From: se7en <se7en@dis.org>
Date: Mon, 28 Oct 1996 03:09:29 -0800 (PST)
To: cypherpunks@toad.com
Subject: BankAmerica, First USA to Use Net Software From Verifone
Message-ID: <Pine.BSI.3.91.961028033352.10805F-100000@kizmiaz.dis.org>
MIME-Version: 1.0
Content-Type: text/plain



BankAmerica Corp. and First USA Paymentech have bought Verifone Inc.'s
payment software for the Internet.

They will use VGate and VPos, Verifone's Internet commerce gateway and
merchant software. Terms of the deals were not disclosed.

A third piece of Verifone's electronic commerce offering, VWallet, will be 
available once the MasterCard-Visa Secure Electronic Transactions protocol 
for credit card payments on the Net is adopted.

Banks can use the Verifone technology to deliver private-labeled Internet
commerce services to merchant customers. BankAmerica and First USA
Paymentech join a user list that includes Wells Fargo & Co., Royal Bank of
Canada, and Hitechniaga/MBf Group of Malaysia.

BankAmerica's merchant services unit, which recently announced an initial 
public offering as a stand-alone business, processes credit and debit card 
sales for more than 150,000 merchants. 

First USA Paymentech ranks third in the merchant business. Its credit card 
issuing affiliate, First USA Bank, is one of the largest.

Roger Bertman, a vice president at Verifone, said the reason these banks "are
investing heavily in building the infrastructure" is because "the credit card 
will be the preeminent [on-line] payment instrument."

se7en

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