GC Tech's Globe ID technology chosen for international joint electronic payments initiative project for secure electronic payments on the Internet; GC Tech establishes headquarters in Silicon Alley.
JEPI was formed by CommerceNet and the World Wide Web Consortium (W3C) to develop an Internet payment protocol.
The JEPI project will demonstrate a full shopping experience. It will enable customers to interact with merchants to select and purchase goods and services. Interactions include delivery of information and soft goods via the customer's PC and the delivery of hard goods, as well. A live demonstration of the negotiation protocol is planned for September, 1996 in both the U.S. and Europe.
GC Tech Inc., recently became the holding company for the GC Tech Group, which originated in Paris. GC Tech established its headquarters in New York City, known as Silicon Alley in the hi-tech industry, to expand both its U.S. presence and the international licensing of its Globe ID technology.
The Globe ID system allows Internet merchants and customers to process electronic payment transactions through a trusted third party, such as a local bank or financial institution. Once a customer establishes a Globe ID electronic account, sensitive financial information is never circulated over the Internet. The Globe ID system displays a customer's purchase in the customer's own currency, automatically calculating the local price and local taxes. For example, a customer in Japan will purchase a bottle of French wine at her local price, in yen, rather than francs. Sales occur in 180 currencies providing merchants the ability to "sell global, deliver local."
GC Tech's system economically and efficiently processes micropayments, transactions of less than one dollar in value, through the trusted third party. In the future, instead of purchasing an entire CD, a user will be able to download their favorite song for fifty cents by using their electronic stored value account.
Benefits of the Globe ID technology are:
-- Secure payment for products and services on the Internet, in
many forms of payment, such as cash, check or credit card;
without circulation of sensitive financial information on the
-- Automatic calculation of price and local taxes made in customers'
local currency, enabling consumers to receive any goods,
information or services, and merchants to sell globally and
-- Non-repudiation ensures that the transaction actually occurred.
-- Purchases of sub-dollar amounts can be made by the customer,
and sub-dollar sales are economically feasible for merchants.
-- Authentication of customers, merchants and purchases are
GC Tech's six key members of its management team, including the founders, bring more than 80 years of telecommunications and multimedia experience to the company. The founders include Gerard Dahan, chairman, and Paul-Andre Pays, chief scientist, of GC Tech; and the investment bank Waldo S.A., managed by Laurent Adamowicz. Gerard Dahan was most recently chief executive officer of Seppia, a CD-ROM publishing company. Prior to starting GC Tech, Paul-Andre Pays was involved in many computer network research projects with INRIA, the French national research institute in information technology.
GC Tech has licensed its Globe ID technology to Kleline S.A. and Globe Online(R) S.A. Kleline, controlled by Compagnie Bancaire, an affiliate of the Paribas banking group, is the trusted third party of the Globe ID system in nine European countries. Globe Online is a virtual marketplace on the World Wide Web, where testing of the Globe ID technology began in July 1995 in its pilot implementation. Among the current 30 Globe Online participants are: Dafsa, Havas, Le Monde, La Tribune, Louis Vuitton, Moet Hennessy and World Media.
GC Tech had sales of 2.3 million dollars in 1995. The company employs a total of 35 people. Its management team is actively recruiting, planning to employ 30 to 40 employees at its New York headquarters by the end of 1996. GC Tech also has major operations in Paris (GC Tech S.A.). GC Tech's home page is located at http://www.gctec.com.
CONTACT: GC Tech, New York
Borchert Communications, New York
Debra Borchert, 212/956-5713
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|Date:||May 13, 1996|
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