QSI PAYMENTS: QSI Payments, Inc.,
selected by ICICI Limited to provide
Internet-based payment service;
Secure electronic payments for
leading Indian financial institution
M2 Communications - Wednesday, February 16, 2000
FEB 16, 2000, M2 Communications - Mumbai, India -- QSI Payments Inc, the
world's leading supplier of Internet-based payment systems, today announced
that it's Secure Payments Architecture has been selected by ICICI Ltd. (NYSE: IC
and IC.D) for ICICI's new online Business-to-Consumer (B2C) and
Business-to-Business (B2B) Payment Gateway.
QSI Payments will be working closely with Compaq India, a subsidiary of Compaq
Computer Corporation (NYSE: CPQ), and Financial Software & Systems Pty Ltd.
on the ICICI gateway service. Their advanced software architecture will enable
credit, debit and smart card payment processing as well as direct bank debits and
electronic checks (e-checks).
ICICI will be the first financial institution to implement a comprehensive
Internet-based payment service in India. The USD 13 billion ICICI Corporation will
provide services to both corporate customers, and merchants. They will also offer
services to other financial institutions by sharing the ICICI e-payments service, one
of the many unique features of the QSI Secure Payments Architecture.
"The ICICI e-commerce Payment Gateway will launch a state-of-the-art Internet
payment system and is set to open the world of e-commerce to many more
merchants, consumers and businesses by significantly lowering the cost and
complexity of enabling secure transactions over the Internet," said Mr. K V Kamath,
MD & CEO, ICICI Ltd.
QSI Payments was selected ahead of IBM and Hewlett Packard due to their ability
to deliver an end-to-end Internet-based payments architecture that caters for a
range of payment methods (supporting both B2C and B2B). Ease of integration and
strong security were also seen as essential differentiators.
"QSI Payments is extremely pleased to be working with ICICI on this strategic
initiative," said John Richards, QSI Payments' President and CEO. "This latest
success highlights QSI Payments' leadership as the provider of the world's most
secure Internet-based payments software".
QSI Payments continues to win acclaim following recent agreements with HSBC,
MasterCard and NYCE Corporation.
About QSI Payments, Inc
QSI Payments is a leader in providing Internet-based payment solutions to the
world's financial institutions. QSI Payments developed the first smartcard debit
system in 1996, and since then has implemented electronic payment solutions in
Asia, the UK, the US and Australia. QSI Payments is receiving international
recognition for its unique payment architecture, which addresses many of the
shortcomings of competitive systems. QSI Payments web address is
www.qsipayments.com.
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