International Bank of Asia and First Ecommerce Data Services Sign Comprehensive E-commerce Transaction Processing Agreement.Business Editors HONG KONG--(BUSINESS WIRE)--Dec. 5, 2000 IBA IBA abbr. International Bar Association IBA (in Britain) Independent Broadcasting Authority IBA n abbr (Brit) (= Independent Broadcasting Authority to Use First Ecom's E-Payment Processing Solutions First Ecom.com Inc. (Nasdaq:FECC FECC Far End Camera Control FECC Finnish Environmental Cluster for China FECC Federal Emergency Communications Coordinator FECC Fires and Effects Coordination Cell FECC Federal Electronic Commerce Coalition FECC Forward Error Correction Code ), a global provider of electronic payment processing solutions, today announced that Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. based International Bank of Asia (IBA) (SEHK SEHK See: Stock Exchange of Hong Kong 636) and First Ecommerce Data Services (FEDS) have entered into an E-commerce 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. Agreement, whereby IBA will outsource their electronic payment processing to FEDS. This outsourcing agreement will provide IBA's merchants with access to the e-payment processing services offered by FEDS and First Ecom, allowing IBA's merchants to accept Internet credit card payments for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. they offer online. IBA will be able to process e-commerce transactions conducted on their e-merchants' Web sites in real-time using First Ecom's universal, secure, e-payment processing solutions. By outsourcing the e-payment processing to FEDS, IBA will realize significant savings in human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , and technology development and maintenance, which would otherwise be required if they developed an in-house e-payment processing system. IBA will also benefit from First Ecom's value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services including the Merchant Accounting and Reporting System (MARS) for monitoring merchant accounts, advanced security features, and soon to be available third-party verification TPV (Third party verification) is a process of getting an independent third party company to confirm that the customer is actually requesting a change or ordering a new service or product. of shipped goods. "We are delighted that IBA has chosen First Ecom as their e-commerce solution," said Mr. Gregory Pek, President and co-Chief Executive Officer of First Ecom. "By outsourcing the Internet payment processing to FEDS, IBA will have the immediate ability to offer its merchants real-time authorization for Internet credit card purchases. IBA not only maintains their merchant relationships, but will also save on the initial outlay and ongoing costs associated with in-house processing." "The E-commerce Processing Agreement with FEDS helps fulfill our commitment to continually meet the needs of our merchants by providing them with leading-edge technology," said Mr. Mike Murad, Vice Chairman, Managing Director and Chief Executive Officer of IBA. "With First Ecom as our Internet payment processing partner, IBA can immediately provide our merchants with a secure, online processing solution giving them the quickest and most efficient means to conduct e-commerce while at the same time helping us realize our goal of "Banking made simple" for our customers." About International Bank of Asia IBA is a full service banking corporation operating through a network of 27 strategically located branches in Hong Kong, Kowloon and the New Territories, ATMs at IBA branches and major shopping centers; over 1,500 JETCO JETCO Joint Economic and Trade Committee JETCO Joint Electronic Teller Services Limited JETCO Jamaica Export Trading Company JETCO James E Thomas Company (Memphis, TN) network ATMs; phone banking services and investment services at specially designed investment centers in Causeway Bay, Mongkok, Shatin and Yuen Long, as well as over the Internet with the Virtual ATM at www.iba.com.hk. IBA is listed on the Stock Exchange of Hong Kong Stock Exchange of Hong Kong (SEHK) Only stock exchange located in Hong Kong. , and is rated A-3 short-term, BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. long-term by Standard & Poor's. For more information, visit www.iba.com.hk. About First Ecom As a global provider of electronic payment processing, First Ecom provides secure, easy-to-implement and low-cost online payment processing services to banks and their merchants worldwide. Through strategic partnerships with banks, ISPs, e-commerce product suppliers, system integrators and storefront solution providers, First Ecom will process credit card transactions made over the Internet in multiple currencies, either domestically or offshore in a tax-neutral jurisdiction. For more information, visit www.firstecom.com or contact First Ecom at +(852) 2801-5181 or by e-mail at info@firstecom.com. About First Ecommerce Data Services Limited (FEDS) A joint venture between First Ecom.com Inc. and the Bank of Bermuda The Bank of Bermuda Limited is a leading financial services company in Bermuda providing fund administration, trust, custody, asset management and banking services to institutions and individuals. , FEDS is an independent third party processor. FEDS works with financial institutions throughtout the world to provide the institution and its merchants with a multi-currency, advanced electronic payment processing solution. The FEDS Processing Solution features online and batch transactions processing for credit and debit cards as well as authorization, electronic data transmission for settlement and full transaction reporting. For more information, visit www.fedsinternational.com or contact FEDS at +(441) 296-FEDS (3337). For more information, visit www.firstecom.com or contact First Ecom at +(852) 2801-5181 or by e-mail at info@firstecom.com. In North America, investors call toll (888) 305-8233 Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. For a discussion of some of these risks and uncertainties, please refer to the company's SEC filings, which contain additional discussion about those factors which could cause actual results to differ from management's expectations. First Ecom.com, Inc. Henley Building, 8th Floor 5 Queen's Road Central Hong Kong +(852) 2801 5181 |
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