Verisign, American Express and Ariba to Deliver ext-Generation Payment Infrastructure for B2B E-Commerce
Buyers and suppliers to benefit from integrated card processing solution
Mountain View, Calif. - June 5, 2000 - VeriSign, Inc. (Nasdaq: VRSN), the leading provider of Internet trust services, American Express Company (NYSE: AXP), the world's largest corporate card provider, and Ariba, Inc. (Nasdaq: ARBA), the leading business-to-business (B2B) e-commerce provider, today announced a strategic relationship to deliver the first integrated card payment processing utility for online business-to-business transactions.
As part of the relationship, Ariba will integrate VeriSign's B2B payment connectivity services with the Ariba Commerce Services Network? (Ariba CSN) to process American Express payments. Leveraging this integrated payment solution, Ariba will provide buyers and suppliers with the ability to exchange and process American Express payments electronically through Ariba CSN, which will further reduce the costly extra steps and manual processes in the authorization, settlement and reconciliation process.
"Companies are embracing B2B eCommerce as a means to significantly lower costs and widen their trading networks. Through this integrated e-purchasing and payment solution, companies will now have the confidence to migrate key business processes--such as over the Internet," said Mac?ordering, invoicing, payment and settlement Schuessler, vice president of E-Payment for American Express Corporate Services. "This integrated solution allows us not only to enable true online transaction processing, but is also paving the way for future payment services."
The integrated payment solution will enable buyers and suppliers to electronically exchange payment transactions with each other, allowing requests for payment to be triggered at shipment time, based on established purchase order prices. This capability allows more accurate payment processing and will help reduce overall order process cycle time for buyers and sellers. Buyers will benefit from reduced transaction cycle times and ease in transaction reconciliation by paying only for goods delivered.
"Corporate buyers and suppliers of all sizes can now leverage the next generation of electronic payment services to accelerate high volume and high value e-commerce transactions," said Mark McLaughlin, vice president and general manager of VeriSign's payment services group. "Through the seamless integration of our B2B payment services with American Express' Corporate Purchasing Card network and the Ariba Commerce Services Network, businesses can now conduct secure B2B transactions, enabling them to leverage existing payment relationships in the online world."
To deliver an integrated payment solution, the companies expect to create a new cXML standard that provides encrypted processing of charge cards utilizing VeriSign's "XML Pay" schema. The "XML Pay" schema is a flexible, multi-purpose protocol.
"With the dramatic acceleration in the deployment of buy-side, sell-side and marketplace solutions, there is a growing demand for a new generation of Internet-based payment services that can be tightly integrated to B2B business processes," said Eric Bochner, vice president of Ariba Commerce Services. "VeriSign enables the traditional offline card process to be integrated with e-commerce transactions on the Ariba Commerce Services Network, resulting in better data and lower costs for buyers and suppliers. This alliance is our latest step in building an open network of commerce services with leading infrastructure and service providers."
Ariba CSN is a suite of Web-hosted services delivered globally by leading commerce services providers to B2B buyers, suppliers and marketplaces on the open Ariba B2B Commerce Platform.
VeriSign New Family of B2B Trust Services
VeriSign's B2B Trust Services facilitate high value transactions between enterprises and their trading partners on the Internet. These services enable real-time proof of the identity and privileges of buyers and suppliers through the distribution of digital credentials (certificates); the ability to process a wide range of payment types through connectivity with an array of financial institutions, payment processors and back-end payment networks; and the delivery of value-added services such as digital records, digital receipts and dispute resolution services to enhance the non-repudiability of transactions and communications between trading partners.
About VeriSign
VeriSign, Inc. (Nasdaq:VRSN) is the leading provider of Internet trust needed by Web? including authentication, validation and payment ?services sites, enterprises, electronic commerce service providers and individuals to conduct trusted and secure electronic commerce and communications over IP networks. VeriSign's trust services for enterprises and electronic commerce service providers are available through regional account representatives, resellers, and VeriSign affiliates worldwide. The company's digital certificate services for Web sites, developers and individuals are available through www.verisign.com
About American Express
American Express Company (www.americanexpress.com) is the leading global provider of commercial cards and expense management solutions. Through its Corporate Services group, formed in 1982, the company counts more than 70 percent percent of the FORTUNE 500, along with tens of thousands of mid-sized companies, as customers of its Business Travel, Corporate Card, Corporate Purchasing Card and Consulting Services group. In 1996, a unit called Corporate Services Interactive was formed to develop Internet-based products and services for large and mid-sized companies, including American Express @ Work for online Card program administration; AXI Travel and Corporate Travel Online for online corporate travel reservations; and the B2B Commerce Network.
The American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a leader in charge and credit cards, Travelers Cheques, travel, financial planning, investment products, insurance and international banking.
About Ariba, Inc.
Ariba, Inc. is the leading provider of B2B services and solutions to leading companies around the world, including more than 15 of the FORTUNE 100. The company delivers an open, end-to-end, best-of-breed platform of interoperable solutions to build B2B marketplaces, manage corporate purchasing, and electronically enable suppliers on the Internet. Together, Ariba's Internet services and software integrate commerce processes of B2B marketplaces, buyers, suppliers and commerce service providers to create global economies of scale for all participants. Ariba can be contacted in the U.S. at +1-650-930-6200 or at www.ariba.com. |
