Document:

Exhibit 10.20

CARDIS/SCTN                MEMORANDUM OF UNDERSTANDING                       MOU

This MEMORANDUM OF UNDERSTANDING ("MOU") is entered into as of the August 29,
2000 by and between, Cardis Enterprises International B.V. a Netherlands company
with offices at, Koningslaan 34, 1075AD, Amsterdam, The Netherlands ("Cardis")
and SCTN, dba Smart Chip Technologies, Inc. a Florida Corporation, with offices
at, 740 East 3900 South, Salt Lake City, UT 84107 ("SCT").

1. SCT is a developer of platform independent, patented and proprietary loyalty
software which it has integrated into smart card based systems.

2. Cardis is in the business of developing and commercially exploiting smart
card based cashless payment systems, including without limitation its
proprietary and patented Ultimus system, that may be integrated with and used to
enhance existing smart card based payment systems.

3. The parties are desirous of integrating their respective technologies to
develop enhanced smart card loyalty systems and to commercially exploit any
resultant technology and products.

4. The parties shall enter into a technical agreement (the "Technical
Agreement") specifying the terms, conditions and procedures for a comprehensive
analysis of the feasibility of the integration of their respective technologies.
The feasibility analysis shall include without limitation (i) analysis of the
technical feasibility of a fully integrated SCT loyalty solution with the
Ultimus smart card payment systems (ii) analysis of the ability to provide
integrated loyalty processing including audit services and analysis of the
technology requirements for such integration (iii) gap analysis setting forth
any additional technology development necessary for the integration of such
systems.

The Parties anticipate executing the Technical Agreement by December 31, 2000.

5. Concurrent to discussions regarding the Technical Agreement the Parties shall
commence discussions to establish a general working relationship for the purpose
of identifying possible commercial opportunities in North America in the smart
card payment and loyalty card market and to identify and develop mutual sales
opportunities for the joint marketing of their respective technologies and
products.

6. Subsequent to the completion of the feasibility analysis and subject to its
results and outcomes, the Parties shall commence negotiations for the purpose of
entering into a comprehensive long form agreement incorporating the terms and
guidelines set forth herein, as well as terms, conditions and other provisions
that are standard for agreements of this type (the "Agreement").

7. The Agreement as set forth herein shall contain among other provisions: (i)
terms for the licensing of the Ultimus smart card payment system for North
America; (ii) the procedure for joint business opportunities including without
limitation, the submission of joint bids and proposals to customers.

8. The Parties may upon mutual agreement issue press announcements regarding
this MOU or regarding progress in their technical or business cooperation.

9. Nothing contained in this MOU shall limit the rights of either Party to
commercially exploit any of their proprietary or licensed technology with any
third party.

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10. Nothing contained herein shall act to grant any license, right or ownership
in either Party's proprietary, intellectual or licensed technology to the other.

11. The Parties agree that the Non-Disclosure Agreement ("NDA"), duly executed
by the Parties as of the date hereof, is incorporated herein as an integral part
of this Agreement and shall survive the termination of this Agreement, per the
terms set forth therein.

12. This MOU will come into force on the date first shown above and will remain
in force unless extended by a subsequent writing, until the earlier of:

         12.1     signature of a binding Agreement by the Parties; or

         12.2     upon 30 days written notice from either Party termination this
                  MOU;

         12.3     expiration on, 31 December 2000.

13. This MOU is intended to express the Parties intentions to enter into a
legally binding document only and shall not be construed in any way as a legally
binding agreement.

In witness whereof, the parties have executed this MOU as of the date first
mentioned above.

Cardis Enterprises International BV                    Smart Chip Technologies

By: /s/ J.J. van Ginkel                                By: /s/ Jim Williams
    ------------------------                               ---------------------
Name: J.J. van Ginkel                                  Name: Jim Williams
Title: Director                                        Title: President & CEO
Date: October 10,2000                                  Date: August 29, 2000

                                       2Exhibit 10.21

                                 AGREEMENT FOR
                         INDEPENDENT CONTRACTOR SERVICES

DATE:    February 14, 2001

                                   I. PARTIES

SCHIMATIC Cash Transactions Network.com, Inc. dba Smart Chip Technologies,
hereinafter "Company,"

                                       and

Transaction Software, Inc., hereinafter "Contractor,"

hereby enter into this Agreement for Independent Contractor Services,
hereinafter "Agreement," effective the above date.

                          II. ENGAGEMENT OF CONTRACTOR

Company hereby engages Contractor, and Contractor accepts engagement, to provide
to Company the following services:

         Development of SCTN Loyalty Application on Verifone terminal,
integrated with Verifone Smart Card Payment Application and all other necessary
interfaces, per the detail specifications provided by SCTN.

                             III. TERM OF ENGAGEMENT

This Agreement shall be for a term commencing February 14, 2001 and ending upon
delivery of working software or upon reaching maximum hours. Maximum hours can
be extended by mutual agreement.

                             IV. WORKPLACE AND HOURS

Contractor shall render services primarily at Contractor's offices or any other
place of Contractor's choosing. However, upon request, Contractor shall provide
the services at such other place or places as reasonably requested by Company as
appropriate for the performance of particular services.

Contractor's schedule and hours worked under this Agreement shall generally be
subject to Contractor's discretion. Contractor and Company anticipate that
Contractor shall work, at a maximum, five hundred (500) hours pursuant to this
Agreement. Company relies upon Contractor's discretion to determine a sufficient
time as is reasonably necessary to fulfill this Agreement.

                                 V. COMPENSATION

Company shall pay Contractor a number of shares of SCTN 144 restricted stock for
each hour of services performed pursuant to this Agreement. The number of shares
per hour will be computed weekly by dividing the closing stock price on Friday
into one hundred twenty five dollars ($125). The result will be multiplied by
the number of hours invoiced that week, to determine the number of shares due to
Contractor. Company shall bear all of Contractor's pre-approved expenses
incurred in the performance of this Agreement.

                               VI. NONCOMPETITION

During the term of this Agreement and for a period of 24 months thereafter,
Contractor shall not, within the "Smart Loyalty" business area, directly or
indirectly, own, manage, operate, or control any business the same as or
reasonably similar to the business conducted by Company. In the event any of the
provisions of this Paragraph 6 are determined to be invalid by reason of their
scope or duration, this Paragraph 6 shall be deemed modified to the extent
required to cure the invalidity.

                              VII. CONFIDENTIALITY

"Confidential Information" for the purposes of this Agreement shall include
Company's proprietary and confidential information including, without
limitations, business plans, customer lists, marketing plans, financial
information, designs, drawing, specifications, models, software, source codes
and object codes. At termination of this Agreement, Contractor shall turn over
to Company all originals and copies of tangible material containing or
reflecting Company's Confidential Information. During the term of this
Agreement, and thereafter for 24 months, Contractor shall not, without the prior
written consent of Company, disclose to anyone any Confidential Information. The
parties agree that remedies available at law are inadequate to compensate for
breach of this paragraph, and that either party may apply to a Court of
competent jurisdiction for equitable relief upon proper showing.

                             VIII. CONTRACTOR STATUS

It is expressly understood and agreed that Contractor is and throughout the term
of this Agreement shall be an independent contractor and not an employee,
partner, or agent of Company. Contractor shall not be entitled to nor receive
any benefit normally provided to Company's employees. Contractor agrees that
Company shall have ownership, title, and Company reserves all rights, including
copyrights, of all works created by Contractor under this Agreement, including
but not limited to source code. Contractor hereby prospectively assigns all such
works to Company, for the consideration provided in Paragraph V. Company shall
not be responsible for withholding income or other taxes from the payments made
to Contractor. Contractor shall be solely responsible for filing all returns and
paying any income, social security, or other tax levied upon or determined with
respect to the payments made to Contractor pursuant to this Agreement.
Contractor is solely responsible for the means, manner, and method of
Contractor's work, subject only to the general objectives and requirements, and
specific direction, of SCTN's technical specifications.

                             IX. CONTRACTOR'S TOOLS

         Unless otherwise agreed by Company in advance, Contractor shall be
solely responsible for procuring, paying for, and maintaining any and all
equipment, software, paper, tools or other supplies necessary or appropriate for
the performance of Contractor's services hereunder.

                               X. CONTROLLING LAW

This Agreement shall be governed by and construed in accordance with the laws of
the State of Utah.

                              XI. ENTIRE AGREEMENT

This Agreement constitutes the final understanding and agreement between the
parties. This Agreement cannot be amended or changed except by a writing signed
by both of the parties.

                                  XII. NOTICES

Any notice required to be given or otherwise given pursuant to this Agreement
shall be in writing and shall be hand delivered, mailed by certified mail,
return receipt requested:

         If to Contractor:
                 Transaction Software, Inc.
                 15851 Dallas Parkway, Suite 500
                 Dallas, Texas 75001

         If to Company:
                 Smart Chip Technologies
                 740 E. 3900 South
                 Salt Lake City, Utah 84107

IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the
date first above written.

/s/ Steve Reedy  2-26-2001
---------------------------
Steve Reedy, President
Transaction Software, Inc.

/s/ D. Simon  2-26-01
---------------------------
David J. Simon, Chairman
Smart Chip Technologies

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