Richard W. Vague, former chairman and chief executive officer at Bank One Corp.'s First USA credit card division, has been quietly assembling a team of his former staff members to operate his new start-up venture, an Internet company called Dryrock Corp.

According to sources familiar with Dryrock's business plan - which is still in its formative stage - Mr. Vague plans for the company to focus on business-to-business payments over the Internet.

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