Does this development worry anybody? If this works (big if) then who would need checks at all? Seems that this could be a universal payment system.
Six Companies Announce Plans to Support Proposed Digital Payments Industry Standard
MIAMI--(BUSINESS WIRE)--Dec. 7, 1999--
First Data Corp., Compaq, TSA, Certicom, InterWorld and CyberSafe
cooperating to develop AADS digital payments infrastructure
A group of leading technology companies today announced its support and plans to develop the Account Authority Digital Signature (AADS) and proposed Accredited Standards Committee (ASC) X9 digital payments standard.
First Data Corp., Compaq Computer Corp., Transaction Systems Architects (TSA) Corp., Certicom, InterWorld Corporation (INTW) and CyberSafe together made the announcement at the Bank Administration Institute (BAI) Retail Delivery 1999 Conference here.
These companies are developing solutions for a secure digital payments infrastructure based on AADS, to be used on either the Internet or at point-of-sale terminals. A demonstration -- including a reference implementation and Internet-based merchant web site -- is available at the conference. (To make an appointment to see the demo, visit booth No. 1242.) An implementation of this secure digital payments solution uses a smart card and personal identification number (PIN), that, when combined, provide a secure "digital signature" for purchases transacted either on the Internet or at a point-of-sale terminal. The PIN activates the signing key in the smart card to give each transaction a unique digital signature. Once initiated, the secure transaction is authenticated as being uniquely associated with the buyer, and is securely transferred through the authentication process.
This digital signature system provides the purchaser with a greater degree of security and privacy than traditional systems, while simultaneously providing the merchant with greatly reduced charge-back and transaction repudiation. With AADS, the card issuer, which has the existing consumer relationship, handles both the authentication and the transaction authorization. By eliminating the need for third-party authorization, the likelihood of theft of credit card content and information -- including numbers on the Internet -- is reduced. The AADS solution applies equally to credit card or debit card processing.
"First Data is supporting this and other security and authentication solutions and protocols desired by consumers, merchants and bank card issuers. We are committed to ensuring that electronic transactions -- whether over the Internet or at a brick-and-mortar merchant location -- are as safe and secure as possible," said Lee Adrean, executive vice president of First Data Corp., responsible for the company's Internet Commerce initiatives.
"CyberSafe and First Data have been working together to meet an important market requirement for digital payments -- security infrastructures that provide a worry-free environment for consumers and merchants in conjunction when using real or virtual smart cards," said Jim Cannavino, chairman and CEO of CyberSafe Corp. "CyberSafe believes that AADS is the basis for financial settlement, security, and on-line shopping experiences that directly address consumer security and privacy concerns as well as eliminate merchant concerns related to charge-backs and repudiation of charges."
Each of the companies supporting the statement of direction will contribute a unique and important part of the infrastructure:
-- First Data Corp. intends to support its customers by providing
AADS-enabled transaction processing services and smart cards.
-- TSA intends to support AADS in software and services based on its
BASE24(R), i24(TM) and e24(TM) product lines, with particular
focus on implementation of a "PIN Debit on the Internet"
capability.
-- Certicom intends to provide the elliptical curve encryption
technology for smart card and authentication engines.
-- Compaq currently ships certain components of the Compaq desktop, server, and laptop product lines enabled for reading/signing AADS
smart cards. Compaq also provides the Compaq NonStop(TM) Himalaya
S-series product line that supports TSA BASE24(R) software
product offerings.
-- InterWorld intends to offer digital signature support as part of
its Enterprise Commerce solution.
-- CyberSafe will enable security for AADS, by providing e-commerce
application developers a software development kit (SDK) and other
security infrastructure products and services to enable rapid
deployment of an AADS infrastructure.
About First Data
Atlanta-based First Data Corp. (NYSE:FDC) helps move the world's money. As the leader in electronic commerce and payment services, First Data serves more than two million merchant locations, 1,400 card issuers and millions of consumers, making it easier, faster and more secure for people and businesses to buy goods and services. For more information, please visit the company's web site at www.firstdatacorp.com.
About InterWorld
InterWorld Corporation is leading the Enterprise Commerce movement that enables businesses to compete and evolve in today's new digital economy. With InterWorld's Commerce Exchange solution, manufacturers, distributors and retailers can get to market quickly, scale to meet growing demands, as well as, evolve to keep pace with changing market conditions and customer demands. For more information, visit www.interworld.com.
About TSA
Transaction Systems Architects' (Nasdaq:TSAI) software facilitates electronic payments by providing consumers and companies access to their money. Its products are used to process transactions involving credit cards, debit cards, smart cards, home banking services, checks, wire transfers as well as automated clearing and settlement. TSA solutions are used on more than 3,200 product systems in 75 countries on six continents. For more information, visit www.tsainc.com.
About Certicom
Certicom is a leading provider of next-generation encryption technology used to build strong, fast, and efficient security solutions. Major computing and communications companies, such as 3Com/Palm Computing, BellSouth Wireless Data, Hewlett-Packard, Motorola, Pitney Bowes and VeriFone, incorporate Certicom technology into electronic commerce software, wireless messaging applications, and smart cards. For more information, visit www.certicom.com.
About Compaq
Compaq Computer Corporation is the second-largest computer company in the world and the largest global supplier of computer systems. Compaq develops and markets hardware, software, solutions, and services, including industry-leading enterprise computing solutions, fault-tolerant business-critical solutions, enterprise and network storage solutions, commercial desktop and portable products, and consumer PCs. Customer support and information are available at www.compaq.com
About CyberSafe
CyberSafe is a privately held corporation founded in 1991. Its award-winning TrustBroker(TM) Security Suite, Defensor(R), and Centrax(TM) product lines are designed to enable secure electronic business, while reducing administration costs. CyberSafe is headquartered in Issaquah, Wash., and on the World Wide Web at www.cybersafe.com, please send requests to info@cybersafe.com.
CyberSafe, Defensor and the CyberSafe logo are registered trademarks of CyberSafe Corporation and its wholly owned subsidiaries. TrustBroker and Centrax are trademarks of CyberSafe Corporation and its wholly owned subsidiaries. All other products and trademarks are the property of their respective owners.
CONTACT:
First Data Corp.
Caroline Hoke, 770/857-7178
caroline.hoke@firstdatacorp.com
or
CyberSafe
Steve Birge, 425/837-1057
steve.birge@cybersafe.com |
