From: ddt@lsd.com (Dave Del Torto)
Date: Fri, 9 Dec 94 08:56:24 PST
To: cypherpunks@toad.com
Subject: BofA+Netscape
Message-ID: <ab0dce79060210039c1b@[192.187.167.52]>
MIME-Version: 1.0
Content-Type: text/plain


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Lads,

I thought many of you would be interested in the text of this story. I'm
wondering if anyone has any comments on the excryption mechanism (i.e.
"eavesdropping" protection) being used. I believe, from my visits to the
Netscape (formerly Mosaic) Communications Inc. offices that they are using
RSA, but I'm not sure how *secure* their implementation is (eg. key size,
etc.). I'll be contacting my local branch to inquire as to how soon I'll be
able to use the service and will post my experiences with it as soon as
possible.

This development certainly signals a major breakthrough in E$ technology.

   dave
____________________________________________________________
 "Money is the root of all Evil. Send $9.95 for more info."



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Bank of America Goes Online With Credit Card Service

By David Einstein, Chronicle Staff Writer

   In a major step toward electronic commerce, Bank of America announced
yesterday it will launch a system next month for processing credit card
transactions on the Internet.
   The bank, second largest in the United States after Citicorp, will use
software from Netscape Communications to make it safe for merchants and
consumers to do business online.
   Lack of a secure way to transmit credit card information has been the
biggest obstacle to conducting business on the Internet, a global computer
network reaching some 30 million people.
   "Secure payment processing is a critical element to making elec tronic
commerce happen," said Netscape spokeswoman Rosanne Siino. She called the
BofA announcement "a pretty big deal for us." Netscape's software
incorporates data encryption that protects online communications from
eavesdroppers. It also gives both parties in a transaction the ability to
verify each other's identity.
   BofA intends to market its new service to merchants for whom it
currently processes ordinary credit card transactions. The service will be
free to consumers, who will be able to make purchases with almost any
major credit card.
   Officials of the San Francisco based bank said they do not expect online
processing to generate a flood of business immediately. "We anticipate
that the maturity of this product is going to take a year if not years to
develop," said Jim Aviles, vice president of marketing for BofA Merchant
Services.
   Electronic shopping is not expected to catch on until the public gains
widespread, low-cost access to the Internet. Full access is still
expensive and not available everywhere.
   Netscape, an 8-month-old company based in Mountain View, is one of the
leading makers of software used to navigate the Internet via a Windowslike
interface. One of the company's founders is Marc Andreessen, the
23-year-old whiz kid who developed Mosaic, the navigation program that
ignited interest in the Internet last year.
   Yesterday's announcement was the latest in a series of deals involving
Netscape. Late last month, MCI said it would use the company's technology
as the core of its planned internetMCI electronic shopping service.

San Francisco Chronicle  6 December 94
(Business) Section D, Pg 1 ("D1")

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