Achex Announces Plans for New Internet Payment Service.Business & High Tech Editors SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif.--(BUSINESS WIRE)--March 21, 2000 New System Benefits Consumers and Merchants Achex, Inc., an innovator in online payment technology, today announced plans for a new Internet See Web 2.0 and Internet2. payment service, designed to facilitate secure online payments for and between merchants, consumers and small businesses. The service, based on a patent-pending infrastructure and business process, leverages the Internet - as well as existing payment and banking networks - to create a unique way to transfer funds online in a simple, convenient and highly secure manner. Achex expects to launch the service nationwide within the next three to four months. "Achex provides an easy and secure method for merchants and others to accept online payments at a fraction of the costs of current payment methods." said Terry Allen-Rouman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Achex. "In addition, consumers will be able to pay online merchants, as well as other consumers, without sharing any of their private financial information." The new Achex service leverages and strengthens existing consumer relationships with banks and other financial institutions, and also solves problems such as online credit card theft from merchant sites. Payments to and from Achex business partners and employees are currently completed through the core Achex service. A number of third parties are working with Achex to deploy a variety of new payment services and applications. Several of these partnerships will be announced in the next few weeks. About Achex, Inc. Achex, Inc. (www.achex.com) is an Internet payments company that facilitates simple and secure Internet payments for buyers and sellers. Achex has developed a new payment service to leverage the unique opportunities created by electronic commerce. Achex co-founders are experts in payment systems; their experience includes designing and implementing major payments products and transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. architectures for companies such as Visa, Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. , J.P. Morgan, Waterhouse Securities, Wells Fargo and Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. . The company's advisory board including payments experts, online merchants, venture capitalists and angel investors. Founders and advisors have made investments of $1.5 million in the company, to date. Achex opened its offices in South San Francisco, California South San Francisco is a city in San Mateo County, California, United States, located on the San Francisco Peninsula in the San Francisco Bay Area. The population was 60,552 at the 2000 census. , in October 1999. |
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