Bankserv and Experian Partner to Create Unique Online Authentication of Identity Service for E-check Users.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--April 6, 2000 Potentially Could Yield $800 Million in Additional Annual Revenue for Online Merchants; "e-Verify" Makes Online Checking as Reliable as Credit-Card Verification San Francisco-based BankServ and Experian, a leading information solutions company, have joined forces to create a unique online electronic check (eCheck) service for both large and small Internet businesses that could put an additional $800 million annually in the coffers of online merchants. BankServ is one of the nation's leading providers of secure electronic and Internet funds-transfer and payments services for banks, financial institutions, retailers and online businesses. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David Kvederis, founder 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 BankServ, Experian and BankServ have worked together to integrate Experian's considerable database and analytic solutions with BankServ's existing "eCheck" product to create anew online service that easily authenticates first-time users of electronic checks. "Together, we've created something truly new," said Kvederis. "'E-Verify' and BankServ's 'eCheck' together will make the acceptance of electronic checks from first-time customers of online businesses as low-risk as accepting credit card payments with current verification systems. "Experian's 'e-Verify' services offer us the best option for augmenting BankServ's already successful eCheck product," added Kvederis, a pioneer in the development of electronic funds transfer systems Electronic Funds Transfer Systems A variety of systems and technologies for transferring funds (money) electronically rather than by check. Includes Fedwire, automated clearringhouses (ACHs) and other automated systems. . "E-Verify provides exactly the kind of customer authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. and fraud reduction tools that online businesses want and need if they plan to include eChecks as a shopping cart option on their websites." Rick Cortese, CEO of Experian Information Solutions added, "We are delighted to be working with BankServ to develop new ways to deliver our credit information, authentication, and fraud detection services in support of its online eCheck service. BankServ's track record in the burgeoning Internet marketplace See vertical portal and Web hub. industry as a secure funds transfer processor is without peer." Kvederis noted that if 10 percent of the estimated 80 million consumers without credit cards began shopping online with "eCheck," each spending an average of $100 per year, there would potentially be an additional $800 million in revenue to online merchants. "The cost advantages of 'eChecking' for merchants over credit cards is enormous," said Kvederis, "so their margin from sales made with 'eChecks' would be 80 percent greater than if they had sold the goods with credit cards online. Now that Experian's technology has allowed us to reduce risk to a minimum, there's every reason online merchants should take advantage of this service." About Experian Experian is an information solutions company. It uses the power of information to help its clients target prospective customers, manage existing customer relationships and identify opportunities for profitable growth. Experian is a subsidiary of the Great Universal Stores PLC and has headquarters in Nottingham, UK, and Orange, California The City of Orange is located in Orange County, California, United States. It is approximately 3 miles (6 kilometers) north of the county seat, Santa Ana, and approximately 32 miles (52 kilometers) southeast of Los Angeles. . Its 12,000 people support clients in more than 50 countries. Annual sales are in excess of $1.5 billion. More information about Experian can be found at http://www.experian.com. About BankServ BankServ offers a variety of electronic check conversion, domestic and international wire transfer, credit card processing and business-to-business bill presentment See EBPP. and invoicing services. Founded in 1996 by cash management pioneer and company CEO David Kvederis, a former senior executive of WellsFargo & Company, BankServ is the nation's largest independent provider of services to merchants who wish to convert checks into electronic funds transfers See EFT. (application, communications) electronic funds transfer - (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. . The company's new Internet See Web 2.0 and Internet2. payments division offers payment applications for both business-to-business exchanges and business-to-consumer settlements, as well as funding and reporting services for businesses on the Internet. BankServ maintains offices in Atlanta, Chicago, Dallas, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nev., and Lafayette, La. More information about BankServ can be found online at http://www.bankserv.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion