Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Frank Coluccio Technology Forum - ASAP -- Ignore unavailable to you. Want to Upgrade?

To: ftth who wrote (477)	11/25/1999 11:31:00 PM
From: jmhollen	Read Replies (1) \| Respond to of 1782

Dear Dave, Thanks for the input. I bank totally electronically (..never have even seen the place..), and have automatic payments set up for a number of issues. Some of these are paid electronically, if the recipient is (..large..) so connected. Otherwise, a paper check is generated by the system and snail-mailed to the payee. As of today, I can't fund my brokerage account(s) that way, except by a paper (..takes-a-week, can-get-lost-in-the-mail..) check. eConnect is in new territory here - and, not to far down the road, you may be able to get our system directly from your broker. Our CEO spent the last two weeks going nationwide with a Road Show for the major brokerage and clearing houses. Debit cards use a hardware-entered PIN code, and DES encryption technology, per my understanding; and operate on a different system from the VISA/M-C system. eConnect will be transacting debit and "..smartcard.." payments using the same technical basis as the terminals you see at the grocery store checkout stand. Somewhat contrary to your proposition that merchants don't have an incentive to change; the debit card transaction fee is considerably less than the VISA/M-C fee structure - so based on volume they will be very inclined to cooperate, if not switch. eConnect is involved at a deeper level also; where the transaction is directed exactly into the right account for bill payments, etc. There is no "..sorting out.." for the recipient to do. eConnect is not associated with VISA/M-C, does not use their transaction system, and will save the recipient/merchant money. I'm specifically involved in directing the company's efforts to inform/involve stock brokers/clearing houses, utility companies, and eventually state and local governments. Others within the company are more directed towards e-merchants, etc. Regards, John :-)