FW: Veriphone and Netscape Team to Provide Internet Payment Solutions

[Pete Loshin <pete@loshin.com>]

Here's the Netscape press release on their Verifone collaboration;
note that they explain nothing about 128 bits or 1024 bits--but Netscape
now appears to claim to be the sole developers of SEPP.

It looks like Verifone will be building their approval/verification mechanism
into a Netscape product, and selling it themselves.

I've removed contact info and the source at Netscape (in their PR
dept), just to avoid unnecessarily nettling anyone.  Presumably 
Netscape shouldn't be able to complain about it getting passed around
since it will likely be the basis of reports in various trade/news rags by
next week anyway.  Enjoy.

-Pete Loshin
 pete@loshin.com

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COPITHORNE & BELLOWS (for VeriFone)
[contact info deleted]

VERIFONE, INC.
[contact info deleted]

NETSCAPE
[contact info deleted]

VeriFone and Netscape Team To Provide Internet Payment Solutions Worldwide

Leaders To Accelerate Commerce on the Internet
REDWOOD CITY, Calif. - January 22, 1996 - VeriFone, Inc. (NYSE: VFI),  and
Netscape Communications Corporation (NASDAQ: NSCP) today announced an
agreement to create comprehensive Internet payment solutions, enabling
merchants, banks, credit card companies and consumers to expand the use of
the Internet for electronic commerce.
The agreement between VeriFone, the world leader in retail electronic
payment systems, and Netscape, the premier provider of open software for
linking people and information over enterprise networks and the Internet,
is designed to accelerate acceptance of the Internet as a mainstream
vehicle for commerce.
Under terms of the agreement, the two companies will join forces to address
the transaction processing needs of both financial institutions and
merchants. For financial institutions, Netscape's gateway software and
VeriFone's payment technology will be combined to create a seamless
interface between the Internet and existing financial networks.  VeriFone
will also provide customization, installation and support services for
these customers.
To serve merchants, VeriFone will resell Netscape's server and commerce
products bundled with VeriFone payment functionality to deliver complete
software solutions for merchants who want to broaden their reach by
establishing a commercial presence on the Internet. VeriFone will provide
merchants with these solutions through its existing customers and channels.
Netscape and VeriFone create a combination that is uniquely qualified to
fulfill the promise of global electronic commerce.  VeriFone's
point-of-sale systems for online payment processing and credit card
verification are among standards recognized by thousands of banks, credit
card and debit card processors, and millions of merchants and consumers
throughout the world.  VeriFone's solutions today address the technology
standards, payment methods and government regulations of over 90 countries
around the world, enabling the two companies to accelerate their goal of
deploying Internet payment systems worldwide.
"Netscape's agreement with VeriFone will bring a comprehensive Internet
payment solution to merchants, banks, credit card companies and consumers
which will continue to fuel electronic commerce worldwide," said James
Barksdale, chief executive officer at Netscape.  "By combining VeriFone's
electronic payment technology with Netscape's complete line of server and
commerce software products, financial institutions  and merchants can
implement a complete payment solution."

Creating Comprehensive Payment Solutions
The new solutions will be designed to be compatible with current and future
credit card payment protocols, including Secure Electronic Payment Protocol
(SEPP), developed by Netscape.  The two companies are working with leading
card associations and processors to include additional protocols,
supporting future payments instruments such as micropayments and debit
transactions.
"To truly enable Internet commerce, banks, credit card companies, merchants
and consumers need a trusted interoperable system as accessible and secure
as current payment systems," said Hatim A. Tyabji, chairman, president and
chief executive officer  of VeriFone.  "Consumers need to know they can
safely pay for something electronically, merchants need to know they can
safely accept it, and banks and other financial organizations need to be
able to process it.  Our goal is to give merchants the same 'plug and play'
payment access on the Internet that they have come to expect in their
retail stores."
VeriFone expects the integrated Netscape/VeriFone Internet gateway systems
for financial institutions and the merchant systems to become available in
the second to third quarters of 1996 from VeriFone, with increasing payment
protocols and enhancements becoming available throughout the year.

Company Backgrounds
Netscape Communications Corporation (http://www.netscape.com) is a premier
provider of open software for linking people and information over
enterprise networks and the Internet.  The company offers a full line of
Netscape Navigator clients, servers, development tools, and Netscape
Internet Applications to create a complete platform for next-generation,
live online applications. Traded on NASDAQ under the symbol "NSCP,"
Netscape Communications Corporation is based in Mountain View, California.

VeriFone, Inc. (http://www.verifone.com) is a leading global provider of
Transaction Automation and Internet commerce solutions used to deliver
electronic payment services to financial institutions, retail merchants and
consumers, as well as government agencies, healthcare providers and
benefits recipients.  The company's more  than 30 facilities -- including
regional offices, development centers, and manufacturing and distribution
centers -- are located throughout North and South America, Europe, Asia,
Africa and Australia.  To date, VeriFone has shipped more than 4.8 million
Transaction Automation systems, which have been installed in over 90
countries.  The company's 1994 net revenues totaled $309.1 million.
In 1995, VeriFone acquired Enterprise Integration Technologies
(http://www.eit.com) -- a leading provider of software and consulting
services for electronic commerce on the Internet.
 (30)
VeriFone is a registered trademark of VeriFone, Inc.  All other brand names
and trademarks are the property of their respective owners.