Credit Suisse to Issue DigiCash's eCash.PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--June 5, 1998--Credit Suisse, in cooperation with their subsidiary Swiss NetPay AG, today launched an Internet payment pilot project using eCash(TM), DigiCash's Internet payment technology. The system will facilitate micropayments over the Internet and will be Switzerland's first experience using a true digital cash system. Swiss NetPay AG, which is a joint venture between Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. and ECOFIN ECOFIN Economic and Financial Committee ECOFIN Council of Finance Ministers of the European Union , will manage the trial for at least three months. The bank is expecting this pilot to prove acceptance of a new payment system in the marketplace. The project is designed to enable access to Swiss NetPay AG in the future from other banks or Postbank. eCash is a convenient and economical solution to Internet payments, providing security and privacy, and is especially suited for small or micropayments. During the initial phase of this pilot up to 15 merchants (soon to be 28) in the Zurich area will be accepting eCash. eCash is being offered to any consumer above age 14 with a bank or Postbank account in Switzerland. The first 2,000 clients to sign up for an eCash-Depot will be issued a free CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 25, just for opening the eCash-Depot. Participants in the program simply establish an eCash-Depot at Swiss NetPay AG. Once an eCash-Depot has been opened, the client downloads the eCash software into an electronic wallet See digital wallet. on their PC, directly from Swiss NetPay AG's home page. These eCash-Depots are free of charge with a limit of 5,000 CHF per month to be imposed during the trial phase. Credit Suisse is one of several European financial institutions offering eCash, adding to the availability of eCash for making payments throughout the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community . Other institutions already supporting eCash include: Deutsche Bank (Germany), Bank Austria, and Den norske Bank Den norske Bank or DnB was a Norwegian bank that existed between 1990 and 2003 when it merged with Gjensidige NOR to form the present DnB NOR. The bank's headquarters were in Bergen, Norway. (Norway). DigiCash Incorporated is a private, venture capital-backed corporation with headquarters in Palo Alto, Calif. DigiCash invented electronic or| |
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