CyberCash Supports Checkfree E-Bill
CyberCash Will Expand Its Existing Relationship With CheckFree by Supporting the E-Bill Service
RESTON, Va., March 5 /PRNewswire/ -- CyberCash, Inc. (Nasdaq: CYCH), the leading developer of total Internet payment solutions announced today that it is the first Internet payment provider to declare its support for CheckFree's new Bill Presentment service. CheckFree's new bill presentment service will allow financial institutions to offer utilities, phone companies and other businesses the ability to present billing statements and consumers to pay their bills electronically over the Internet. CyberCash will support participating financial institutions and billers by expanding its existing secure link with CheckFree to allow users of its Electronic Wallet to also pay bills securely using CheckFree processing.
By using CheckFree E-Bill, customers will be able to visit one central Web site where they can receive and pay all of their bills with the touch of a button. Customers will be presented with full-color, electronic bills -- complete with graphics, logos and full billing detail -- on their PC screens. Even the information typically printed on the back of a bill is available for easy viewing. Once paid, customers can store the bill electronically for future reference.
CheckFree's central-site E-Bill solution can easily be incorporated into financial institutions' banking and bill payment services. As the leading provider of electronic commerce services, CheckFree provides electronic banking and bill payment services for more than 225 financial institutions, including nine of the top 10 banks in the United States, and 1.3 million consumers.
"CheckFree will provide the flexibility that banks and billers need to customize the presentation of statement data and provide the ability for consumers to pay either directly or utilizing their CyberCash Wallet," said Mark Phelan, Executive Vice President, Business Development for CheckFree.
This alliance continues CyberCash's commitment to enable financial institutions to extend the services they offer in the physical world, to the Internet. CyberCash provides the security technology necessary to allow financial institutions to offer their customers the ability to make secure electronic cash and check transactions over the Internet. This technology provides customers with the capability to utilize existing financial instruments to make payment in a whole new medium.
Billers and banks working with CheckFree will be able to issue a bank-branded Electronic Wallet from CyberCash. Customers can use the Electronic Wallet to access their accounts for making bill payments through the new CheckFree service. The branding of the Electronic Wallet provides the financial institutions and the billers with not only an advertising opportunity but also reinforces their relationship with their customers, building trust electronically and encouraging use of the new service. The customer-initiated payments for cash, check and credit will be delivered via CyberCash's secure technology and utilize CheckFree's clearing and settlement system.
"We will continue to support CheckFree and build upon our existing relationship we announced in July of 1995 by linking CyberCash's suite of secure electronic payment solutions to CheckFree's new bill presentment and settlement service," said Richard Crone, Vice President and General Manager for CyberCash.
About CyberCash
CyberCash, Inc., of Reston, Virginia, founded in August 1994, is a leading developer of software and service solutions for secure financial transactions over the Internet. The CyberCash system is designed to allow banks to offer secure Internet payments to their customers. CyberCash works with virtually all financial processing institutions, and is currently working with VISA and MasterCard to develop and implement the Secure Electronic Transaction (SET) protocol for online credit card transactions. The company offers a complete suite of Internet payment solutions including: the company's initial service, which handles payments using major credit cards introduced in April 1995, the company's innovative micropayment service, which enables cash transactions launched on Sept. 30, 1996, and the PayNow Secure Electronic Check Service, which allows consumer-to-business and business-to-business funds transfer via checking accounts.
About CheckFree Corporation
Founded in 1981, CheckFree Corporation (Nasdaq: CKFR) is the leading provider of electronic commerce services, software and related products for more than 1.3 million consumers, 1,000 businesses and 850 financial institutions. CheckFree, designs, develops and markets services that enable its customers to make electronic payments and collections, automate paper-based recurring financial transactions and conduct secure transactions on the Internet.
SOURCE CyberCash Inc. |
