TrustAsia Acquires VCHEQ to Offer Comprehensive Online Payment Services to Growing e-commerce Activities in Asia Pacific.Business Editors/Hi-Tech Writers SINGAPORE--(BUSINESS WIRE)--Nov. 28, 2001 VCHEQ Brings On Board Enterprise Payment Expertise, Experience and Client-Base TrustAsia, an Asian-based provider of digital trust services and an affiliate of VeriSign, Inc., today announced that it has acquired VCHEQ, a leading Singapore-based online payment company. The acquisition strengthens TrustAsia's rapid expansion in Asia Pacific and its positioning as a leading provider and authority of digital trust services in the region. VCHEQ is an established innovator in online payment, with presence across Asia and customers that include leading banks and e-commerce providers such as PolymerPacific.com, iSquare Asia and Fortis Bank. The strategic acquisition will provide key enterprise payment technology, expertise and customer base to TrustAsia. Mr. Seth Jutan, 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 TrustAsia, said: "The maturity of the Internet commerce landscape require an increased awareness for digital trust services. VCHEQ provides a very important piece of the puzzle in rounding out payment service offerings. TrustAsia would also be able to benefit from VCHEQ's established market presence and client base." A key component of the acquisition is VCHEQ's leading enterprise payment solutions developed for financial institutions, e-commerce providers, telcos, MNCs, e-marketplaces and medium-sized enterprises. This enabled TrustAsia to immediately add a proven enterprise payment technology to complete TrustAsia's payment services called TrustAsia Payment Services (TAPS). TAPS is a cornerstone in TrustAsia's vision to be the leading digital Trust service provider in Asia Pacific. Built on industry-leading technology from VeriSign, and through the acquisition of CC Merchant Services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or (CCMS CCMS Computing Center Management System CCMS Committee on the Challenges of Modern Society (NATO) CCMS Child Care Management Services CCMS Cincinnati College of Mortuary Science CCMS Cerebrocostomandibular Syndrome ), and now, VCHEQ, TAPS will lead the industry in offering a flexible, integrated Internet payment gateway that securely processes multiple payment types from disparate platforms. TAPS is targeted at banks, e-commerce portals, financial service providers and MNCs in Asia Pacific. VCHEQ's cutting edge solutions include VCHEQconnnect, a connectivity gateway that facilitates online payment in a seamless, efficient and secure manner; VCHEQ Fund Transfer, a secure and novel enterprise payment method using current credit card settlement process; and Single Transaction Insurance (STI STI systolic time intervals. ), a product for businesses to insure single business transactions on short credit terms Credit Terms The conditions under which credit will be extended to a customer. The components of credit terms are: cash discount, credit period, net period. involving deliveries of goods and performance of services. These key enterprise payment solutions provide the crucial components for secure online payment transaction between financial institutions and enterprises. TrustAsia is currently further developing TAPS in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem in Singapore, Shanghai and 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. offices. The acquisition will strengthen TAPS' development team with the crucial injection of VCHEQ senior management team, providing immediate leap in TrustAsia's expertise and experience in enterprise payment services. VCHEQ will be fully integrated into TrustAsia by end of March 2002. Two top priorities are the integration of VCHEQ's flagship products A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , VCHEQconnect, VCHEQ Fund Transfer and STI, into TAPS; and the transfer of VCHEQ's customer base. Mr Ong Lay Ann, President of TrustAsia, said: "We are very excited to have onboard Refers to a chip or other hardware component that is directly attached to the printed circuit board (motherboard). Contrast with offboard. See inboard. VCHEQ's customers to add to TrustAsia's world class customer base. We are looking to have a seamless and quick transition of these customers. I am confident that we can provide a higher level of service, with an expanded and complimentary set of digital trust services and Internet security ''This article or section is being rewritten at Internet security is the process of protecting data and privacy of devices connected to internet from information robbery, hacking, malware infection and unwanted software. experts." TrustAsia - Leading digital trust authority in Asia Pacific TAPS is poised to support into the surging e-commerce activities in China and Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. , where many market watchers are ear-marking these regions as hot growth e-commerce spots. Forester Research predicts that Internet commerce in Asia Pacific will total US $1.6 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. by 2004, increasing the need for universally recognized trust services provided by digital trust service providers such as TrustAsia. Since its establishment in April 2001, TrustAsia has established itself as a leading provide of digital trust services. Currently, the company serves more than 400 enterprise customers in Asia, including major banks, e-commerce providers, Telcos and MNCs. The acquisition will increase TrustAsia staff strength to more than 50 in presence across Asia Pacific. About TrustAsia Established in April 2001 as an affiliate of VeriSign in Asia, TrustAsia provides Internet trust services that support businesses and consumers from the moment they first establish an Internet presence through the entire lifecycle of e-commerce activities. With an unbeatable combination of experience and expertise, TrustAsia is poised to be the fastest growing Internet trust services company in the region, providing the foundation to support the explosion of e-commerce and m-commerce in the growing Chinese and Southeast Asian markets. TrustAsia's primary service offerings include 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 ), online payment solutions and in the future Internet domain name An organization's unique name on the Internet. The chosen name combined with a top level domain (TLD), such as .com or .org, also called a "domain extension," makes up the Internet domain name. For example, computerlanguage.com is the domain name for the publisher of this Encyclopedia. services. TrustAsia is a VeriSign affiliate in China, Singapore, Thailand, Indonesia and Vietnam, and also offers VeriSign products and services in Malaysia, the Philippines, Myanmar, Brunei, Cambodia and Laos. TrustAsia will also offer VeriSign's Payment Services in the additional territories of Hong Kong and Taiwan. |
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