FedEx Express Press Releases
fedex.com
NDFC AWARDS SHIPPING CONTRACT TO FEDEX EXPRESS
CHICO, Calif. (July 10, 2000) - National Data Funding Corp. (NDFC) has chosen Federal Express Corp. ("FedEx Express"), the world's largest express transportation company, to provide shipping solutions for the deployment of the highly anticipated eCashpad® developed by eConnect®. The eCashpad will enable consumers and businesses to conduct secure e-commerce transactions using ATM cards or traditional debit and credit card transactions.
The initial shipment of 100,000 eCashpads will pass through FedEx hub facilities in Subic Bay, Philippines, Anchorage, Alaska and Oakland, Calif. They are being manufactured at several plants across Asia and will be distributed throughout the United States. "FedEx sets the industry standard for reliability,'' said Davin Abrahamian, NDFC vice president of administration. "Our transportation needs are based on international expertise, real-time tracking and the time-definite delivery of our product. We simply cannot afford to let days slip by in the distribution process. FedEx is the natural choice to help NDFC quickly go to market with the eCashPad and for all of shipping needs."
The eCashPad will be distributed to customers by merchants and online content providers and is a simple plug and play device. Consumers simply slide an ATM or credit card through the eCashPad, after ordering goods or services. The order then becomes an electronically disguised string of data, which is attached to the customer's order.
Unlike traditional e-commerce transactions, the customer order and account information are detached, with the order directed to the merchant, and the PIN or account number forwarded to a secure transaction management system. Through this management system, the payment information is decrypted and forwarded to the payment processor, effecting a ``Bank Eyes Only'' ™ transaction. The merchant is paid in real time without ever actually receiving the payment information.
NDFC provides distribution, encryption and maintenance services for the shipment of eCashPads, eConnect's (ECNC) first secure electronic payment product. San Pedro, Calif.-based eConnect, a leader in developing global Bank Eyes Only technology, is in the process of acquiring closely held NDFC. eConnect initially will target four distribution channels for the eCashPad: retailers, online brokerages, international gaming sites and the web-based operations of the entertainment industry. The eCashPad will penetrate market demographics similar to those of merchants who already utilize in-store swipe keypads.
Chico, Calif. based NDFC (www.ndfconline.com) provides end-to-end electronic payment services to retailers, e-commerce providers, electronic transfer networks, banks and other financial institutions. NDFC processes approximately two million monthly ATM/debit, credit, electronic benefits transfer and check authorizations, with processing values rapidly increasing towards $1 billion annually. The company reported 1999 revenues of approximately $10 million.
FedEx Express, a subsidiary of FedEx Corp., connects areas that generate 90% of the world's gross domestic product in 24-48 hours with door-to-door, customs-cleared service and a money-back guarantee. The company's unmatched air route authorities and infrastructure make it the world's largest express transportation company, providing fast, reliable and time-definite transportation of more than 3.3 million items to 210 countries each working day. FedEx employs more than 150,000 employees and has more than 43,000 drop-off locations, 650 aircraft and 45,000 vehicles in its integrated global network. The company maintains electronic connections with more than 2.0 million customers via FedEx Powership®, FedEx Ship® and FedEx interNetShip®. FedEx Corp. reported revenues of $18.0 billion for its fiscal year ended May 31, 2000.
Contacts:
Davin Abrahamian
National Data Funding Corp.
davin@ndfc.com
Carla Boyd
FedEx Media Relations
caboyd@fedex.com |
