VeriSign Signs Agreement with eConnect to Provide Secure Payment Gateway for Credit and PIN Entered Debit Transactions
eConnect`s "eCashPad" hardware solution to route data through VeriSign`s secure gateway; giving consumers and small businesses confidence in conducting online transactions
Mountain View, CA, July 2, 2001 - VeriSign, Inc. (NASDAQ NM: VRSN), the leading provider of Internet trust services, today announced that eConnect (ECNC:OTCBB), developer of eCashPad payment technologies, has signed an agreement with VeriSign to provide gateway services for its credit transactions and PIN entered debit transactions.
eConnect`s eCashPad terminal, similar to a supermarket swipe card terminal, will enable customers to make Internet purchases using credit cards or PIN entered ATM cards. The information in these transactions is encrypted and sent directly to the eConnect Bank Eyes Only System through VeriSign`s payment services gateway. No personal card data is stored at the merchant`s Web site.
Under the terms of the agreement, Web merchants wishing to be paid through an eCashPad "card present" credit transaction or PIN entered debit transaction, will first sign on with VeriSign which will then provide payment gateway services for eConnect`s "card present" originated transactions.
"VeriSign provides secure payment gateway services for the broadest range of Internet payment solutions," said Chris Wynne, vice president of VeriSign`s payment services business. "We`re excited to work with eConnect to enhance its eCashPad services and enable more people to use the Internet with confidence."
"This agreement gives eConnect the industry`s strongest gateway partner to ensure the security of our customers` transactions as eConnect signs on Bank Eyes Only merchants," said Thomas S. Hughes, chairman and CEO of eConnect. A Bank Eyes Only transaction is when no personal financial card data is stored at the merchant`s Web site.
eConnect`s eCashPad is a secured payment-processing device which connects to most computers and is designed to allow easy and secure credit card present transactions on the Internet. At $59.95, the eCashPad device represents a fundamental shift in Internet commerce whereby home devices will enable card present credit card payments and ATM card with PIN entry cash payments.
VeriSign delivers a real-time, highly scalable and reliable Internet payment platform that enables companies to authorize, process, and manage multiple payment types (including credit cards, debit cards, purchase or procurement cards, Internet checks and automated clearing house transactions), multi-currency options, and different payment models online. To safeguard the transmission of data, VeriSign uses the latest secure SSL encryption technology to ensure data safety.
About eConnect
Based in San Pedro, Calif., eConnect Inc. is focused on delivering next-generation e-payment solutions. The company develops proprietary hardware, software and transaction processing services.
This news release may contain forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements relating to the company`s expectations regarding the integration of docHarbor into the Document Solutions business unit. These forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from those contemplated by the forward-looking statements.
About VeriSign
VeriSign, Inc. (NASDAQ NM: VRSN) is the leading provider of trusted infrastructure services to Web sites, enterprises, electronic commerce service providers and individuals. The company`s domain name, digital certificate and payment services provide the critical Web identity, authentication and transaction infrastructure that online businesses require to conduct secure e-commerce and communications. VeriSign`s services are available through its Web sites (www.verisign.com) or through its direct sales force and reseller partners around the world.
Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause VeriSign`s actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, VeriSign`s limited operating history under its current business structure, uncertainty of future revenue and profitability and potential fluctuations in quarterly operating results, increased competition, risks associated with the company`s international business and risks related to potential security breaches. More information about potential factors that could affect the company`s business and financial results is included in VeriSign`s filings with the Securities and Exchange Commission, especially in the company`s Annual Report on Form 10-K for the year ended December 31, 2000 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2001. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release.
VeriSign is a registered trademark of VeriSign, Inc. Other names may be trademarks of their respective owners.
VeriSign Contacts:
Media:
Patrick Burns
pburns@netsol.com
+1-703/948-4471
Investor Relations:
Katie Ochsner
kochsner@verisign.com
+1-650/429-3512
EConnect Contact:
Investor Relations:
Manny Vavolizza
Evavolizza@aol.com
845 626 3732
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