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Monday January 27 2:25 PM EDT
VeriFone Announces SET Pilot Products for Secure Internet Payment
Solutions
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Jan. 27, 1997-- Verifone Inc today announced the introduction of its
Secure Electronic Transaction (SET) Pilot Product Suite.
VeriFone's SET Pilot Products will offer a complete end-to-end software solution for Internet payments and consist of
SET-compliant versions of VeriFone's vPOS, vGATE and vWALLET software. This software is being designed to allow
merchants and financial institutions to participate in SET pilot programs to deploy secure Internet payment services.
"The launch of VeriFone's SET Pilot Products underscores VeriFone's commitment to developing SET-compliant software
applications," said George Hoyem, vice president and general manager of VeriFone's Internet Commerce Division. "VeriFone
is committed to the SET standard and we believe that this standard will bring the Internet commerce industry together with a
unified secure transaction standard. We fully support and endorse this standard."
The SET protocol is being developed by MasterCard and Visa in conjunction with VeriFone and other companies as a
security standard for Internet transactions. VeriFone's SET products are being designed to support SET protocol standards as
they are released. VeriFone is one of the first Internet commerce suppliers to commit to support and deploy solutions that
meet the SET standard.
"SET will provide the safe and secure way to implement electronic commerce on the Internet," said Steve Mott of
MasterCard. "VeriFone's announcement of products to support SET pilots will accelerate the adoption of SET. We support
VeriFone's continued drive to bring SET-based secure transactions to financial institutions and their merchants."
"Visa is pleased to see VeriFone's endorsement of SET highlighted today by the announcement of VeriFone's SET-compliant
software applications," said Steve Herz, senior vice president for electronic commerce, Visa International. "We encourage the
adoption of SET as a global Internet payment standard by all parties involved and VeriFone's efforts are yet another step
forward towards that goal."
The VeriFone SET Pilot Products will include SET-compliant versions of the following: -- VeriFone vGATE Internet gateway
for financial institutions and
payment processors to accept and process Internet transactions;
-- VeriFone vPOS merchant software for Internet businesses to accept
secure credit-card payment and provide on-line authorization and
payment-management functions; and
-- VeriFone vWALLET payment application for consumers to allow
SET-compliant credit-card purchases.
vGATE and vPOS are currently being used by Wells Fargo Bank to provide live Internet payment services to its Internet
merchants. The SET-compliant products are extensions of these working solutions and are designed to be upgradeable to
production-level SET when the protocol is released by MasterCard and Visa.
Hewlett-Packard and VeriFone plan to partner to provide complete software, hardware and integration support services to
financial institutions implementing SET pilots. As part of this alliance, HP will be providing HP-UX based servers, NT-based
HP servers, HP security products and systems integration and support services for financial institutions entering the Internet
payment market.
The VeriFone-HP SET pilot offering is being evaluated for deployment in pilot programs throughout Asia and Europe.
The Company
VeriFone Inc. (http://www.verifone.com), the leading global provider of secure payment solutions, delivers electronic payment
systems to financial institutions, merchants and consumers, as well as government agencies, healthcare providers and benefits
recipients. The company's more than 30 facilities including regional offices, development centers and manufacturing and
distribution centers are located throughout North and South America, Europe, Asia, Africa, Australia and the Pacific.
VeriFone has shipped more than five million Transaction Automation systems, which have been installed in 100 countries. The
company's 1996 net revenues totaled $472.5 million.
NOTE TO EDITORS: VeriFone is a registered trademark of VeriFone Inc. vGATE, vPOS and vWALLET are trademarks
of VeriFone Inc.
All other products or company names mentioned are used for identification purposes only, and may be trademarks of their
respective owners.
CONTACT: VeriFone Inc.
Kimberly Kasper, 415/617-8000
kimberly_k1@VeriFone.com
or
Copithorne & Bellows
Alissa Bushnell, 415/975-2224
alissa.bushnell@cbpr.com |
