Authorize.Net is now providing part of the electronic payment infrastructure that New York State is using in its Electronic Value Transfer (EVT) program. According to New York State's website (http://www.tax.state.ny.us/evta/overview.htm), the purpose of the EVT is to:
In response to the growing demand for greater convenience in conducting business and interacting with government, New York enacted legislation authorizing State agencies to collect fines, fees, rates, charges, taxes, interest, penalties, and other revenues and financial obligations through electronic payments, including card-based (e.g., credit cards) and non-card (e.g., electronic fund transfers) transactions. To provide a statewide approach to implementing electronic value transfer programs, this legislation established the Electronic Value Transfer Administrator (EVTA).
The following webpage on NY State's website states that Authorize.Net is a subcontractor, along with Verisign, to Global Payments, one of two companies contracted by NY State presumably to run the actual payment infrastructure that EVT uses. Global Payments turns out to be a company with a $1 billion market cap. that got its NY Stock Exchange listing about a year and a half ago.
On March 1, 2001, Global Payment put out the following press release about its new relationship with Authorize.Net, but Infospace did not issue a news release of its own:
globalpaymentsinc.com
Global Payments To Use InfoSpace’s Leading Payment Processing Platform Authorize.Net for Secure Inte
Atlanta, Thursday, March 01, 2001 – An agreement designed to expand Global Payments’ secure, real-time Internet payment offerings was announced today.
Under the terms of the agreement, Global Payments will add InfoSpace’s Authorize.Net payment processing platform to its line of Internet-based payment solutions. Authorize.Net provides a transaction-processing gateway for businesses selling goods and services online allowing merchants to authorize, process and manage credit card payments in real-time from their Web site. Authorize.Net Web-based interface also enables merchants to accept payments from call center, MOTO, wireless, and retail environments.
"This relationship is great news for any merchant whose business depends on a functional, reliable eCommerce payment method, as well as the professional, dependable bankcard service for which Global Payments is known," said, Senior Vice President, Business Development for InfoSpace, Jeff Marcous.
"The agreement between Global Payments and InfoSpace emphasizes our company’s strong commitment to the expansion of electronic commerce services and secure Internet payment processing solutions that make it fast and convenient for merchants to sell online," said Barry W. Lawson, CIO of Global Payments Inc.
InfoSpace’s Authorize.Net has been pioneering online payment processing solutions since 1996 and is the most widely integrated gateway solution in the world with over 100,000 merchants enabled to accept secure, real time payments 24 hours a day from any browser accessible source.
Global Payments Inc. (NYSE: GPN) is a leading provider of electronic transaction processing services to merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations. Global Payments offers a comprehensive line of payment solutions, including credit and debit cards, business-to-business purchasing cards, gift cards, check guarantee, check verification and recovery, terminal management and funds transfer services.
Maybe Infospace management deemed this business win to be too small to bother issuing a press release about but the results of this alliance appear to have borne Infospace some fruit. |
