Diversinet and Oasis Technology Sign License Agreement; Joined Product Suite to Secure Open Internet Systems for Financial & Business Systems Worldwide.
TORONTO--(BUSINESS WIRE)--Oct. 28, 1998--Diversinet Corp. (Nasdaq Small Cap:DVNTF) (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. :DVNT DVNT Deviant (record label) ) a leading technologies provider for authentication and authorization security for digital communications Transmitting text, voice and video in binary form. See communications. and electronic commerce over corporate networks, the Internet and telecommunications systems, today announced that it has entered into a licensing agreement with Oasis Technology, a worldwide leading developer and marketer of electronic 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. and E-commerce payment software solutions for financial institutions, service providers and retailers worldwide.
Under the terms of the agreement, Oasis and Diversinet will work together with a view to incorporate Diversinet's Passport Certificate Server product into the Oasis Technology IST (Information Switching Technology) suite of business solutions.
Oasis Technology's IST suite of business solutions provides a wide range of E-commerce and electronic payment processing within intranet and internet systems and certified access to major international networks for worldwide clients such as MasterCard, VISA, Diners Club Diners Club International, originally founded as Diners Club, is a credit card company formed in 1950 by Frank X. McNamara, Ralph Schneider and Casey R. Taylor. When it first emerged, it became the first independent credit card company in the world. , and Europay. Oasis E-commerce solutions now include complete services for PC banking, SET(TM) Payment Gateway, and OFX OFX Open Financial Exchange
OFX Outer Fix
OFX Open Effects (Open Financial Exchange). Oasis solutions are currently installed in more than 65 countries worldwide.
"As businesses expand worldwide, companies must turn to vertical solutions designed to cut the costs of expensive telecommunication-oriented, closed, network systems. These solutions, which include electronic commerce, electronic fund transfer, automated teller machines automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. (ATM), point of sale systems, and electronic data interchange See EDI.
(application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. , require systems that allow instant, secure, worldwide access to funds and information," says Ashraf Dimitri, President & 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 Oasis Technology, Ltd. "As our client base of financial institutions, service providers and retailers moves into the Internet marketplace to capitalize on global customer access and lower costs, additional security measures become essential. We are looking to the Diversinet Passport Server to provide those solutions, while maintaining privacy, integrity and simplicity," added Mr. Dimitri.
The Diversinet Passport Certificate Server provides the foundation for enabling secure transactions from within business applications. The certificate server issues digital certificates on demand to authenticate users to business applications, which run on corporate networks, wireless environments, and the Internet.
"Entering this agreement with Oasis is very exciting. Their worldwide presence keeps them abreast of industry trends and requirements. We anticipate that this relationship will create more opportunities for Diversinet to grow on an international basis. Oasis has an excellent reputation worldwide for being a reliable, full service supplier of on-line transaction processing (database) On-Line Transaction Processing - (OLTP) The processing of transactions by computers in real time. systems," says Mr. Nagy Moustafa, President and CEO of Diversinet. He continued, "Oasis offers Diversinet a solid international customer base which will benefit from the additional security that our Passport Server offers the on-line transaction processing marketplace."
Diversinet Corp. (www.dvnet.com) is a leading provider of Digital Certificate management tools and a developer of public-key infrastructure (PKI (Public Key Infrastructure) A framework for creating a secure method for exchanging information based on public key cryptography. The foundation of a PKI is the certificate authority (CA), which issues digital certificates that authenticate the identity of ) technology required for corporate networks, Intranets, and the Internet for electronic commerce. Diversinet's PKI technology offers diverse security authentication applications that are easy to use, operate efficiently and offer flexible implementation.
Oasis Technology Ltd. (www.oasis.on.ca), formed in 1989, is a leading provider of E-commerce payment system solutions on open platforms. Oasis develops innovative E-commerce payment software solutions for the next generation of online transaction processing See transaction processing and OLCP. , radically changing the way transaction processing has been done around the world. Oasis has global sales offices in the United States, Malaysia and Canada, as well as a broad network of licensed distributors. Oasis serves companies of all sizes throughout North America, South America, the Caribbean, Europe, the Middle East, Africa, and the Asia-Pacific region. In 1997, Oasis won Profit magazine's award for the fastest growing company in Canada.
This press release may contain forward-looking statements relating to Diversinet. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are delays in product development, undetected software errors and bugs, competitive pressures, technical difficulties, market acceptance, changes in customer requirements, and general economic conditions. All other companies and products listed herein may be trademarks or registered trademarks of their respective holders.