be
         appointed to the Board as Directors. The Directors shall be appointed
         by the Board.

4.12     Subject only to Clause 5.1, the Board may delegate any of its powers
         and functions to a committee or committees consisting of an equal
         number of BOI Directors and NOVA Directors. Any committee so formed
         shall, in the exercise of the powers so delegated, conform to any
         regulations that may be imposed on it by the Board. If the Board so
         authorises or requests, auditors, consultants, advisers and employees
         of the Group shall be permitted to attend and speak at meetings of the
         Board, but not to vote.

4.13     The remuneration (if any) of the Directors shall be determined by, and
         shall be subject to the unanimous approval of, the Shareholders. The
         Company shall reimburse to the Directors all reasonable expenses
         incurred by them in the performance of their duties.

4.14     Subject to Clause 5.1, the Company shall, to the extent possible,
         determine the constitution of the boards of directors and management of
         the other Members of the Group.

4.15     If a Deemed Transfer Notice is served, the quorum requirement shall be
         satisfied if two Directors appointed by the Transferee are present and
         any resolution necessary to implement such Deemed Transfer Notice shall
         be deemed to have validly passed if approved by such Directors. The
         provisions of this Clause 4.15 apply only to resolutions necessary to
         implement a Deemed

                                       14
<PAGE>

         Transfer Notice and not to any other resolutions. For the avoidance of
         doubt, nothing in this Clause 4.15 shall prejudice the right of any
         Director to receive notice of and to attend Board meetings.

4.16     Notwithstanding anything contained in the foregoing provisions of this
         Clause 4, any two Directors may meet and pass resolutions necessary for
         the institution by the Company of proceedings under this Agreement or
         any of the Ancillary Agreement if there is a legal opinion from a
         senior counsel practising in commercial law to the effect that the
         Company has suffered or is likely to suffer material damage and has a
         stateable case in any such proceedings.

5.       Management of the Company

5.1      Following Completion and save as otherwise provided in this Agreement,
         the Shareholders shall not do, or agree to do, any of the acts set out
         in Schedule 11, without the consent or approval required by that
         Schedule and the Shareholders shall exercise all voting rights and
         other powers of control available to them in relation to the Company to
         procure that the Company and/or the Board shall not, do, or agree to
         do, any of the acts set out in Schedule 11, without the consent or
         approval required by that Schedule.

5.2      The Parties shall, to the extent practicable, use all reasonable
         endeavours to procure that each Member of the Group shall observe and
         perform the provisions and conditions contained in this Agreement
         relating to the Company and the conduct of the Business as if they
         applied directly to each such Member of the Group and its respective
         business and assets.

5.3      As a separate and independent undertaking, the Company agrees with each
         Shareholder that it shall (so far as it is legally able to do so)
         observe and comply with the prohibitions and restrictions in this
         Clause 5.

6.       Finance

6.1      All capital requirements of the Group exceeding the Group's own
         resources from time to time required for the purpose of financing the
         Group's operations shall be procured either:

         (a)      by equal contributions of capital to be made by the
                  Shareholders to the Company upon request made to them, such
                  contributions, if made, to be made in such manner (including
                  loans) and upon such terms as may be agreed by the
                  Shareholders.

         (b)      by borrowing other than from Shareholders or NOVA or their
                  Associated Companies (save that no third party shall thereby
                  be or become entitled to acquire the right to participate in
                  the share capital or profits of the Group).

6.2      For the avoidance of doubt, the provisions of Clause 6.1 do not
         constitute any undertaking from the Shareholders to the Group to
         provide funds to the Group nor to give any guarantee, security or
         indemnity in respect of any of the liabilities or obligations of any
         Member of the Group.

6.3      If BOI (or its Associated Companies) or NOVA (or its Associated
         Companies), as the case may be (the "transferor"), disposes of all its
         Shares to the other Shareholder or its Associated Companies (the
         "transferee") then the transferee:

         (a)      shall use all reasonable endeavours to procure the assumption
                  by it of all the obligations (including, guarantees and
                  indemnities) of the transferor or any of its Associated

                                       15
<PAGE>

                  Companies to, on behalf of or provided for the benefit of the
                  Member of the Group (but excluding monies advanced by the
                  transferor and any of its Associated Companies) and pending
                  the transferor being fully released from such obligations
                  shall keep the transferor fully and effectively indemnified on
                  demand against any liability pursuant thereto; and

         (b)      shall procure the immediate repayment to the transferor of all
                  monies advanced by the transferor and any of its Associated
                  Company to any Member of the Group and then outstanding
                  (excluding overdrafts on a bank account and loans which are in
                  addition to pari passu loan finance (if any) provided by BOI
                  and NOVA (or their respective Associated Companies or
                  successors) to the Company), together with any accrued
                  interest and any other monies then due to the transferor in
                  respect of any loan.

7.       Transfer of Shares

7.1      (a)      Save for transfers of Shares made pursuant to the provisions
                  of Clause 7.2, Clause 8 or paragraph 3 of Schedule 5 and
                  subject to paragraph 2(b) of Schedule 5, no transfer of any
                  Share (or of any interest in a Share) to a third party shall
                  be effected or registered prior to the third anniversary of
                  the date of this Agreement.

         (b)      No transfer of any Share (or of any interest in a Share) shall
                  be effected or registered unless:

                  (i)      the proposed transferee (if not already bound by the
                           provisions of this Agreement) has entered into a Deed
                           of Adherence; and

                  (ii)     such transfer is made in compliance with (x) Clause
                           7, (y) the provisions contained in Schedule 5 or (z)
                           Clause 8; and

                  (iii)    except where the transfer is in accordance with
                           Clause 7.2, the transferee makes a loan or loans to
                           the Company on the same terms as, and for the purpose
                           of repaying, all loans made to the Company by the
                           transferor or any of its Associated Companies and for
                           the time being outstanding (excluding overdrafts on a
                           bank account and loans which are in addition to pari
                           passu loan finance (if any) provided by BOI and NOVA
                           (or their respective Associated Companies or
                           successors) to the Company) and assumes all the
                           obligations of the transferor in respect of each
                           guarantee and/or indemnity given by the transferor on
                           behalf of the Company,

                  and no Shareholder shall otherwise sell, transfer or dispose
                  of any Share or Shares or any interest therein or (save as
                  permitted by paragraph 2 of Schedule 5) create or permit to
                  subsist any Third Party Interest in respect thereof.

7.2      Notwithstanding Clause 7.1, the Parties agree that a transfer of the
         legal and beneficial interest in all of the BOI Shares or the NOVA
         Shares, as the case may be, to a transferee who is and remains a
         wholly-owned subsidiary undertaking of the ultimate parent undertaking
         of the transferor Shareholder shall be permitted, provided that:

         (a)      the obligations of the transferor Shareholder under this
                  Agreement will remain unaffected by the proposed transfer;

                                       16
<PAGE>

         (b)      the transferee executes a Deed of Adherence contemporaneously
                  with such transfer;

         (c)      the Shares will be re-transferred to the transferor
                  Shareholder immediately upon the transferee ceasing to be a
                  wholly-owned subsidiary undertaking of such ultimate holding
                  company and failure to so re-transfer such Shares within 14
                  days of the transferee ceasing to be such a wholly-owned
                  subsidiary undertaking shall result in a Deemed Transfer
                  Notice in respect of all the Shares held by the transferee
                  shareholder being deemed to be immediately given.

         BOI and NOVA shall provide to the other such information as the other
         may reasonably require to ascertain that the transferee has not ceased
         to be such a wholly-owned subsidiary undertaking.

7.3      The Shareholders will procure that the Directors shall register any
         transfer of Shares which complies with the provisions of (i) Clause 7,
         (ii) Schedule 5 or (iii) Clause 8.

8.       Deadlock

8.1      In the event of a Potential Deadlock, each Shareholder shall within 3
         Business Days after such Potential Deadlock has arisen (the
         "Circulation Period"), cause its appointees on the Board to prepare and
         circulate to the senior management of each of BOI and NOVA a memorandum
         setting out its position on the matter in dispute and its reasons for
         adopting such position. Each such memorandum shall be considered by
         appropriate members of the respective senior management (including the
         chief executives) of BOI and NOVA, who shall meet together within 14
         days of receipt of the memoranda and use their reasonable endeavours to
         resolve the Potential Deadlock.

8.2      If the appropriate senior management as aforesaid do so agree, they
         shall jointly issue a statement setting out the terms of such agreement
         and they shall procure that each Shareholder shall exercise the voting
         rights and other powers of control available to it in relation to the
         Company to procure that the terms of such agreement are implemented and
         that the Company shall do all things within its power to implement such
         terms.

8.3      If the appropriate senior management as aforesaid do not so agree
         within 30 days of the end of the Circulation Period, then for a period
         of 30 days thereafter (the "Dissolution Period"), they shall attempt to
         reach agreement on the most appropriate mechanism to dissolve the joint
         venture in a manner satisfactory to both BOI and NOVA, either by the
         acquisition by BOI of the NOVA Shares, the acquisition by NOVA of the
         BOI Shares, the disposal of the entire issued share capital of the
         Company or the splitting of the Group's business, assets and
         liabilities between BOI and NOVA.

8.4      If, at the end of the Dissolution Period, agreement has not been
         reached between the appropriate senior management as aforesaid as to an
         appropriate mechanism to dissolve the joint venture constituted by this
         Agreement, the following procedure shall apply:

         (a)      either Shareholder wishing to initiate this procedure (the
                  "Initiating Shareholder") shall give written notice (a "Buy-
                  Sell Notice") to the other Shareholder (the "Receiving
                  Shareholder"), with a copy to the Directors at the registered
                  office of the Company, referring to this Clause, and
                  containing two unconditional and (subject to Clauses 8.4(h)
                  irrevocable offers in writing to the Receiving Shareholder,
                  the first of which shall be an offer to purchase all (and not
                  some only) of the Shares beneficially owned by the Receiving
                  Shareholder (the "Purchase Offer") and the second of which

                                       17
<PAGE>

                  shall be an offer to sell to the Receiving Shareholder all
                  (and not some only) of the Shares beneficially owned by the
                  Initiating Shareholder (the "Sale Offer"). The Buy-Sell Notice
                  must be served within 14 days after the expiry of the
                  Dissolution Period (the "Notice Period");

         (b)      the price to be contained in the Purchase Offer shall be such
                  price as the Initiating Shareholder shall determine. The price
                  to be specified in the Sale Offer shall be the same amount (in
                  euro) as the price specified in the Purchase Offer;

         (c)      upon due submission of the irrevocable offers, the Receiving
                  Shareholder may, within 14 days of receipt, accept either the
                  Purchase Offer or the Sale Offer (and any acceptance of one
                  such offer shall constitute a rejection of the other) and if
                  the Receiving Shareholder has not accepted in writing one of
                  the offers within such 14 day period, the Receiving
                  Shareholder shall be deemed to have accepted on the fourteenth
                  day the Purchase Offer for the price specified in the Buy-Sell
                  Notice;

         (d)      acceptance or deemed acceptance of the Purchase Offer shall
                  bind the Receiving Shareholder to sell its Shares to the
                  Initiating Shareholder for the price specified in the Buy-Sell
                  Notice and shall bind the Initiating Shareholder to purchase
                  the Shares of the Receiving Shareholder for the price
                  specified in the Buy-Sell Notice. Acceptance of the Sale Offer
                  shall bind the Initiating Shareholder to sell its Shares to
                  the Receiving Shareholder for the price specified in the
                  Buy-Sell Notice and shall bind the Receiving Shareholder to
                  purchase the Shares of the Initiating Shareholder for the
                  price specified in the Buy-Sell Notice;

         (e)      the sale and purchase of any Shares pursuant to this Clause
                  8.4 shall be completed within 28 days of acceptance or deemed
                  acceptance of the relevant offer at the head office of the
                  Company in Ireland. Any Shares so sold shall be sold free of
                  liens, charges and encumbrances and together with all rights
                  attaching thereto. The provisions of paragraphs 11 and 13 of
                  Schedule 5 shall apply mutatis mutandis (with any necessary
                  consequential amendments) to the sale and purchase of such
                  Shares;

         (f)      other than dividends declared and approved by the Shareholders
                  prior to date the occurrence of the Potential Deadlock, no
                  dividend shall be declared or paid at any time after a
                  Buy-Sell Notice has been served until the sale and purchase of
                  Shares consequent thereon has been completed and the
                  transferee of such Shares has become registered as the holder
                  thereof or until such sale and purchase is no longer capable
                  of being completed as a result of a failure to obtain any
                  third party consent or approval;

         (g)      no Shareholder shall be entitled to serve a Buy-Sell Notice if
                  a Transfer Notice, a Deemed Transfer Notice, or Buy-Sell
                  Notice has already been served pursuant to this Clause 8,
                  unless the sale and purchase of Shares consequent thereon has
                  been completed or is no longer capable of being completed as a
                  result of a failure to obtain any third party consent or
                  approval;

         (h)      if both Shareholders despatch a Buy-Sell Notice on the same
                  day in accordance with Clause 8.4(a), the Buy-Sell Notice with
                  the higher Purchase Offer price shall be the Buy-Sell Notice
                  to which this Clause 8.4 shall apply and the other Buy-Sell
                  Notice shall be of no effect and shall be deemed to have been
                  rescinded; and

         (i)      if either a Purchase Offer or a Sale Offer is not capable of
                  being completed as a result

                                       18
<PAGE>

                  of a failure to obtain any third party consent or approval,
                  either party shall be entitled to require the other party to
                  complete the Sale Offer or Purchase Offer (as the case may be)
                  which is capable of being completed.

8.5      If, at the end of the Dissolution Period, agreement has not been
         reached between appropriate senior management of BOI and NOVA on an
         appropriate mechanism to dissolve the joint venture and/or the
         procedures set out in Clause 8.4 have not been implemented, the
         Shareholders shall jointly instruct an international investment bank of
         repute (with offices in London and New York) that is not connected with
         any Party agreed upon by the Shareholders (or in the absence of
         agreement within 21 days of the end of the Notice Period, such
         international investment bank of repute with offices in London and New
         York appointed by the President for the time being of The Law Society
         of Ireland on the application of either Shareholder) to conduct a sale
         of the entire issued share capital of the Company to the highest bidder
         (excluding any Party or any of their Associated Companies) at the best
         price reasonably available. Each Party shall cooperate with such
         investment bank and the other Parties to enable a sale of the entire
         issued share capital of the Company to take place (including providing
         reasonable access to its premises, employees and officers and
         information within its control and signing such documents as the
         investment bank may advise as being necessary to effect a sale).

9.       Distribution policy

         Unless otherwise expressly agreed by each of the Shareholders in
         writing, the Parties shall procure that the profits of the Company
         available for distribution shall be dealt with as the Board may from
         time to time determine.

10.      Warranties

10.1     Each Shareholder warrants to the other that:

         (a)      it is incorporated with limited liability and is duly
                  incorporated or organised and validly existing under the
                  applicable laws of its jurisdiction of incorporation or
                  organisation and has the power and all necessary governmental
                  and other consents, approvals, licences and authorities under
                  any applicable jurisdiction to own its material assets and
                  carry on its business substantially as it is conducted on the
                  date of this Agreement;

         (b)      it has the power to enter into, exercise its rights and
                  perform and comply with its obligations contained in this
                  Agreement and any Ancillary Agreement to which it is a party,
                  and no limits on its powers will be exceeded as a result of
                  the taking of any action contemplated by any such agreement;

         (c)      all actions, conditions and things required to be taken,
                  fulfilled and done (including the obtaining of any necessary
                  consents and approvals), in order to enable it lawfully to
                  enter into, exercise its rights and perform and comply with
                  its obligations contained in this Agreement and any Ancillary
                  Agreement to which it is a party have been so taken,
                  fulfilled, or done and the requisite resolutions of its board
                  of directors have been duly and properly passed at a duly
                  convened and constituted meeting at which all statutory and
                  other relevant formalities were observed to authorise its
                  execution and performance of this Agreement and any Ancillary
                  Agreement to which it is a party and such resolutions are in
                  full force and effect and have not been varied or rescinded;

         (d)      its obligations under this Agreement and any Ancillary
                  Agreement to which it is a party

                                       19
<PAGE>

                  constitute its legal, valid and binding obligations
                  enforceable in accordance with their terms;

         (e)      neither the execution or delivery of this Agreement nor any
                  Ancillary Agreement to which it is a party, nor the carrying
                  out of any transaction or the exercise of any rights or the
                  performance of any obligations contemplated by this Agreement
                  and any Ancillary Agreement to which it is a party will result
                  in any:

                  (i)      violation of any law to which it is subject;

                  (ii)     any breach of its constitutional documents;

                  (iii)    any breach of any deed, agreement or obligation made
                           with or owed to any other person; or

                  (iv)     any breach of any limits on any of its powers; and

         (f)      it is not involved in or engaged in any litigation,
                  arbitration or other legal proceedings of a litigious nature
                  (whether as plaintiff, claimant or defendant and whether
                  civil, criminal or administrative) which is likely to be
                  adversely determined and, if adversely determined, would have
                  an adverse effect on its ability to perform its obligations
                  under this Agreement and any Ancillary Agreement to which it
                  is a party.

10.2     BOI agrees that it will on demand indemnify and keep indemnified NOVA
         from and against any loss arising out of or in connection with any
         breach of its warranties in Clause 10.1

10.3     NOVA agrees that it will on demand indemnify and keep indemnified BOI
         from and against any loss arising out of or in connection with any
         breach of its warranties in Clause 10.1

11       Undertakings

11.1     Non-compete
         -----------

         (a)      Each Shareholder covenants in favour of the other Shareholder
                  and in favour of the Company that for as long as it or its
                  nominees or Associated Companies own any Shares, and for a
                  period of two years thereafter (in this Clause 11.1(a),
                  referred to as the "Period"), it will not, and it will procure
                  that none of its Associated Companies shall:

                  (i)      in the Exclusive Territory, either on its own account
                           or in conjunction with, or on behalf of, any other
                           person, carry on or be engaged, concerned or
                           interested, or provide services to (in each case,
                           whether directly or indirectly, whether as principal,
                           shareholder, manager, independent contractor,
                           consultant, partner or otherwise) any business which
                           engages in the provision to merchants of payment
                           processing services for Cards other than:-

                           (A)      as a holder of not more than 5 per cent of
                                    the issued shares or debentures of any
                                    company listed, or dealt in, on any
                                    recognised stock exchange;

                           (B)      as a holder of any shares or debentures of
                                    any company in the conduct of any fund
                                    management or similar business conducted by
                                    it at the date

                                       20
<PAGE>

                                    of this Agreement;

                           (C)      pursuant to any acquisition made pursuant to
                                    Clause 11.6, (1) in the country in which the
                                    Permitted Target has an operation which is
                                    material to its business and (2) in a
                                    country in which the Permitted Target has an
                                    operation which is not material to its
                                    business provided that the Permitted Target
                                    shall not increase the resources employed by
                                    it in such country beyond the level of
                                    resources employed by it in such country at
                                    the time that the proposal concerning the
                                    Permitted Target is first considered by the
                                    Company;

                           (D)      in the case of BOI, by way of the provision
                                    of banking or financial services (other than
                                    payment processing services for Cards) on
                                    arms' length terms, provided BOI has no
                                    ownership interest in, and derives no
                                    benefit from its relationship with, the
                                    recipient of such services save for normal
                                    fees or margins on such services;

                           (E)      in the case of NOVA, by way of the provision
                                    of services (other than payment processing
                                    services for Cards) or by way of conducting
                                    business expressly permitted by the terms of
                                    the Econex Distribution Agreement;

                  (ii)     (save as provided in Clause 11.1(a)(i)(C)) with a
                           view to providing payment processing services for
                           Cards either on their own account or in conjunction
                           with or on behalf of any other person, solicit or
                           entice away or attempt to solicit or entice away from
                           any Member of the Group the custom or services of any
                           person in the Exclusive Territory who is an existing
                           customer or client (or any person who, at the time
                           that the relevant Shareholder (or its Associated
                           Companies) ceases to hold the Shares, is known to
                           such Shareholder or to such Associated Companies to
                           be a specifically identified prospective significant
                           customer or client of any Member of the Group which
                           the Group is expending reasonable efforts to procure
                           as a customer or client);

                  (iii)    excluding any persons responding directly to an
                           advertisement placed in a national newspaper, whether
                           on its own account, or in conjunction with, or on
                           behalf of, any other person, employ, solicit or
                           entice away or attempt to employ, solicit or entice
                           away from any Member of the Group any person who is,
                           or shall have been at the date of or within 90 days
                           prior to the Shareholder or its nominee or Associated
                           Companies ceasing to own any Shares, an officer,
                           manager, consultant or employee of any Member of the
                           Group, whether or not such person would commit a
                           breach of contract by reason of leaving such
                           employment or position (provided that nothing herein
                           shall prevent either Shareholder from re-employing
                           any employee who transferred to the Company on terms
                           approved by the other Shareholder providing to such
                           employee the right to transfer his employment back to
                           such Shareholder); or

                  (iv)     do or say anything which is untrue and detrimental to
                           the reputation of any Member of the Group or which
                           may lead any person to cease to deal with any Member
                           of the Group on substantially equivalent terms to
                           those previously offered or at all.

                                       21
<PAGE>

         (b)      Each Shareholder covenants in favour of the other Shareholder
                  and in favour of the Company that at any time after it or its
                  nominee cease to owns any Shares it will not, and it will
                  procure that none of its Associated Companies shall, in
                  relation to any trade, business or company, use a name, domain
                  name or e-mail address which includes the word "Euroconex" or
                  any similar word in such a way as to be capable of or likely
                  to be confused with the names, domain names, e-mail addresses,
                  symbols or businesses of any Member of the Group and shall use
                  all reasonable endeavours to procure that no such names,
                  domain names, e-mail addresses or symbols shall be used by any
                  person with which it is connected.

         (c)      Each and every obligation under this Clause 11.1 shall be
                  treated as a separate obligation and shall be severally
                  enforceable as such, and in the event of any obligation or
                  obligations being or becoming unenforceable in whole or in
                  part, such part or parts as are unenforceable shall be deleted
                  from this Clause, and any such deletion shall not affect the
                  enforceability of all such parts of this Clause as remain not
                  so deleted.

         (d)      While the restrictions contained in this Clause 11.1 are
                  considered by the Parties to be reasonable in all the
                  circumstances, it is recognised that restrictions of the
                  nature in question may fail for technical reasons and
                  accordingly it is hereby agreed and declared that if any of
                  such restrictions shall be adjudged (whether by a competent
                  court or otherwise) to be void as going beyond what is
                  reasonable in all the circumstances for the protection of the
                  interest of the Parties but would be valid if part of the
                  wording thereof were deleted or the periods thereof reduced or
                  the range of activities or area dealt with thereby reduced in
                  scope the said restriction shall apply with such modifications
                  as may be necessary to make it valid and effective.

         (e)      For purposes of the exclusivity and non-compete obligations
                  contained in this Agreement and the Ancillary Agreements, the
                  provision to a merchant of a service (which at the relevant
                  time falls within the scope of the Business) via the internet
                  shall be deemed to have been performed in the same physical
                  location as the location of the financial institution
                  appointed by such merchant to ultimately receive payment on
                  the merchants behalf in respect of transactions processed by
                  such merchant's transaction processor.

11.2     Covenants of the Company
         ------------------------

11.2.1   The Company undertakes to each of the Shareholders that (and each of
         the Shareholders shall use all reasonable endeavours to procure that)
         it shall, both with respect to itself and, where applicable, each other
         Member of the Group:

         (a)      maintain adequate insurance with a well established and
                  reputable insurer against all risks usually insured against by
                  companies carrying on the same or similar business to the
                  Business and (without prejudice to the generality of the
                  foregoing) for the full replacement or reinstatement value of
                  all its assets of an insurable nature;

         (b)      keep books of account and therein make true and complete
                  entries of all its dealings and transactions of and in
                  relation to the Business and, where applicable, the business
                  of any other relevant Member of the Group;

         (c)      keep its books of account and all other records, documents and
                  information relating to the business affairs of the Company
                  (or any other relevant Member of the Group, as

                                       22
<PAGE>

                  applicable) open to inspection by each of the Shareholders
                  during normal business hours and on reasonable prior notice
                  and they shall be permitted to take and remove copies thereof
                  and give each Shareholder reasonable access to its officers
                  and employees for the purpose of providing such information
                  and answering such questions that the Shareholders deem
                  necessary;

         (d)      provide each Shareholder within 2 weeks of the end of each
                  calendar month with management accounts for such month in a
                  form acceptable to the Shareholders,

         (e)      prepare such accounts in respect of each accounting reference
                  period as are required by statute and procure that such
                  accounts are audited as soon as practicable and in any event
                  not later than 2 months after the end of the relevant
                  accounting reference period;

         (f)      keep each of the Shareholders fully informed as to all its
                  financial and business affairs and in particular shall provide
                  each of the Shareholders with full details of any actual or
                  prospective material change in such affairs as soon as such
                  details are available; and

         (g)      provide each of the Shareholders with such financial or other
                  information as may be reasonably requested by such Shareholder
                  for use in the preparation by such Shareholder of its tax
                  returns;

         (h)      provide such access to the records and business activities of
                  the Company as the Central Bank of Ireland may require from
                  time to time.

11.2.2   The Company undertakes to each Shareholder that it shall at its own
         cost do, execute and provide, or procure to be done, executed and
         provided, all such acts, deeds, documents, information and things as
         may be within its power (including the passing of resolutions by the
         Board and powers which it has in respect of any shareholders' or
         directors' votes in any other Member of the Group) to ensure that it
         and each Shareholder can comply with any requirements imposed on any of
         them by any regulatory authority.

11.3     General covenants of BOI and NOVA
         ---------------------------------

         (a)      Each Shareholder covenants in favour of the other that:

                  (i)    it will use all reasonable endeavours to promote the
                         business and profitability of each Member of the Group;

                  (ii)   subject to any acquisitions made pursuant to Clause
                         11.6:

                         (A)      it will use all reasonable endeavours to
                                  ensure that all business opportunities of
                                  which it becomes aware, which arise in the
                                  Exclusive Territory and which fall within the
                                  scope of the Business (the "Potential
                                  Business"), are undertaken by the Group;

                         (B)      it will not undertake the Potential Business
                                  itself or jointly with any other person in
                                  competition with the Group; and

                         (C)      it will promptly notify the others if it
                                  receives any approach, offer or proposal from
                                  any third party in relation to Potential
                                  Business, including providing details and
                                  copies of any documents supplied to it

                                       23
<PAGE>

                                  in connection with such approach, offer or
                                  proposal;

                  (iii)    it will not (except as expressly provided for in this
                           Agreement):

                           (A)      exercise, or agree to exercise, any control
                                    which it may have in relation to the Group;
                                    or

                           (B)      cast, or agree to cast, any of the voting
                                    rights exercisable in respect of any of
                                    shares held by it in any Member of the
                                    Group,

                           in accordance with the directions, or subject to the
                           consent of, any other person;

                  (iv)     it shall at its own cost do, execute and provide, or
                           procure to be done, executed and provided, all such
                           acts, deeds, documents, information and things as may
                           be within its power, including in relation to the
                           Shareholders, (without prejudice to the generality of
                           the foregoing) the passing of resolutions (whether by
                           the Board or in general meeting or any class meeting
                           of the Company or any other Member of the Group) to
                           ensure that it and each other Party can comply with
                           any requirements imposed on any of them by any
                           regulatory authority;

                  (v)      it will use all reasonable means (including its
                           voting power, whether direct or indirect, in relation
                           to the Group) to give effect to the objectives of
                           this Agreement and to ensure compliance by the
                           Company with its obligations;

                  (vi)     it shall seek to procure that the Company shall enter
                           into arrangements with the IDA to obtain from the IDA
                           a level of grant aid and other supports that are
                           acceptable to each Shareholder;

                  (vii)    it will co-operate and work together with each other
                           Party in order to attempt to persuade VISA and
                           Europay to permit the Company to operate as closely
                           as possible to the manner in which NOVA operates in
                           the United States of America, any business model
                           adopted by the Company to be consistent in all
                           respects with applicable Scheme Rules; and

                  (viii)   it shall co-operate to ensure that the Group's
                           initial structure, Business and tax affairs are
                           implemented and operated in the most effective manner
                           possible for taxation purposes, subject in each case
                           to them being consistent with the tax policies of
                           each of BOI and NOVA in force at the date of this
                           Agreement. If changes are made to BOI's or NOVA's tax
                           policies, (as the case may be), the other will
                           cooperate at the request of BOI or NOVA and use all
                           means reasonably available to it (including its
                           voting power, whether direct or indirect, in relation
                           to the Group) to give effect to the terms of this
                           Clause 11.3.(a)(viii) and to ensure compliance by the
                           Company with the terms of this Clause 11.3.(a)(viii),
                           provided that this will not impose any financial or
                           any other unduly onerous obligations or liabilities
                           on the other Shareholder or the Company.

         (b)      The Company and BOI covenant to cooperate in the outsourcing
                  arrangement contemplated by the Outsourcing Agreement and, in
                  connection therewith, acknowledge and agree that the Company
                  will have the following rights and obligations which, in the
                  case of the rights referred to below, shall not require the
                  approval of the Board or the

                                       24
<PAGE>

                  Shareholders for their exercise:

                  (i)      to administer all contracts and arrangements between
                           BOI and any Merchant Customer;

                  (ii)     to notify BOI when the Company desires to amend the
                           terms of, or terminate, the contracts between BOI and
                           Merchant Customers, or cause BOI to assign such
                           contracts to another member in good standing of
                           Visa/Europay;

                  (iii)    to execute contracts in the agreed form with Merchant
                           Customers for and in the name of BOI subject to the
                           applicable underwriting guidelines set out in the
                           Second Schedule to the Outsourcing Agreement;

                  (iv)     to receive all revenues attributable to the provision
                           of merchant acquiring transaction services to BOI
                           Merchant Customers with effect from the Effective
                           Date;

                  (v)      to approve the entry by BOI into any agreement or
                           arrangement with a Member Service Provider or
                           Independent Sales Organisation (as each such term is
                           defined in the Scheme Rules);

                  (vi)     to decline to accept any Merchant Customer referred
                           by BOI pursuant to Section 7 of the Outsourcing
                           Agreement provided that BOI shall have the right:

                           (1)      to offer to the Company such assurances and
                                    guarantees as may reasonably be requested by
                                    the Company to take on the declined Merchant
                                    Customer and provided further the Company
                                    shall not suffer or incur (and BOI shall
                                    indemnify and hold the Company harmless
                                    from) any losses associated with the
                                    acceptance of such declined Merchant
                                    Customer; or

                           (2)      to refer such declined Merchant Customer to
                                    a third party.

                           If the Company deems the assurances and guarantees
                           referred to in (1) above satisfactory the Company
                           will accept the Merchant Customer. Notwithstanding
                           the previous sentence, the Company shall not be
                           obligated to approve any such BOI referred Merchant
                           Customer with respect to whom BOI has offered such
                           assurances and guarantees if approval of such
                           Merchant Customer would cause the Company to violate
                           an existing contract with a third party. Further, and
                           for the avoidance of doubt, it is hereby agreed that
                           the Company shall have no obligation to indemnify or
                           hold harmless BOI from any liability, loss, cost or
                           expense related to or arising out of the acceptance
                           by the Company of a Merchant Customer pursuant to (1)
                           above.

                  The provisions of this clause 11.3(b) shall survive the
                  termination of this Agreement.

         (c)      Further, in connection with the outsourcing arrangement
                  contemplated by the Outsourcing Agreement, the Company and BOI
                  acknowledge and agree that BOI will have the following rights
                  and obligations:

                                       25
<PAGE>

                  (i)      to terminate the contract between BOI and any
                           Merchant Customer in accordance with the terms of the
                           applicable contract upon, and in accordance with, the
                           Company's notice requesting such termination
                           provided, however, that if the contract is with a BOI
                           Merchant Customer and the reason the Company seeks to
                           terminate such contract is due to fraud exposure,
                           material violation of such contract by the customer,
                           or potential credit losses to the Company, BOI may,
                           upon written notice to the Company, elect not to
                           terminate such merchant, but instead to indemnify the
                           Company for any loss, damage, expense, or liability
                           incurred by the Company attributable to such
                           customer;

                  (ii)     not to terminate the contract of any Merchant
                           Customer unless either:

                           (A)     specifically directed to do so by the
                                   Company, or

                           (B)     the Company consents to such termination.

                           Notwithstanding the previous sentence, if a Merchant
                           Customer is engaged in an unlawful, or morally or
                           ethically offensive business that may harm BOI's
                           reputation, BOI may, upon 60 days' prior written
                           notice to the Company, require the Company, at its
                           election either:

                           (A)     to move such Merchant Customer to another
                                   settlement sponsoring bank on or prior to the
                                   end of such 60 day period; or

                           (B)     to consent to BOI's termination of such
                                   Merchant Customer, effective at the end of
                                   such 60 day period;

                  (iii)    to maintain at least one full-time employee dedicated
                           to act as a liaison between BOI and the Company;

                  (iv)     to distribute in BOI branches through BOI's sales and
                           marketing department and in accordance with the sales
                           and marketing rota those marketing materials provided
                           by the Company and approved by BOI pursuant to the
                           Outsourcing Agreement;

                  (v)      to sponsor Econex as a Processor in Visa and as an
                           Member Service Provider in Europay, subject to the
                           satisfaction by Econex of the Scheme Rules regarding
                           such sponsorship;

                  (vi)     to assign:

                           (A)      any contract with any Merchant Customer
                                    (other than a BOI Merchant Customer) to any
                                    other Visa/Europay member bank designated by
                                    the Company upon notice to that effect by
                                    the Company; or

                           (B)      any contract with any Merchant Customer to
                                    any other Visa/Europay member bank upon
                                    notice to that effect by the Company at any
                                    time that BOI owns less than 10% of the then
                                    issued and outstanding equity interests of
                                    the Company

                  (vii)    to conduct all communications with Europay or Visa
                           that may impact the

                                       26
<PAGE>

                           Company only in cooperation with the Company and to
                           attempt to procure the Company's participation in
                           meetings to the extent permitted by Europay or Visa.
                           BOI will use reasonable efforts within its control to
                           present such communications in a manner that is in
                           the best interests of the Company and BOI and not to
                           take any position that may be contrary to the
                           Company's interests;

                  (viii)   to amend contracts with Merchant Customers upon, and
                           in accordance with, notice from the Company provided
                           that BOI shall not be obligated to effect any
                           amendment that in BOI's reasonable discretion, would
                           be unlawful or contrary to Scheme Rules or may cause
                           material damage to BOI's reputation;

                  (ix)     to fully and expeditiously cooperate in any
                           deconversion of Merchant Customers assigned pursuant
                           to Clause 11.3(c)(vi) hereof, in order to ensure a
                           smooth transition of member bank responsibilities to
                           the Visa/Europay member designated by the Company;

                  (x)      to assist, at its option, a BOI Merchant Customer in
                           finding a different Card processor upon receipt of
                           notice from such customer that it desires to switch
                           processors due to materially substandard service by
                           the Company.

         Notwithstanding the provisions of this Clause, it is hereby understood
         and agreed that BOI shall not be obligated to take, or refrain from
         taking, any action pursuant to this Agreement or the Outsourcing
         Agreement if the taking, or refraining to take, such action if done by
         BOI of its own volition would result in a violation of Scheme Rules. In
         the event of any dispute between the parties as to whether or not any
         act or omission by BOI would result in a violation of Scheme Rules, the
         determination of this issue shall rest with the relevant Card scheme
         who shall act as expert and not as arbitrator and whose decision shall
         be final and binding on the parties. The provisions of this clause 11.3
         (c) shall survive the termination of this Agreement.

11.4     Covenants of BOI
         ----------------

         (a)      BOI undertakes in favour of the Company that:

                  (i)      it will use all reasonable endeavours to provide the
                           Company with access to potential customers through
                           BOI's Irish and European commercial contacts with a
                           view to speeding up the establishment and development
                           of the Business; and

                  (ii)     for so long as the Company is in compliance with all
                           its material obligations under this Agreement and
                           each Ancillary Agreement to which it is a party, it
                           will not do, or omit to do, any act or thing which
                           may jeopardise the contractual relationship of the
                           Company with any Card Scheme.

         (b)      BOI undertakes in favour of NOVA that it will:

                  (i)      co-operate and work together with NOVA with a view to
                           procuring that the Company has available to it
                           immediately after Completion sufficient of the
                           current BOI employees who work in BOI's card services
                           division so that the Company can provide service
                           standards to BOI Merchant Customers following
                           Completion that are at least equal to the standards
                           in effect immediately prior

                                       27
<PAGE>

                           to Completion; and

                  (ii)     use all reasonable endeavours to channel through NOVA
                           any card processing transactions proposed to be
                           undertaken in the United States of America by any of
                           BOI's European-based Merchant Customers who request
                           BOI to provide such services.

11.5     Covenants of NOVA
         -----------------

         NOVA undertakes in favour of BOI (and in favour of the Company, in the
         case of (c) and (d) below) that:

         (a)      at any time after BOI ceases to be Shareholder, it will use
                  all efforts within its control to ensure that the Group will
                  continue to provide to BOI's Merchant Customers a service
                  standard at least equal to that provided to them prior to the
                  date of BOI, its nominees or Associated Companies ceasing to
                  be a Shareholder;

         (b)      it will co-operate and work together with BOI with a view to
                  procuring that the Company has available to it immediately
                  after Completion sufficient of the current BOI employees who
                  work in BOI's card services division so that the Company can
                  provide service standards to BOI Merchant Customers following
                  Completion that are at least equal to the standards in effect
                  immediately prior to Completion;

         (c)      subject to any acquisitions made by it or its Associated
                  Companies pursuant to Clause 11.6, it will use all reasonable
                  endeavours to channel through the Group any card processing
                  transactions proposed to be undertaken in the Territory by any
                  of its current or future US based merchants who request NOVA
                  to provide such services;

         (d)      it will provide the Group with access to NOVA's expertise
                  pertaining to:

                  (i)      all relevant information with regard to NOVA's
                           business operating practices know-how, including in
                           relation to sales, marketing and transaction
                           processing;

                  (ii)     the acquisition and conversion of merchant
                           portfolios; and

                  (iii)    risk management, particularly in the areas of
                           internet and "card not present" transactions.

         (e)      at any time when BOI or any of its nominees or subsidiary
                  undertakings retains a legal or beneficial interest in 10% or
                  more of the Shares, it shall procure that BOI shall not be
                  replaced as the Company's settlement bank with respect to BOI
                  Merchant Customers unless:

                  (i)      BOI is in material breach of the Outsourcing
                           Agreement, having given effect to any applicable cure
                           period; or

                  (ii)     (A) the Group can demonstrate that BOI is providing
                               the relevant settlement services to the Group on
                               financial terms which are materially worse than
                               the terms that the Company can obtain from a
                               third party bank on an arms' length basis; and

                                       28
<PAGE>

                           (B)  the Group has offered BOI a reasonable
                                opportunity to match such arms' length terms and
                                BOI has failed to do so;

         (f)      while BOI or its nominees or subsidiary undertakings retains a
                  legal or beneficial interest in 10% or more of the Shares, if
                  at any time after BOI is replaced as the Company's settlement
                  bank with respect to the BOI Merchant Customers pursuant to
                  (e) above, it will procure that no information concerning the
                  BOI Merchant Customers is given to the replacement settlement
                  bank, save such information as is strictly necessary for the
                  performance of the settlement bank function for the Company;

         (g)      except with the prior written consent of BOI, which may be
                  given or withheld at its sole discretion, if any Competitor of
                  BOI at any time proposes to acquire any interest in the Group
                  (the date of acquisition referred to herein as the "Relevant
                  Date"), it shall procure that prior to any such Competitor
                  acquiring an interest in the Group, the Competitor provides a
                  deed of undertaking to BOI (in a form acceptable to BOI,
                  acting reasonably) confirming that it and its affiliates
                  (other than the Company) will not for a period of 2 years
                  after the Relevant Date solicit or offer to any BOI Merchant
                  Customer (a list of which may be provided to such Competitor)
                  other than BOI Merchant Customers who on the Relevant Date
                  already have a substantial banking relationship with such
                  Competitor any service.

11.6     Acquisitions
         ------------

         (a)      The pursuit of any proposed business or share acquisition by
                  the Group in the Exclusive Territory relating to the Business
                  ("Relevant Acquisition Proposal") shall be the responsibility
                  of the Management.

         (b)      (i)      Each Shareholder shall notify the Board and the
                           Management of any potential specific Relevant
                           Acquisition Proposal which the Shareholder believes
                           is worthy of consideration.

                  (ii)     Following receipt by Management of a notification
                           from a Shareholder pursuant to Clause 11.6 (b) (i)
                           containing a brief description of the opportunity and
                           contact information, Management shall, as soon as
                           reasonably practicable but in any event within a
                           period of 30 days following such receipt, either:

                           (A)      notify the Board that Management have
                                    determined not to proceed to investigate
                                    such Relevant Acquisition Proposal with a
                                    view to making a recommendation to the
                                    Board, or

                           (B)      make a recommendation to the Board as to
                                    whether or not they believe the Group should
                                    proceed with the Relevant Acquisition
                                    Proposal.

                  (iii)    If Management fail to comply with Clause 11.6 (b)
                           (ii) within 3 Business Days of a notice from the
                           Shareholder requiring them to so comply or if
                           Management notify the Board in the terms of Clause
                           11.6 (b) (ii) (A) or if the Directors appointed by
                           the Shareholders who made the notification pursuant
                           to Clause 11.6 (b) (i) indicate their wish that the
                           Group proceed with the Relevant Acquisition Proposal
                           but the Directors appointed by the other Shareholder
                           do not support such resolution within a further 30
                           days of the recommendation being made to the Board
                           pursuant Clause 11.6 (b) (ii) (B), then in each such

                                       29
<PAGE>

                           case the Shareholder who made the notification
                           pursuant to Clause 11.6 (b) (i) may itself or via an
                           Associated Company, proceed to complete such proposal
                           independently, outside the Group, provided that:

                           (A)      a legally binding agreement relating to the
                                    acquisition is entered into within 180 days
                                    after the date upon which proposal was
                                    rejected by the Company's senior management;
                                    and

                           (B)      the acquisition is concluded on terms and
                                    conditions which are not materially less
                                    favourable in the aggregate than those made
                                    known to, and rejected by, the Management or
                                    the Directors appointed by the other
                                    Shareholder (as the case may be).

         (c)      Upon receiving Management's recommendation for any Relevant
                  Acquisition Proposal, if the Directors appointed by one
                  Shareholder endorse such proposal, but the Directors appointed
                  by the other Shareholder reject such proposal, the Shareholder
                  who appointed the Directors who approved the proposal may
                  itself or via an Associated Company, proceed to complete such
                  proposal independently, outside of the Group, provided that:

                  (A)      a legally binding agreement relating to the
                           acquisition is entered into within 180 days after the
                           proposal was rejected by the Directors appointed by
                           the other Shareholder; and

                  (B)      the acquisition is concluded on terms and conditions
                           which are not materially less favourable in the
                           aggregate than those made known to, or offered to,
                           the Group and which were rejected by the Directors
                           appointed by the other Shareholder.

         (d)      If any Relevant Acquisition Proposal is presented to the Board
                  by Management for approval, but it is determined that the
                  Group is unable to engage in such acquisition due to (i)
                  regulatory constraints imposed by BOI's status as a credit
                  institution or (ii) other competitive or market reasons
                  connection with BOI's involvement in the Group (and the Board,
                  in its reasonable discretion, concurs in such determination),
                  NOVA may proceed to complete such acquisition proposal
                  independently, outside the Group, provided that:

                           (i)      a legally binding agreement relating to the
                                    acquisition is entered into within 180 days
                                    after the Directors indicated their
                                    concurrence with the determination referred
                                    to above; and

                           (ii)     the acquisition is concluded on terms and
                                    conditions which are not materially less
                                    favourable in the aggregate than those made
                                    known to or offered to, the Group.

         (e)      Any business or company acquired pursuant to Clauses 11.6 (b),
                  (c) or (d) is referred to in this Clause as a "Permitted
                  Target".

         (f)      The Shareholders and the Company hereby agree to shorten the
                  30 day periods referred to in Clauses 11.6 (b) (ii) and 11.6
                  (b) (iii) as appropriate to take due account of the timetable
                  laid down by the sellers of the shares or business comprised
                  in a Relevant Acquisition Proposal;

                                       30
<PAGE>

         (g)      If the Group is capable of providing payment processing
                  services to the Permitted Target's merchants at the time of
                  acquisition, the Shareholder which is the ultimate parent
                  undertaking of the purchaser will procure that the purchaser
                  offers to the Group the right to provide if permitted by the
                  Scheme Rules, services (on an outsourcing basis) which
                  merchants of the Permitted Target require and which form part
                  of the Business at a price that is equal to or less than the
                  price that the relevant merchant can from time to time obtain
                  from a third party on an arm's length basis (or, in the case
                  of an acquisition made by NOVA, the lesser of such price or
                  the internal cost at which NOVA can otherwise provide such
                  services, such services being provided pursuant to applicable
                  service standards and on standard terms and conditions).

         (h)      If the Group elects not to process such transactions for the
                  Permitted Target or if the Permitted Target conducts business
                  in a geographic area in which the Group does not have such
                  transaction processing capabilities, the purchaser may process
                  such transaction on behalf of merchants directly (or through a
                  local affiliate) or outsource such transaction processing to a
                  third party.

         (i)      In addition to the right of access provided by Clause 11.2.1
                  (c), but subject always to Clause 11.6 (a), the Company shall
                  seek such documents and information in relation to a Relevant
                  Acquisition Proposal as may be reasonably requested from time
                  to time by any Shareholder except where the Company reasonably
                  considers that seeking such documents and information would
                  materially prejudice its commercial interests.

11.7     Business Plan
         -------------

         (a)      The Company shall procure that, not later than 45 days before
                  the beginning of each Financial Year, the management of the
                  Company prepares and delivers to the Board a draft Business
                  Plan, incorporating the proposed annual budget, balance sheet,
                  cash flow forecast, capital requirements and Business
                  expansion plans, and any proposed acquisitions and/or joint
                  ventures for the next Financial Year.

         (b)      The Board shall within 30 days of receiving the draft Business
                  Plan, approve it subject to any amendments which it deems
                  appropriate, whereupon, subject to the approval of the
                  Shareholders in accordance with Part 1 of Schedule 11 it shall
                  become the Business Plan for that Financial Year.

         (c)      At any time during a Financial Year, the Board may make
                  written changes to the Business Plan.

         (d)      The Business Plan set out in Schedule 12 shall be the Business
                  Plan for the Company's first Financial Year.

11.8     Duration of covenants
         ---------------------

         The Shareholders' covenants and warranties contained in this Clause 11
         (save for the covenants in Clause 11.5(a) and Clause 11.5(g)):

         (a)      which are given to the Company, shall bind the Shareholder who
                  gives such covenants and warranties for so long as it or its
                  nominees or Associated Companies continue to retain any direct
                  or indirect legal or beneficial interest in the Shares
                  (without prejudice

                                       31
<PAGE>

                  to any liability which it may have for any antecedent breaches
                  of this Clause 11); and

         (b)      which are given to the other Shareholder, shall bind the
                  Shareholder who gives such covenants and warranties for so
                  long as it or its nominees or Associated Companies continue to
                  retain any direct or indirect legal or beneficial interest in
                  the Shares, in each case, without prejudice to any liability
                  which it may have for any antecedent breaches of this Clause
                  11.

12.      Confidentiality

12.1     Each Shareholder undertakes (other than in respect of Confidential
         Information relating to that Shareholder and not the other Shareholder
         or the Company) to the other Shareholder and to the Company, and the
         Company undertakes to each Shareholder (in respect of Confidential
         Information relating to such Shareholder), that it will not, and will
         procure that its respective officers, employees, agents, advisers and
         other persons which it controls and the respective officers, employees
         and agents of each such person, will not during the period of this
         Agreement, and after its termination (for whatever reason) use or
         divulge to any person, or publish or disclose or permit to be published
         or disclosed, any such Confidential Information belonging to any other
         Party, except in the proper course of the provision of services to or
         on behalf of the Company or the relevant Member of the Group;

         PROVIDED THAT the obligations of this Clause shall not apply to:

         (i)      any Confidential Information which the recipient can
                  reasonably demonstrate is in the public domain through no
                  fault of its own;

         (ii)     any Confidential Information which is required to be disclosed
                  by law, pursuant to a court order or by any recognised stock
                  exchange or governmental or other regulatory body or
                  requirement (and in such cases, the Party concerned shall, if
                  practicable, supply an advance copy of the required disclosure
                  to the other Parties and incorporate any additions or
                  amendments reasonably requested by them);

         (iii)    any Confidential Information which is disclosed to any adviser
                  to any of the Parties, provided the recipient is required to
                  treat it as confidential;

         (iv)     any Confidential Information which is disclosed by any Party
                  to a potential purchaser of all or any of its Shares which is
                  not a competitor of the Company and which has entered into
                  obligations of confidentiality similar to those contained in
                  this Clause (and the Party disclosing Confidential Information
                  in such circumstances shall not disclose any Confidential
                  Information relating to the other Shareholder); or

         (v)      any general business information relating to the Group of a
                  nature customarily disclosed:

                  (A)  as part of a general investor relations exercise to
                       professional financial analysts or investors in the
                       Shareholder; or

                  (B)  to employees or for the purposes of public relations of
                       BOI or NOVA.

12.2     Whilst the Shareholders shall use all reasonable endeavours to ensure
         compliance with this Clause, a Shareholder in breach of its terms shall
         not thereby commit a breach of this Agreement

                                       32
<PAGE>

         if it can show that it took reasonable steps to prevent the breach and
         it could not reasonably have been expected to have prevented it.

12.3     If a Shareholder ceases to hold Shares and ceases to be the ultimate
         beneficial owner of Shares, it shall forthwith upon request by any
         other Party:

         (i)      deliver to such other Party or the Company (as appropriate)
                  all copies or records of Confidential Information relating to
                  such other Party or the Company (as appropriate) which was
                  provided to it or which is then in its possession or under its
                  control and expunge, and procure that there is expunged, from
                  any computer or similar system in its possession or under its
                  control all such Confidential Information; and

         (ii)     supply written confirmation to such other Party that it has
                  complied with its obligations under this Clause 12.

13.      Restrictions on announcements

         Subject to the disclosures permitted pursuant to Clause 12, each of the
         Parties undertakes in favour of the others that it will not make any
         announcement, statement or disclosure in connection with this Agreement
         or the arrangements contemplated by this Agreement unless (i) such
         announcement, statement or disclosure is consistent with any
         announcement, statement or disclosure made by the other Parties and
         (ii) the other Parties shall have given their respective consents to
         such announcement, statement or disclosure (which consents may not be
         unreasonably withheld or delayed and may be given either generally or
         in a specific case or cases and may be subject to conditions), save
         that a Party may make any such announcement, statement or disclosure
         that is required by law or any applicable regulatory body or
         requirement provided that such announcement, statement or disclosure
         shall be no more extensive than is usual or necessary to meet the
         requirements imposed upon the Party making such announcement, statement
         or disclosure.

14.      No partnership

         Nothing in this Agreement shall constitute a partnership between any of
         the Parties or, save as expressly provided for in this Agreement,
         constitute any Party as agent or attorney of any other Party for any
         purpose whatever and, save as expressly provided for in this Agreement,
         no Party shall have authority or power to bind any other Party or to
         contract in the name of or create liability against any other Party in
         any way or for any purpose save as expressly authorised in writing one
         Party in favour of another from time to time.

15.      Conflict with Articles of Association

         The Shareholders agree (and the Company agrees, in relation only to the
         articles of association of other members of the Group) that if and to
         the extent that the Articles of Association or the articles of any
         other Member of the Group conflict with the provisions of this
         Agreement, this Agreement shall prevail for so long as it is in force
         to regulate the way in which they exercise their respective voting
         rights as Shareholders and each Party (in the manner aforesaid) shall
         at its own cost take all such further reasonable steps as may be
         necessary or requisite to ensure that the provisions of this Agreement
         shall prevail and that the Group is administered as provided in this
         Agreement.

16.      Remedies

                                       33
<PAGE>

         Each Party acknowledges and agrees that if any of them shall breach the
         warranties, representations, indemnities, covenants, agreements,
         undertakings, and obligations (for the purposes of this Clause referred
         to as the "Agreed Terms") on each of their parts contained in this
         Agreement or any other agreement entered into pursuant to it, damages
         may not be an adequate remedy in which case the Agreed Terms shall be
         enforceable by injunction, order for specific performance or such other
         equitable relief as a court of competent jurisdiction may see fit.

17.      Payments and Costs

17.1     Except as may be agreed between any relevant Parties, all payments made
         by any Party to another Party in connection with or pursuant to this
         Agreement or any Ancillary Agreement shall be in euro.

17.2     All sums payable by BOI or NOVA pursuant to this Agreement shall be
         paid free and clear of all deductions or withholdings, save only as may
         be required by law. If any such deductions or withholdings are required
         by law, the payor shall pay such sum as will after such deduction or
         withholding has been made leave the payee with the same amount as it
         would have been entitled to receive in the absence of any such
         requirement to make a deduction or withholding. It is acknowledged that
         value added tax is not a "deduction" or "withholding" for the purposes
         of this Clause 17.2.

17.3     If:

         (a)      for any reason any amount payable under this Agreement is paid
                  or is recovered by a Party (in whatever manner) in a currency
                  (the "payment currency") other than euro (or such other
                  currency as the payor and the payee may have agreed) (the
                  "contractual currency"); and

         (b)      the payment made in the payment currency to the payee, when
                  converted at the applicable rate of exchange into the
                  contractual currency at or about 12:00 p.m. on the date upon
                  which payment is made, is less than the amount payable in
                  connection with or pursuant to this Agreement,

         then the payor shall, as a separate and independent obligation, and
         notwithstanding any previous such conversion, on demand fully indemnify
         the payee against the amount of the shortfall. For the purposes of this
         Clause, the expression "applicable rate of exchange" means the spot
         rate at which the payee could purchase the contractual currency in
         Dublin with the payment currency, taking into account any costs
         associated with the exchange.

17.4     Each Party shall pay its own costs and disbursements of and incidental
         to the preparation and execution of this Agreement and each Ancillary
         Agreement to which it is a party.

18.      Transfer

         Save as otherwise provided herein, the benefits and obligations
         conferred by this Agreement upon each of the Parties are personal to
         that Party and shall not be, and shall not be capable of being,
         assigned, delegated, transferred, sub-contracted or otherwise disposed
         of.

                                       34
<PAGE>

19.      Entire agreement

         This Agreement (together with any documents referred to herein or
         executed contemporaneously by the Parties in connection herewith)
         constitute the whole agreement between the Parties and supersedes any
         previous agreements, arrangements or understandings (both oral and
         written) between them relating to the subject matter hereof. Each of
         the Parties acknowledges that it is not relying on any statements,
         warranties or representations given or made by any of them relating to
         the subject matter hereof, save as expressly set out in this Agreement
         and the Ancillary Agreements. In the event of any inconsistency between
         the provisions of this Agreement and the provisions of the Outsourcing
         Agreement, the provisions of this Agreement shall prevail.

20.      Variation

         No variation of any of the terms of this Agreement shall be effective
         unless it is in writing and signed by authorised representatives of
         each of the Parties. The expression "variation" shall include any
         variation, supplement, deletion or replacement however effected.

21.      Notices

21.1     Any notice or other communication to be given under this Agreement
         shall be in writing, shall be deemed to have been duly served on, given
         to or made in relation to a Party if it is left at the authorised
         address of that Party, posted by pre-paid post addressed to that Party
         at such address, or sent by facsimile transmission to a machine
         situated at such address and shall if:

         (a)      personally delivered (whether by courier or otherwise), be
                  deemed to have been received at the time of delivery;

         (b)      posted from and to an inland address in Ireland, be deemed to
                  have been received on the second Business Day after the date
                  of posting and if posted from or to an overseas address, be
                  deemed to have been received on the fifth Business Day after
                  the date of posting; or

         (c)      sent by facsimile transmission, be deemed to have been
                  received upon receipt by the sender of a facsimile
                  transmission report (or other appropriate evidence) that the
                  facsimile has been transmitted to the addressee,

         PROVIDED that where, in the case of delivery by hand or facsimile
         transmission, delivery or transmission occurs after 6:00 p.m. (local
         time in the place to which a notice is being sent) on a Business Day or
         on a day which is not a Business Day, receipt shall be deemed to occur
         at 9:00 a.m. (local time in the place to which a notice is being sent)
         on the next following Business Day.

                                       35
<PAGE>

21.2     For the purposes of this Clause the authorised address of each Party
         shall be the address and contact details set out below (including the
         details of the facsimile number) or such other address (and details) as
         that Party may notify to the others in writing from time to time in
         accordance with the requirements of this Clause:

<TABLE>
<CAPTION>
         ----------------------------- -------------------------- --------------------------------------------
         Name                          Address                    Fax                    Marked for the
                                                                                         attention of:
         ----------------------------- -------------------------- ---------------------- ---------------------
         <S>                           <C>                        <C>                    <C>
         The Governor and Company of   Head Office,               (+353 1) 6615671       Chief Financial
         the Bank of Ireland           Lower Baggot Street,       (+353 1) 6615641       Officer ("CFO")
                                       Dublin 2,                                         and a copy to Group
                                       Ireland                                           Secretary
         ----------------------------- -------------------------- ---------------------- ---------------------
         NOVA Corporation              One Concourse Parkway,     (+1) 770698 1046       CEO and copies to CFO
                                       Suite 300,                                        and General Counsel
                                       Atlanta,
                                       Georgia 30328,
                                       USA
         ----------------------------- -------------------------- ---------------------- ---------------------
         Euroconex Technologies        c/o Card Services,         (+353 1) 6771860       CEO and copy to CFO.
         Limited                       33 Molesworth Street,                             Copy also to
                                       Dublin 2.                                         Shareholders
         ----------------------------- -------------------------- ---------------------- ---------------------
</TABLE>

21.3     In proving such service, it shall be sufficient to prove that personal
         delivery was made, or that the envelope containing such notice was
         properly addressed and delivered into the custody of the postal
         authorities as a pre-paid letter, or that a confirmed facsimile
         transmission report has been obtained.

22.      Waiver

22.1     Any waiver of a breach of any of the terms of this Agreement or of any
         default hereunder shall not be deemed a waiver of any subsequent breach
         or default and shall in no way affect the other terms of this
         Agreement.

22.2     No failure to exercise and no relaxation, forbearance, indulgence or
         delay on the part of any party in exercising any right, remedy, power
         or privilege of that Party under this Agreement and no course of
         dealing between the Parties shall be construed or operate as a waiver
         thereof, nor shall any single or partial exercise of any right, remedy,
         power or privilege preclude any other or further exercise thereof or
         the exercise of any other right, remedy, power or privilege. The rights
         and remedies provided by this Agreement are cumulative and are not
         exclusive of any rights or remedies provided by law.

23.      Severability

         If any provision or part of a provision of this Agreement or its
         application to any Party, shall be, or be found by any authority of
         competent jurisdiction to be, illegal, invalid or unenforceable, such
         illegality, invalidity or unenforceability shall not affect the other
         provisions or parts of such provisions of this Agreement, all of which
         shall remain in full force and effect.

                                       36
<PAGE>

24.      Counterparts

         This Agreement may be executed in any number of counterparts, each of
         which when executed and delivered shall be an original, but all of
         which when taken together shall constitute a single instrument and
         shall take effect from the time of execution of the last engrossment.
         Immediate evidence that an engrossment has been executed may be
         provided by transmission of such engrossment by facsimile machine with
         the executed original to be promptly put in the post.

25.      Further assurance

         At its own cost, each Party shall, and shall use all reasonable efforts
         to procure that any other person shall, do and execute and perform all
         such further deeds, documents, assurances, acts and things as may
         reasonably be required to give effect to this Agreement and to ensure
         that all provisions of this Agreement are observed and performed.

26.      Governing law and jurisdiction

26.1     This Agreement shall be governed by, and shall be construed in
         accordance with, Irish law.

26.2     Each of the Parties irrevocably agrees that, subject to the last
         sentence of Clause 11.3(c), the courts of Ireland shall have
         non-exclusive jurisdiction to hear and determine any claim, suit,
         dispute, action, matter of difference or proceeding (together referred
         to in this Clause 26 as "Proceedings"), and to settle any Proceedings,
         which may arise out of or in connection with this Agreement and, for
         such purposes, irrevocably submits to the jurisdiction of such courts.

26.3     Each Party irrevocably waives any objection which it might now or
         hereafter have to the courts referred to in Clause 26.2 being nominated
         as the forum to hear, determine and settle any Proceeding which may
         arise out of or in connection with this Agreement and agrees not to
         claim that any such court is not a convenient or appropriate forum.

26.4     BOI and the Company irrevocably agree that in the event of any
         Proceeding between any of the Parties hereto being commenced in respect
         of this Agreement or any matters arising under it, the process by which
         it is commenced (where consistent with the applicable court rules), may
         be served on them in accordance with Clause 21 (Notices). NOVA
         irrevocably agrees that the process by which any Proceeding commenced
         in Ireland is begun may be served on it by being delivered to William
         Fry, solicitors, marked for the attention of Brendan Cahill (and NOVA
         confirms that William Fry has irrevocably consented to its appointment
         as process agent). Copies of such proceedings shall be sent also to
         NOVA in accordance with Clause 21. Nothing contained herein shall
         affect the right to serve process in any other manner permitted by law.

26.5     The submission to the jurisdiction of the courts referred to in Clause
         26.2 shall not (and shall not be construed so as to) limit the right of
         any Party to take proceedings against any other Party in any other
         court of competent jurisdiction nor shall the taking of proceedings in
         any one or more jurisdictions preclude the taking of proceedings in any
         other jurisdiction (whether concurrently or not) if and to the extent
         permitted by applicable law.

26.6     Each Party consents generally in respect of any legal action or
         proceeding arising out of or in connection with this Agreement to the
         making, enforcement or execution against any property whatsoever
         (irrespective of its use or intended use) of any final order or final
         judgment which may be given in such action or proceeding.

                                       37
<PAGE>

26.7     To the extent that any Party may in any jurisdiction claim for itself
         or its assets immunity from suit, execution, attachment (whether in aid
         of execution, before judgment or otherwise) or other legal process and
         to the extent that in any such jurisdiction there may be attributed to
         itself or its assets such immunity (whether or not claimed), such Party
         irrevocably agrees not to claim and hereby irrevocably waives such
         immunity to the full extent permitted by the laws of such jurisdiction.

IN WITNESS whereof the Parties have entered into this Agreement the day and year
first before written.

                                       38
<PAGE>

                                   SCHEDULE 1

                             Details of the Company

<TABLE>
<CAPTION>
          ------------------------------ -----------------------------------------------------------------------
          Name                           Euroconex Technologies Limited
          ------------------------------ -----------------------------------------------------------------------
          <S>                            <C>
          Date of incorporation:         26/th/ April, 2000
          ------------------------------ -----------------------------------------------------------------------
          Class of company               Irish private company limited by shares
          ------------------------------ -----------------------------------------------------------------------
          Registered number              327239
          ------------------------------ -----------------------------------------------------------------------
          Registered office              Arthur Cox Building, Earlsfort Centre, Earlsfort Terrace, Dublin 2
          ------------------------------ -----------------------------------------------------------------------
          Directors                      Denis Hanrahan, Paul D'Alton, Ed Grzedzinski,
                                         Pamela Joseph.
          ------------------------------ -----------------------------------------------------------------------
          Secretary                      Terry Forsyth

          ------------------------------ -----------------------------------------------------------------------
          Subsidiaries                   None
          ------------------------------ -----------------------------------------------------------------------
          Auditor                        Pricewaterhouse Coopers
          ------------------------------ -----------------------------------------------------------------------
</TABLE>

         Authorised share capital immediately after Completion
         -----------------------------------------------------

<TABLE>
<CAPTION>
         -------------------------------------------------- --------------------------------
                               Class                                     Authorised
         -------------------------------------------------- --------------------------------
          <S>                                               <C>
          Ordinary Shares of [] 1.00 each                                 50,000,000
         -------------------------------------------------- --------------------------------
</TABLE>

         Issued share capital immediately after Completion
         -------------------------------------------------

<TABLE>
<CAPTION>
         ---------------------------------------- ------------------------------------------
         Name of registered holder                         Number and class of shares held
         ---------------------------------------- ------------------------------------------
         <S>                                      <C>
                          BOI                     1 BOI Ordinary Share
         ---------------------------------------- ------------------------------------------
                         NOVA                     1 NOVA Ordinary Share
         ---------------------------------------- ------------------------------------------
</TABLE>

                                       39
<PAGE>

                                   SCHEDULE 2

                                   Completion

1.       On the Completion Date:

         (a)      the Parties will procure that a meeting of the Board shall be
                  held to approve and pass resolutions substantially in the form
                  specified in draft minutes in the agreed terms; and

         (b)      the Parties will procure that an Extraordinary General Meeting
                  of the Company shall be convened and that the resolutions
                  specified in the draft notice of meeting of the Company in the
                  agreed terms shall be proposed and passed at such meeting,
                  such proposed resolutions including the adoption of the new
                  Articles of Association referred to in the said resolution and
                  attached as Schedule 3.

2.       Subject to completion of the matters referred to in 1 above, the
         Parties who are also parties to the Ancillary Agreements (other than
         the NOVA Services Agreement) shall enter into the same and the
         Shareholders shall procure that the Company enters into those Ancillary
         Agreements (other than the NOVA Services Agreement) it is a party to.

                                       40
<PAGE>

                                  SCHEDULE 3

                          The Articles of Association

                                       41
<PAGE>

                                  SCHEDULE 4

                           Form of Deed of Adherence

THIS DEED OF ADHERENCE is made the           day of

BETWEEN:

(1)      [     ] whose contact details appear in the Schedule (the "New Party").

(2)      [All the Parties to the Principal Agreement including any person who
         has entered into a Supplemental Agreement pursuant to the Principal
         Agreement but excluding any Shareholder (other than the Transferor) who
         has ceased to hold Shares.]

RECITALS:

(A)      Under the terms of a joint venture agreement dated [ ] 2000 (the
         "Principal Agreement") and entered into between [ ] [and to which [ ]
         (the "Transferor") is [an original party] [a party by virtue of a
         Supplemental Agreement dated [ ] the Transferor has sold and
         transferred to the New Party [insert number and type of Shares] subject
         to the New Party entering into this Deed of Adherence].

(B)      The New Party wishes to accept such Shares subject to such condition
         and to enter into this Deed of Adherence pursuant to Clause 7 (Transfer
         of Shares) of the Principal Agreement.

IT IS AGREED AS FOLLOWS:

1.       Expressions defined in the Principal Agreement shall (unless the
         context otherwise requires) have the same meaning when used in this
         Deed.

2.       The New Party hereby undertakes to and covenants with all the Parties
         to the Principal Agreement (including any person who has entered into a
         Supplemental Agreement pursuant to the Principal Agreement) to comply
         with the provisions of and to perform all the obligations in the
         Principal Agreement so far as they become due to be observed and
         performed on or after the date hereof as if the New Party had been an
         original Party to the Principal Agreement in place of the Transferor.

3.       The New Party shall become a [BOI/NOVA] Shareholder and the Transferor
         shall cease to be a Shareholder and on and after the date hereof the
         New Party shall have the benefit of the provisions of the Principal
         Agreement as if the New Party had been an original Party thereto in
         place of the Transferor and the Principal Agreement shall be construed
         and apply accordingly.

4.       For the avoidance of doubt, the New Party shall not be entitled to any
         amount which has fallen due for payment to the Transferor before the
         date hereof and shall not be liable in respect of any breach or
         non-performance of the obligations of the Transferor pursuant to the
         Principal Agreement before the date hereof and the Transferor shall
         remain entitled to each such amount and shall not be released from any
         liability in respect of any such breach or non-performance.

5.       Except as expressly varied by this Deed, the Principal Agreement shall
         continue in full force and

                                       42
<PAGE>

         effect, and the Principal Agreement shall be interpreted accordingly.

6.       The provisions of Clauses 1(Definitions and interpretation), 17
         (Payments and costs), 19 (Entire agreement), 20 (Variation), 21
         (Notices), 22 (Waiver), 23 (Severability), 24 (Counterparts) and 27
         (Governing law and jurisdiction) of the Principal Agreement shall apply
         to this Deed mutatis mutandis as if those provisions had been set out
         expressly in this Deed, which shall take effect from the date set out
         above.

IN WITNESS whereof the parties have executed and delivered this document as
their deed the day and year first above written.

                                 The Schedule

                             Details of New Party

Name:
Registered no. (if a company):
Country of incorporation (if a company):
Address:
Facsimile no.:
Other notice details:

[Execution clause]

                                       43
<PAGE>

                                  SCHEDULE 5

                            Pre-emption provisions

1        The Directors in their absolute discretion and without assigning any
         reason therefor may decline to register any transfer of Shares on which
         the Company has a lien or which are not fully paid. The Directors shall
         not register a transfer to a person who is known to them to be an
         infant, bankrupt or person of unsound mind provided that the Directors
         shall not be bound to enquire into the age or soundness of mind of any
         transferee or whether or not he is a bankrupt.

2        (a)      Save for transfers of Shares made pursuant to the provisions
                  of Clause 7.2, Clause 8 and/or paragraph 3 of Schedule 5 and
                  subject to paragraph 2(b), no sale, transfer or disposal of
                  any Shares or any interest in any Shares shall be made by a
                  Shareholder except in compliance with the following provisions
                  of this Schedule and no Shareholder shall otherwise sell,
                  transfer or dispose of any Share or any interest therein, or
                  create or permit to subsist any Third Party Interest in
                  respect thereof.

         (b)      If necessary for the procurement of financing for BOI or NOVA
                  or its Associated Companies, BOI or NOVA may create a Third
                  Party Interest over its Shares in favour of any bank providing
                  such financing, provided that:

                  (i)      it notifies the other Shareholder of its intent to do
                           so in advance of the creation of, or any variation of
                           the terms of, the Third Party Interest;

                  (ii)     it provides a copy of all documents and instruments
                           constituting such Third Party Interest, together with
                           any variations thereto from time to time to the other
                           Shareholder;

                  (iii)    the terms of the Third Party Interest do not result
                           in such Shareholder having to cast, or agree to cast,
                           any of the voting rights exercisable in respect of
                           any Shares held by it in accordance with the
                           directions of, or subject to the consent of the
                           beneficiary(ies) of the Third Party Interest; and

                  (iv)     the Third Party Interest does not, prior to its
                           enforcement, constitute or operate as a transfer of
                           any legal or beneficial interest in the Shares.

3        If:-

         (a)      a Shareholder at any time attempts to deal with or dispose of
                  any Share or any interest therein or right attaching thereto
                  otherwise than as permitted by this Agreement;

         (b)      a petition is presented or a proceeding is commenced (and such
                  petition or proceeding is not discharged or dismissed within 5
                  Business Days of presentation thereof) or an order is made or
                  an effective resolution is passed for the winding-up,
                  insolvency, court protection, administration, re-organisation,
                  re-construction, dissolution or bankruptcy of a Shareholder or
                  for the appointment of a liquidator, receiver, examiner,
                  administrative receiver, examiner, administrator, trustee or
                  similar or analogous officer of a Shareholder of all or any
                  part of its business or assets PROVIDED THAT these provisions
                  shall not apply to a bona fide reorganisation or
                  reconstruction of a Shareholder whilst solvent;

                                       44
<PAGE>

         (c)      a Shareholder stops or suspends payments to its creditors
                  generally or is unable or admits its inability to pay its
                  debts as they fall due or seeks to enter into any composition
                  or other arrangement with its creditors or is declared or
                  becomes bankrupt or insolvent; if a creditor takes possession
                  of all or any part of the business or assets of a Shareholder
                  or any execution or other legal process is enforced against
                  the business or a material part of the assets of a Shareholder
                  and is not discharged within 5 Business Days;

         (d)      a Change in Control occurs with respect to BOI or NOVA;

         (e)      a Shareholder at any time commits a breach of paragraphs
                  2(b)(iii) or (iv) and fails to cure the breach within 3 days
                  of a notice from the other Shareholder requiring remedy, or if
                  enforcement action is taken by or on behalf of the
                  beneficiary(ies) of any Third Party Interest in respect of a
                  Shareholder's Shares;

         (f)      a Shareholder agrees in writing that it will provide funds in
                  excess of (Euro) 1,000,000 euros to the Group for the capital
                  requirements of the Group and such Shareholder fails to
                  provide such funds by the date specified and, following notice
                  from the Company referring to this sub-paragraph (f) and
                  allowing a further 14 day period to provide such funds, the
                  Shareholder has failed to provide the funds within the further
                  14 day period (provided that such failure is not attributable
                  to reasons outside of the control of such Shareholder and
                  provided further that such Shareholder contributes such funds
                  as soon as is reasonably possible following the cessation of
                  the event(s) outside its control which delayed its
                  contribution and in any event within 90 days following such
                  cessation);

         (g)      anything analogous or having a substantially similar effect to
                  any of the events specified in this paragraph 3 happens under
                  the laws of any applicable jurisdiction,

         that Shareholder or his Representative in the case of paragraphs (b)
         (or, if relevant, (e)), shall be deemed to be a Transferor and to have
         given immediately prior to such attempt or event (as the case may be),
         a transfer notice (herein a "Deemed Transfer Notice") in respect of
         such Share, which shall be governed by paragraph 5.

4.1      Before selling, transferring or otherwise disposing of any Share or any
         interest in any Share, the Shareholder proposing to sell, transfer or
         dispose of the same (hereinafter called the "Transferor", which term
         shall be deemed to include all nominees and Associated Companies of
         such Shareholder which hold any Shares) shall give a notice in writing
         (hereinafter called a "Transfer Notice") to the Company and each
         Director (at the Company's registered office) that it wishes to sell,
         transfer or dispose of the same. The Transfer Notice shall specify:

         (a)      the class and number of Shares and/or any interest therein
                  which the Transferor wishes to transfer or dispose of (which
                  shall be all (but not part only) of the Shares then held by
                  the Transferor) (hereinafter called the "Relevant Shares");
                  and

         (b)      the price at which the Transferor is willing to sell the
                  Relevant Shares (such price being irrevocable, save with the
                  consent of the other Shareholder),

         and shall have annexed to it the share certificate(s) in respect of the
         Relevant Shares.

                                       45
<PAGE>

4.2      The Transfer Notice shall constitute the Company the agent of the
         Transferor for the sale of the Relevant Shares at the Prescribed Price
         (as hereinafter defined) during the Prescribed Period (as hereinafter
         defined) to the other Shareholder which is not the Transferor (the
         "Transferee") and save as provided in paragraph 6 of this Schedule
         shall not be revocable except with the written consent of such other
         Shareholder.

5.1      Within 2 Business Days after the receipt of any Transfer Notice, the
         Directors shall serve a copy of that Transfer Notice on the Transferee.
         In the case of a Deemed Transfer Notice (other than a Deemed Transfer
         Notice which arises as a result of a Change in Control), the Directors
         shall similarly serve notice on all the Shareholders (including the
         Transferor), notifying them that the same has been deemed to have been
         given, within 5 Business Days after (i) the date of the event giving
         rise to the Deemed Transfer Notice or (ii) (if later) the date on which
         the Directors (as a whole) actually become aware of such event and
         shall specify in such notice the number and class of Shares which the
         Transferor is deemed to wish to transfer (which shall be all (but not
         part only) of the Shares then held by the Transferor) (also referred to
         in this Schedule as the "Relevant Shares"). That notice shall then
         constitute a Transfer Notice and the provisions of this Schedule shall
         apply mutatis mutandis thereto save that:-

         (a)      it shall not be revocable; and

         (b)      the Transferor shall not be entitled to specify a price at
                  which it is willing to sell the Relevant Shares.

5.2      In the case of a Deemed Transfer Notice arising as a result of a Change
         in Control of BOI or NOVA, the Directors shall similarly serve notice
         on all the Shareholders (including the Transferor), notifying them that
         the same has been deemed to have been given, within 5 Business Days
         after (i) the date of the event giving rise to the Deemed Transfer
         Notice or (ii) (if later) the date on which the Directors (as a whole)
         actually become aware of such event and shall specify in such notice
         the number and class of Shares which the Transferor is deemed to wish
         to transfer (which shall be all (but not part only) of the Shares then
         held by the Transferor) (also referred to in this Schedule as the
         "Relevant Shares"). That notice shall then constitute a Transfer Notice
         and the provisions of this Schedule shall apply mutatis mutandis
         thereto save that:-

         (a)      it shall not be revocable;

         (b)      the Transferor shall not be entitled to specify a price at
                  which it is willing to sell the Relevant Shares;

         (c)      the Prescribed Period shall not have the meaning given to it
                  in paragraph 7 of this Schedule but shall be the period
                  commencing on the date of the Transfer Notice or the date of
                  such agreement, if later, and expiring 12 months thereafter;
                  and

         (d)      BOI and NOVA shall negotiate in good faith with the acquiror
                  to determine whether the existing Share arrangements and the
                  Business can be preserved in a manner which is acceptable to
                  each of them, acting reasonably.

6.1      If the price stated in the Transfer Notice shall be accepted by the
         Transferee, such price shall be the Prescribed Price (as determined
         pursuant to paragraphs 6.2 or 6.3 below). If such price shall not be so
         accepted, or because a Deemed Transfer Notice was served, no such price
         was served, the Shareholders shall seek to agree in good faith a price
         for the Relevant Shares.

                                       46
<PAGE>

6.2      If within 20 Business Days after the date on which the Transfer Notice
         was given by the Directors, the Transferor and the Transferee shall
         have agreed a price for the sale of the Relevant Shares, then such
         price shall be the Prescribed Price.

6.3      In default of such agreement within such period, the Directors shall
         forthwith request the Expert to determine and certify in writing the
         sum considered by it to be the Open Market Value of the Relevant Shares
         as at the date of the Transfer Notice. The lesser of:

         (a)      the Open Market Value as at the date of the Transfer Notice;
                  and

         (b)      the price (if any) specified in the Transfer Notice,

         shall be the Prescribed Price.

6.4      The Expert shall act as an expert and not as an arbitrator and its
         written determination shall be final and binding on the Shareholders.
         The Shareholders will, and will procure that the Company will, give all
         reasonable assistance to the Expert to enable the Expert to determine
         the sum considered by it to be the Open Market Value of the Relevant
         Shares as at the date of the Transfer Notice. The Expert shall make its
         working papers relating thereto available to each Shareholder upon
         request. The costs and expenses of the Expert shall be borne by the
         Shareholders equally PROVIDED THAT if the Transferor is in liquidation,
         receivership or is the subject of a court protection order or any
         analogous proceeding under the laws of any jurisdiction or is otherwise
         unable or unwilling to pay such costs, an amount equal to the
         Transferor's share of such costs shall be deducted from any purchase
         monies otherwise to be paid to the Transferor.

6.5      The Parties shall use their respective reasonable endeavours to ensure
         that the Expert makes its determination within 20 Business Days of
         referral of the matter to it. The Transferor shall be entitled by
         written notice to the Directors to withdraw the Transfer Notice (not
         being a Deemed Transfer Notice) within 2 weeks of the date on which it
         is notified of the Expert's determination of the Prescribed Price.

6.6      The "Expert" shall be such investment bank or international accounting
         practice not connected to any Party as may be agreed by the
         Shareholders or, in the absence of agreement, such international
         investment bank (with offices in New York and London) or international
         accounting practice not connected to any Party as may be nominated at
         the request of any Shareholder by the President from time to time of
         the Law Society of Ireland.

6.7      For the purpose of this Schedule, the "Open Market Value" of the
         Relevant Shares at the date of the Transfer Notice shall be ascertained
         on the following assumptions and bases:

         (i)      valuing the Relevant Shares as on an arms' length sale between
                  a willing vendor and a willing purchaser taking into account
                  any bona fide arms' length offer from an independent third
                  party made within the preceding twelve months in respect of
                  all the Shares but not taking any account of any expenses that
                  might be incurred in connection with the sale and purchase of
                  the Relevant Shares;

         (ii)     if the Company is then carrying on business as a going
                  concern, on the assumption that it will continue to do so;

         (iii)    that the Relevant Shares are capable of being transferred
                  without restriction;

                                       47
<PAGE>

         (iv)     taking full account of any rights and obligations attached to
                  the Relevant Shares, whether by virtue of any contract or
                  otherwise;

         (v)      taking no account of whether or not the Relevant Shares carry
                  a majority of the voting rights capable of being exercised at
                  general meetings of the Company;

         (vi)     that the Ancillary Agreements will operate in the manner set
                  out therein after the transfer; and

         (vii)    having regard to the valuation of companies in the same
                  business sector as the Company whose shares are listed, or
                  quoted, or traded, on the New York Stock Exchange or through
                  the NASDAQ National Market System, or on EASDAQ, or on the
                  London Stock Exchange, or on any other recognised stock
                  exchange in Europe.

7.       If the Prescribed Price is accepted or agreed as aforesaid, the
         Prescribed Period shall commence on the date of the Transfer Notice (or
         the date of such agreement, if later), and shall expire 30 days
         thereafter. If the Prescribed Price is not so accepted or agreed then
         the Prescribed Period shall commence on the date on which the Expert
         shall have notified the Directors of its determination of the
         Prescribed Price and shall expire 30 days thereafter.

8.       Promptly following acceptance or agreement of the Prescribed Price or 2
         weeks after the Transferor has been notified of the determination of
         the Prescribed Price by the Expert and has not withdrawn its Transfer
         Notice pursuant to paragraph 6.5 of this Schedule, the Relevant Shares
         shall be offered by the Company by notice in writing to the Transferee
         for purchase at the Prescribed Price. Such offer shall be open for
         acceptance at any time within the Prescribed Period. Every such offer
         shall specify the total number of Relevant Shares and shall be
         accompanied by a form of application for use by the Transferee in
         applying for all (but not part only) of the Relevant Shares.

9.       If the Shareholder which is not the Transferor applies for all or any
         of the Relevant Shares within the Prescribed Period, the Directors
         shall promptly give notice in writing thereof to the Transferor and the
         Transferor shall be bound upon payment to transfer such of the Relevant
         Shares to the Transferee as it has applied for. The purchase shall be
         completed at a place and time specified by the Directors being not less
         than 2 Business Days nor more than 10 Business Days after the date of
         such notice, and the Directors shall be bound to register the transfer.

10.      An offer of sale of the Relevant Shares made by the Directors pursuant
         to this Schedule shall only be capable of acceptance when all of the
         Relevant Shares shall have been accepted by the Transferee. If by the
         foregoing procedures the Directors shall not have received acceptances
         in respect of all of the Relevant Shares within the Prescribed Period,
         they shall forthwith give notice in writing of that fact to the
         Transferor. The Transfer Notice shall then be deemed to have been
         withdrawn and no transfers shall take place provided that the
         Transferor shall then be entitled at any time within 90 days after the
         date of the Directors' said notice:

         (a)      to sell and transfer all (but not part) of the Relevant Shares
                  which have not been accepted as aforesaid to any person at any
                  price greater than the Prescribed Price and the Directors
                  shall be bound to register the same; or

         (b)      if the Transferor is a Representative, to elect to be
                  registered himself as the holder of all

                                       48
<PAGE>

                  or part of those Relevant Shares which have not been accepted
                  as aforesaid, without triggering the pre-emption rights in
                  this Schedule.

11.      A Transferor, having become bound to transfer any Shares pursuant to
         this Agreement shall deliver to the transferee duly executed transfers
         in respect of such Shares in favour of the transferee together with the
         relative share certificate(s) against payment by the transferee of the
         price due in respect thereof. If the Transferor makes default in
         transferring the same, each Director is hereby irrevocably and
         unconditionally appointed as the attorney of the Transferor to complete
         and to execute and deliver the necessary instrument of transfer of such
         Shares together with an indemnity from the Transferor in respect of
         non-production of share certificates in respect of such Shares and may
         deliver them on the Transferor's behalf and the Company shall receive
         the purchase money on trust for the Transferor and shall thereupon
         (subject to such instrument being duly stamped) cause the transferee to
         be registered as the holder of such Shares. The Company shall not be
         bound to earn or pay interest on any money so held and shall not pay
         such money to the Transferor until it shall have delivered its share
         certificates (or an appropriate indemnity in respect of any lost
         certificates) to the Company. The receipt of the Company for such
         purchase money shall be a good discharge to the transferee who shall
         not be bound to see to the application thereof, and after the name of
         the transferee has been entered in the register of members in purported
         exercise of the aforesaid power, the validity of the proceedings shall
         not be questioned by any person.

12.      For the purpose of ensuring that a particular transfer of a Share is
         permitted under this Agreement, the Directors appointed by the holders
         of Shares not the subject of the relevant transfer may require the
         Transferor or the person named as transferee in any transfer lodged for
         registration to furnish the Company with such information and evidence
         as they may, acting reasonably, think necessary or relevant. Failing
         such information or evidence being furnished to the satisfaction of
         such Directors within a period of 28 days after such request, the
         Directors shall be entitled to refuse to register the transfer in
         question.

13.      An obligation to transfer a Share under the provisions of this
         Agreement shall be deemed to be an obligation to transfer as legal and
         beneficial owner the entire legal and beneficial interest in such Share
         free from any lien, charge or other encumbrance or Third Party Interest
         and together with all rights attaching thereto and shall bind each
         Party accordingly.

14.      Upon the transfer of any Shares pursuant to the provisions of this
         Agreement, the Transferor shall be entitled to all dividends and
         interest accrued in relation to those Shares up to the date of
         transfer.

15.      The provisions of this Schedule may be waived in whole or in part in
         any particular case with the prior written consent of each of the
         Shareholders.

                                       49
<PAGE>

                                  SCHEDULE 6

                         Asset Contribution Agreement

                                       50
<PAGE>

                                  SCHEDULE 7

                             Outsourcing Agreement

                                       51
<PAGE>

                                   SCHEDULE 8

                        NOVA Software License Agreements

                                       52
<PAGE>

                                   SCHEDULE 9

                             BOI Services Agreement

                                   SCHEDULE 10

                              Sphere of operations

                             Part 1 - The Territory
                             ----------------------

Ireland

United Kingdom (includes Isle of Man, Channel Islands)
France
Spain
Italy
Germany
Belgium
The Netherlands
Denmark
Sweden (includes Bear Island, Faeroe Island, Greenland)
Greece
Luxembourg
Austria
Finland
Portugal
Norway
Switzerland

                        Part 2 - The Extended Territory
                        -------------------------------

European countries as listed under the VISA and Europay Card Scheme rules
(excluding countries listed in Part 1).

Albania
Andorra
Armenia
Azerbaijian
Belarus
Bulgaria
Cyprus
Czech Republic
Estonia
Monaco
Georgia
Gibraltar
Hungary
Iceland
Israel
Kyrgzstan

                                       53
<PAGE>

Latvia
Liechtenstein
Lithuania
Malta
Moldova
Norway
Poland
Republic of Bosnia-Herzegovnia
Republic of Croatia
Republic of Kazakhstan
Republic of Macedonia
Republic of Slovenia
Romania
San Marino
Slovak Republic
Tadjikistan
Turkey
Turkmenistan
Ukraine
Uzebekistan
Vatican City
Yugoslavia

                                       54
<PAGE>

                                  SCHEDULE 11

            Matters requiring Shareholder consent or Board approval

The provisions of this Schedule 11 may be amended from time to time by agreement
in writing between the Shareholders

                 Part 1 - Matters requiring Shareholders consent

Each of the matters set out in Part 1 of this Schedule in relation to the
Company, and to the extent possible, the other Members of the Group, shall
require prior approval by the consent in writing of the BOI Shareholder and the
NOVA Shareholder respectively (and all references to "shares" in this Schedule
shall be deemed to include a reference to the Shares):

(a)      the acquisition or disposal of any interest in any real property,
         whether freehold or leasehold, with a value in excess of 10,000,000
         euros (or such other figure as the Shareholders may agree in writing);

(b)      except for borrowing between Group members, borrowing any money, or
         obtaining credit (other than normal trade credit) or making any other
         arrangement having a similar effect (including, without limitation,
         debt factoring, invoice discounting, hire purchase, equipment leasing,
         conditional or credit sales, or any off balance sheet borrowings), or
         materially varying the terms of any credit arrangement in each case,
         whereby the aggregate amount outstanding and owing by the Group from
         time to time (including sums attributable to capital under the then
         current accounting practice) exceeds 10,000,000 euros (or such other
         figure as the Shareholders may agree in writing);

(c)      except as provided for in this Agreement, any alteration to the
         Memorandum and Articles of Association;

(d)      (A)  the modification of any of the rights attached to any shares or
              the creation or allotment or issue of any shares or (except
              pursuant to a share option or similar scheme for employees the
              terms of which have been agreed by the Shareholders) the grant of,
              or agreement to grant, an option over, or the issue of a right to
              call for the issue of any shares or uncalled capital or the issue
              of any obligations convertible into shares;

         (B)  consolidating, subdividing, purchasing, redeeming or cancelling
              any Shares or any other share capital reorganisation;

         (C)  capitalising any reserves, or reducing any amount standing to the
              credit of its share premium account or capital redemption or other
              reserve or approving any dividend or any other distribution (in
              cash or in specie);

         (D)  the making of any contribution to the capital of the Company;

(e)      (A)  entering into an agreement or letter of intent with any person or
              with a view to a disposal of any interest in shares;

         (B)  taking any steps with a view to a liquidation, winding up or
              examinership of any Member of the Group or the appointment of a
              receiver to all or a material part of its

                                       55
<PAGE>

               assets;

(f)      except as provided for in or permitted by this Agreement or the
         Articles concerning the appointment and removal by BOI and NOVA of
         their respective nominees to the Board, appointing or removing (other
         than as an alternate pursuant to the Articles) any person as a director
         of any Member of the Group;

(g)      except as provided for in or permitted by this Agreement or the
         Articles, approving the transfer (whether legal or beneficial) of any
         Shares in any Members of the Group;

(h)      approving any substantial alterations to (including cessation of) the
         nature or geographical area of the Business or the commencement of any
         materially new type of business;

(i)      entering into, materially varying or terminating any transaction or
         arrangement (whether or not constituting a contract and including,
         without limitation, any gift or loan and including the giving of any
         Board or other consent or approval under any service agreement):

         (A)      with any member of the Board; or

         (B)      with any person related to otherwise closely connected with
                  any member of the Board; or

         (C)      in which any member of the Board or any such person has an
                  interest,

         except for any transaction for which provision is made in the service
         agreements with the Management;

(j)      whether by a single transaction or by a series of transactions,
         acquiring, selling, leasing, assigning, disposing of, parting with
         possession of or transferring or entering into any other agreement for
         the acquisition, sale, transfer, surrender or other disposition of any
         of the undertaking, property, assets or business of any Member of the
         Group member for a consideration in excess of 10,000,000 euros;

(k)      acquiring or entering into any other agreement for the acquisition
         (including by way of outsourcing) of any business, or for the
         acquisition of any company shares for a consideration in excess of
         10,000,000 euros;

(l)      incurring or agreeing to incur capital expenditure in any one financial
         year exceeding in the aggregate 10,000,000 euros;

(m)      entering into (other than as contemplated by this Agreement), varying
         or terminating any Ancillary Agreement (other than in accordance with
         its terms) or any other agreement with a Shareholder or any Associated
         Company (excluding normal banking arrangements);

(n)      the formation of any subsidiary undertaking;

(o)      the participation in any partnership or joint venture;

(p)      any material change to the technology platform used by the Company; and

(q)      the approval, adoption or any material change to the Business Plan.

                                       56
<PAGE>

Part 2 - Matters requiring Board approval

Each of the matters set out in Part 2 of this Schedule in relation to the
Company, and to the extent possible, the other Members of the Group, shall,
unless the relevant matter below has been included in any Business Plan adopted
in accordance with Clause 11.7, require prior approval of the Board (and all
references to "shares" in this Schedule shall be deemed to include a reference
to the Shares):

(a)      establishing or modifying any profit sharing scheme, incentive
         arrangements, bonuses, pension plan or appointing or removing any
         trustees or managers of any pension scheme;

(b)      adopting any material new accounting policy or practice or making any
         material change to any existing accounting policy or practice, except
         as required by law to comply with a new accounting standard;

(c)      engaging or dismissing any employee or consultant whose annual
         remuneration (including benefits and bonuses) exceeds 125,000 euros (or
         such other amount as the Board may resolve) or making any material
         variation in the terms of engagement (including remuneration) of such a
         person;

(d)      entering into, materially varying or terminating any lease, licence,
         tenancy, contract or similar arrangement where the rental and all other
         payments under it exceeds 200,000 euros annually;

(e)      the entry into any contract otherwise than on an arm's length basis;

(f)      approval of or amendment to the long term strategic plan of the
         Company;

(g)      whether by a single transaction or by a series of transactions,
         acquiring, selling, leasing, assigning, disposing of, parting with
         possession of or transferring or entering into any other agreement for
         the acquisition, sale, transfer, surrender or other disposition of any
         of the undertaking, property, assets or business of any Member of the
         Group member for a consideration greater than 500,000 euros;

(h)      incurring or agreeing to incur capital expenditure in any one financial
         year exceeding in the aggregate 500,000 euros;

(i)      except for borrowing between Group members, borrowing any money, or
         obtaining credit (other than normal trade credit) or making any other
         arrangement having a similar effect (including, without limitation,
         debt factoring, invoice discounting, hire purchase, equipment leasing,
         conditional or credit sales, or any off balance sheet borrowings), or
         materially varying the terms of any credit arrangement in each case,
         whereby the aggregate amount outstanding and owing by the Group from
         time to time (including sums attributable to capital under the then
         current accounting practice) exceeds 1,000,000 euros (or such other
         figure as the Shareholders may agree in writing);

(j)      the appointment of auditors, consultants, tax advisers and solicitors
         to the Company;

(k)      making any loan or advance (other than a deposit of money with a bank,
         normal trade credit or advances to merchants in the ordinary course of
         business) to any person;

                                       57
<PAGE>

(l)      the creation or issue or allowing to come into being of any Third Party
         Interest (other than a lien on assets arising by operation of law in
         the ordinary course of business and securing sums not more than 30 days
         overdue) upon any part of the undertaking, property or assets or
         uncalled capital of the Group or the creation or issue of any debenture
         or debenture stock or the issue of any guarantee or indemnity (other
         than in the ordinary course of business);

(m)      engaging in any derivative or hedging transaction outside the cash
         management policy set out in the annual budget contained in the
         Business Plan;

(n)      commencing or settling any litigation or arbitration proceedings
         involving payments by the Company in excess of 100,000 euros in any one
         case (other than (i) in relation to an Ancillary Agreement and/or (ii)
         in respect of debt collection in relation to a person which is not a
         Party or an Associated Company);

(o)      the acquisition or disposal of any interest in any real property,
         whether freehold or leasehold with a value in excess of 500,000 euros.

                                       58
<PAGE>

                                   SCHEDULE 12

                                  Business Plan

                                       59
<PAGE>

                                   SCHEDULE 13

                         Econex Distribution Agreement

                                       60
<PAGE>

SIGNED by                          )
for and on behalf of               )
THE GOVERNOR AND COMPANY OF        )
THE BANK OF IRELAND                )        /s/ Terry Forsyth
in the presence of:                )        -----------------

         /s/ Terry Forsyth
         -----------------

SIGNED by                          )
for and on behalf of               )
NOVA CORPORATION                   )        /s/ Edward Grzedzinski
in the presence of:                )        ----------------------

         /s/ Cherie Fuzzell
         ------------------

SIGNED by                          )
for and on behalf of               )
EUROCONEX TECHNOLOGIES LIMITED     )        /s/ W. F. Saunderson
in the presence of:                )        --------------------

         /s/ Noel Gaughran
         -----------------

                                       61
<PAGE>

                       "SCHEDULES INTENTIONALLY OMITTED"

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