BW0122 SEP 19,2001 5:31 PACIFIC 08:31 EASTERN
( BW)(WA-INFOSPACE/WELLS FARGO)(INSP)(WFC) Nation's Leading Internet
Bank Selects InfoSpace's Authorize.Net Payments Platform for New
SecureSource Service
Business/High-Tech Editors
BELLEVUE, Wash.--(BUSINESS WIRE)--Sept. 19, 2001--InfoSpace, Inc.
(NASDAQ:INSP), a leading provider of the platform and applications
that enable partners to deliver consumer and commerce services across
the Internet to any device over current and next-generation networks,
today announced that Wells Fargo & Company (NYSE:WFC), the nation's
leading internet bank1, has selected InfoSpace's payment processing
platform, Authorize.Net(TM), for Wells Fargo's SecureSource(SM)
payments service.
The new service is an integrated payments solution enabling
business customers to accept, fraud-screen and settle credit card and
electronic check transactions online -- using a single interface.
Customers enroll for the new service online and receive an approval
decision in seconds. In addition, the service gives customers the
ability to view and manage their online payments account and
transaction history in real-time -- making financial reconciliation
and customer dispute management simple and efficient.
"We were the first financial institution to develop proprietary
risk and fraud management technology and to integrate it into
person-to-person online payments, said Debra Rossi, executive vice
president of business Internet services for Wells Fargo. "As the
leading Internet bank and the leading small business lender, we
continue to pioneer products and services that offer small business
customers a direct, practical enhancement to how they manage and grow
their small businesses online." The SecureSource service features
Wells Fargo's proprietary risk and fraud management technology, and
electronic check product.
"InfoSpace's merchant services processed over $1 billion in
transactions in the first half of this year. Working with a leading
financial institution such as Wells Fargo, we continue to extend our
reach and drive increased transaction volumes through our platform,"
said Naveen Jain, chairman and chief executive officer of InfoSpace.
"This relationship demonstrates our commitment to providing partners
with the tools they need to deliver a wider range of services to their
customers, build stronger brands and develop new revenue streams."
InfoSpace's Authorize.Net(TM) service has been pioneering online
payment processing solutions since 1996 providing server-based payment
solutions that enable merchants to process transactions in a secure,
real-time environment 24 hours a day. Over 120,000 merchants have
signed up for Authorize.Net, which enables merchants to authorize,
process, and manage credit card and electronic check transactions on
Internet-enabled mobile devices and personal computers.
About InfoSpace, Inc.
InfoSpace, Inc. (NASDAQ:INSP) provides an integrated technology
platform and suite of applications that enable partners to deliver
consumer and commerce services across the Internet to any device over
current and next-generation wireless, broadband and narrowband
networks. The Company's array of products includes consumer services,
such as communication, entertainment, gaming and speech applications,
as well as commerce services, including payments, promotions and
shopping. Together, the InfoSpace platform and applications comprise a
highly flexible and scalable end-to-end solution that can be rapidly
deployed under a partner's brand. InfoSpace's partners and affiliates
include more than 3,200 Web sites and companies worldwide, including
Verizon, AT&T Wireless, Cingular Wireless, ALLTEL, Virgin Mobile,
Charles Schwab, Intel, Lucent, Nortel, AOL, Microsoft, Lycos, National
Discount Brokers and Bloomberg, among others.
This release contains forward-looking statements relating to the
development of InfoSpace, Inc.'s products and services and future
operating results, including statements regarding InfoSpace's
agreement with Wells Fargo & Company, that are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those projected. The words "believe," "expect,"
"intend," "anticipate," variations of such words, and similar
expressions identify forward-looking statements, but their absence
does not mean that the statement is not forward-looking. These
statements are not guarantees of future performance and are subject to
certain risks, uncertainties and assumptions that are difficult to
predict. Factors that could affect InfoSpace's actual results include
the progress and costs of the development of our products and services
and the timing of market acceptance of those products and services. A
more detailed description of certain factors that could affect actual
results include, but are not limited to, those discussed in
InfoSpace's Annual Report on Form 10-K, in the section entitled
"Factors Affecting Our Operating Results, Business Prospects and
Market Price of Stock." Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of
the date of this release. InfoSpace undertakes no obligation to update
publicly any forward-looking statements to reflect new information,
events or circumstances after the date of this release or to reflect
the occurrence of unanticipated events.
1 Nielsen//NetRatings June, 2001
--30--MS/se*
CONTACT: InfoSpace, Inc.
Adam Whinston, 425/201-8946
adam.whinston@infospace.com
KEYWORD: WASHINGTON
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS INTERNET NETWORKING
MARKETING AGREEMENTS PRODUCT
SOURCE: InfoSpace, Inc.
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