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DigiCash press release
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Date: Fri, 4 Apr 1997 01:46:54 +1000 (EST)
From: Andreas Furche <[email protected]>
To: [email protected]
Subject: DigiCash press release
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--------------------------- PRESS RELEASE ---------------------------
Release date:
April 2, 1997
Tokyo, Japan
===========================================================
Nomura Research Institute licenses ecash(tm) technology for
Japan's first true electronic money system
===========================================================
Nomura Research Institute (NRI) and DigiCash today announced
that NRI will be the first company in Japan to license ecash(tm)
technology for the development of an electronic money payment system.
NRI will use ecash(tm), denominated in Japanese yen, for a
unique intranet based system that will allow NRI employees,
departments, and associated companies to exchange value in real
time, without the need for smart cards, paper, or complex systems.
Licensees of the ecash(tm) system include Mark Twain Bank
(USA), Deutsche Bank (Germany), Merita Bank/EUnet (Finland) and
Advance Bank (Australia).
At the moment making transactions over the Internet or an
Intranet usually means sending credit card details over computer
networks, but credit card transactions are relatively expensive and
therefore are not efficient for low value purchases. Many smartcard-
based systems are also being developed, but they require that each
consumer installs special hardware.
Many forms of "electronic cash" are competing for attention in
Japan, but the NRI project is unique, using a low cost, real-time
method of payment that is secure, easy-to-use, and which will meet
the future requirements of banks, and Government regulators.
DigiCash's patented ecash(tm) system allows payment of amounts
as low as one yen, and all payments are made with the same
security technology currently used by large financial institutions to
protect large international money transfers.
"This launch in Japan represents an important collaboration
between the premier electronic cash company and the leading
electronic commerce innovator in a country that is growing rapidly
in Internet usage," said Dr. David Chaum, inventor of electronic
cash and founder of DigiCash.
He added "Internet users and corporations have come to
understand the unique ability of the ecash(tm) electronic cash system
to empower them, using their own computers, to protect their
own privacy. Leading banks, both in the region and globally,
are beginning to observe this and see the strategic importance
of operating their own electronic cash systems. We are thrilled to
have NRI as a partner as we pioneer the use of ecash(tm) in Japan".
"A great deal of discussion on electronic money in Japan has
been focused on smartcard-based ones, such an example represented by
Mondex. However, we, Nomura Research Institute, Ltd., believe
network-based 'ecash' is equally important for the accelerated
development of cyberspace economy in Japan. Introducing 'ecash' to
the Japanese yen world, NRI will propose a new model of utilization
of ecash, that is, `ecash in INTRANET'", said Mr. Teruyasu Murakami,
Director of Advanced Social Systems Division, NRI.
Ecash(tm) is the only Internet payment system that creates
actual electronic cash coins. This concept increases security and
reduces transaction costs. It gives increased control to the user
of the system and provides consumer privacy. Merchants will also
appreciate the ecash(tm) system, where payments are quickly
authenticated and their cash value is immediately deposited in the
bank, preventing disputes and delivery delays.
This system gives a great opportunity to merchants selling low
cost goods, information and services online.
Craig Welch, Director of DigiCash Pty Ltd said: "Japan is
growing so fast in the use of payment methods, that it was only a
matter of time before the use of ecash(tm) became essential. NRI have
proven to be the ideal partner to make this technology a practical
implementation in Japan."
Contact DigiCash bv Contact Nomura Research Institute,
(Amsterdam): Ltd. (Tokyo) :
Mr. Robert Zipplies Mr. Naohiko Araki
Ph: +31 20 592 9999 Ph: +81 3 5255 1981
Fax: +31 20 665 1126 Fax: +81 3 5255 9312
email: [email protected] email: [email protected]
http://www.digicash.com/ http://www.nri.co.jp
Contact DigiCash Pty. Ltd. Contact DigiCash Pty Ltd
(Singapore): (Sydney):
Mr. Craig Welch Mr. Andreas Furche
Ph: +65 9639 2670 Ph: +61 2 375 2316
Fax: +65 745 2731 Fax: +61 2 375 2121
email: [email protected] email: [email protected]
(DigiCash and ecash are registered trademarks
and should always be referred to as such)
* * *
DigiCash: Company background (summary)
======================================
Founded in 1990, DigiCash is the leading pioneer in the
development of electronic payment systems that provide security and
privacy. Available for open, and closed systems and network use,
DigiCash's products are based on patented developments in public key
cryptography devised and owned by Dr. David Chaum.
DigiCash's first product was DyniCash, a road-toll system
capable of collecting fees from pre-paid smartcards carried on
moving vehicles that was developed for the Dutch government.
In recent years increasing media attention has been focused on
ecash(tm), DigiCash's software-only form of electronic cash developed
especially for use on the Internet. It can be used online (via the
World Wide Web) or via email, and is suitable for implementation
with many other digital media. There are already five ecash-issuing
banks on the Internet and a rapidly growing number of cyber-
merchants. With enthusiastic responses from financial institutions
interested in ecash-licenses for the future, and the continuing
support of industry opinion-makers, the company's team of experts is
now making presentations around the world.
Banks already supporting- or issuing ecash(tm) include: Mark
Twain Bank (Missouri, USA), Merita Bank/EUnet (Finland), Deutsche
Bank (Germany) and Advance Bank (Australia).
DigiCash's leading position in cryptographic technology has
already enabled it to develop smartcards for a diverse range of
applications including CAFE, the smartcard-based payment system
operated by the Headquarters of the EU in Brussels. The CAFE project
started as a scientific project (ESPRIT) funded by the EU, just one
of the several EU technology projects with which DigiCash has been
involved, and designed smartcards that feature pre-paid cash
replacement functions, loyalty schemes and access control.
Founder: Dr. David Chaum
------------------------
Dr. David Chaum, Founder and Chief Technical Officer of
DigiCash, received his Ph.D. in Computer Science from the University
of California at Berkeley, then taught at New York University
Graduate School of Business Administration and at the University of
California, and headed the Cryptography Group at CWI, the Dutch
nationally-funded centre for research in mathematics and computer
science, before taking his current position. He has published over
45 original technical articles on cryptography and also founded the
International Association for Cryptologic Research.
DigiCash Products
-----------------
Facility Card: Complete Facility Management Smart-Card/Reader
System Cash replacement, access control, and time/attendance system;
now in schools, hospitals, industry, offices, recreation; interfaces
to vending machines, point-of-sale, access control, copiers, phones,
gaming; Downloadable & upgradeable card-readers work on-line and/or
offline; There are already over 120,000 cards in use in the
Netherlands.
Mars Electronics International licensed the DigiCash facility
management system technology in 1996, and incorporated it into their
`Multicard Smart' product line which was launched worldwide in
January 1997.
Blue: Smart Card Technology For EMV & Prepaid With Dynamic
Public Key. Conforms to joint Europay, MasterCard, Visa
specifications. Multiple applications, including loyalty and closed
systems. Superior data integrity in case of malicious or accidental
interference or interruption.
Requires only the smallest and most proven chips, e.g. SC-24 or
ST601. Mask technology licensing.
For more information on ecash please contact DigiCash.
[email protected], http://www.digicash.com/, fax: +31 20 592 9999
------------------------- END PRESS RELEASE -------------------------
--
Andreas Furche Level 29 The Chifley Tower
Managing Director 2 Chifley Square
DigiCash Pty. Ltd. Sydney 2000, Australia
e-mail: [email protected] ph +61 2 9375 2316
mobile (0419) 385 569 (NEW number!) fax +61 2 9375 2121
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