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To: noiserider who wrote (19824)	10/3/2002 1:18:38 PM
From: StocksMan	Read Replies (1) \| Respond to of 20297

NACHA to Demonstrate Project ACTION's Bank-Centric Internet Payment System Business Case Estimates New Banking Industry Revenue of $1 Billion In 5th Year from Internet Payment and Authentication Services Thursday October 3, 9:02 am ET HERNDON, Va., Oct. 3 /PRNewswire/ -- The Board of Directors of NACHA - The Electronic Payments Association has approved moving to the next phase of Project ACTION. "Phase 2" will be a proof-of-concept project to build and test the bank-centric Internet payment system developed by Project ACTION's members. Under this phase, NACHA plans to form a limited liability corporation, recruit financial institution owners of the corporation, issue a request for proposals, build the ACTION infrastructure, and conduct live transactions. "The financial institution members of Project ACTION determined that it makes sense to pursue a proof-of-concept phase," said Steve Ellis, Executive Vice President of Wells Fargo and Company, who chaired ACTION's Financial Institutions Committee. . . Project ACTION -- ACH Credit Transactions Initiated Online -- is an effort to solve the privacy, security and authentication issues related to Internet payments. The members of Project ACTION have completed a business case that estimates new banking industry revenue of $1 billion in its 5th year of operation from Internet payment and authentication products and services. "The ACTION business case shows that financial institutions can make money by providing value-added Internet-based payment and authentication services to their deposit customers," said Charles B. Bretz, Senior Vice President of Compass Bank, who chaired Phase 1 of Project ACTION. "ACTION puts the financial institution's brand at the center of its customers' e-commerce transactions, and is a new income opportunity for depository financial institutions of any type and size. . ." biz.yahoo.com