If we can cut back on the buyout hype, what is the impact of the FVHI agreement? Thanks.
Cybercash and First Virtual Holdings Announce Cooperative Agreement;
E-Commerce Pioneer Migrates Client Base En Masse to Cybercash
RESTON, Va., July 20 /PRNewswire/ -- CyberCash, Inc. (Nasdaq: CYCH - news), the world's leading provider of
electronic commerce payment solutions, and First Virtual Holdings Incorporated (Nasdaq: FVHI - news), now a provider of
premier Internet messaging services, today announced a preliminary cooperative agreement to offer all of First Virtual's
merchants and buyers a migration path to CyberCash's CashRegister Payment Service. This migration will enable First Virtual
to focus on its best-of-breed Interactive Messaging Platform. Exact terms of the agreement were not disclosed.
Under the terms of the preliminary agreement, CyberCash will provide its premier Internet payment solution to over 2,000
merchants who previously used the First Virtual Internet Payment System (IPS). In exchange, First Virtual's best-of-breed
Interactive Messaging Platform (IMP) will be Cybercash's preferred solution for interactive messaging. Although First Virtual
was one of the early entrants to the Internet payment service business a few years ago, the company will exit that business to
focus on its successful messaging technology services. Before First Virtual ceases its IPS operations in August, all 2000+
merchants and 60,000+ active buyers of the First Virtual IPS will be encouraged to deploy CyberCash's payment technologies
and services.
CyberCash's Cash Register 3 e-commerce service gives merchants easy installation and automatic upgrades. Cash Register 3
includes the most advanced security available, the Internet's widest range of payment options and the scalability to meet the
needs of merchants in any industry and in all stages of growth.
Bill Melton, President and Chief Executive Officer of CyberCash, stated, ''We are now in a position to link our best-of-breed
e-commerce payment solutions with First Virtual's best-of-breed messaging system. Our partnership will offer Internet
businesses the easiest and most secure means of bringing e-commerce to their customers.''
Payment processing, which is a key component of First Virtual's messaging offering, will now be supplied by CyberCash. The
payment systems will be integrated into the Interactive Messaging Platform. Keith Kendrick, President of First Virtual, said,
''Our messaging clients expect that when their communications lead to sales, payment processing will be quick and easy. We
will offer our clients CyberCash solutions, the finest Internet payment processing products and services available worldwide.''
CyberCash's Bill Melton said, ''First Virtual's Interactive Messaging Platform will enhance our offering so that we can
communicate with our customers far more effectively. Their technology is truly superior, and we are glad to have them as a
strategic business partner and as a member of the SOFTBANK family.''
First Virtual's messaging services enable companies to perform transactive messaging in addition to targeted, personalized,
interactive broadcasts. This is particularly valuable in direct marketing of goods and services, and in providing critical
information such as a confirmation of account status and transactions to customers. First Virtual's Interactive Messaging
Platform (IMP) is based upon the expertise of its founders and the technology and experience gained during four years of
development and operation of its messaging-based Internet Payment System. CyberCash will use First Virtual's IMP to aid in
the merchant migration effort and plans to recommend First Virtual's IMP to its growing customer base, worldwide.
About CyberCash
CyberCash is the world leader in secure, convenient payment technologies and services, enabling e-commerce across the entire
market spectrum from electronic retailing environments to the Internet.
CyberCash provides a complete line of software products and services allowing merchants, billers, financial institutions and
consumers to conduct secure transactions using the broadest array of popular payment forms. Credit, debit, purchase cards,
cash, checks, smart cards and alternative payment types (e.g., ''frequent buyer'' or loyalty programs ) are all supported by
CyberCash payment solutions. Leading brands of CyberCash include ICVERIFY(R), PCVERIFY(TM), CashRegister(TM),
NetVERIFY(TM), CyberCoin(R) and PayNow(TM).
For financial institutions, software developers and integrators, commerce and Internet service providers, and technology
partners, CyberCash solutions are the preferred choice, offering unmatched ease and flexibility in integrating payment
capabilities into value-added offerings to customers.
CyberCash, Inc., headquartered in Reston, Virginia, USA, maintains a global presence with offices and joint ventures operating
throughout North America, Europe and Asia.
About First Virtual
Founded in 1994, First Virtual Holdings Incorporated (Nasdaq: FVHI - news), is a leader in advanced marketing and
customer service systems for Internet commerce. The company pioneered secure online payment systems and now focuses on
supplying an integrated system for relationship-based transactive messaging using standard e-mail. As a member of the
SOFTBANK family, which includes Internet players such as Yahoo, E-trade and Ziff Davis, First Virtual's Interactive
Messaging Platform has given SOFTBANK a critical component of the e-commerce business model. First Virtual has
headquarters in San Diego as well as a data center in Dallas.
First Virtual Holdings Inc. 4104 Sorrento Valley Boulevard, Suite 200, San Diego, California 92121. Tel: 619-410-3700; Fax:
619-410-3701; mail: info@firstvirtual.com; website: www.firstvirtual.com.
SOURCE: CyberCash, Inc. |
