eConnect to Test Implementation of SafeTpay's Instant Cash Credit|
Transactions for Internet Stock Brokerage Accounts
Business Wire - September 16, 1999 07:22
LOS ANGELES--(BUSINESS WIRE)--Sept. 16, 1999--eConnect (OTC BB:ECNC) has entered into a strategic alliance with a
stock brokerage firm to Beta test instant cash credit transactions for Internet stock brokerage accounts using ATM cards with PIN.
Delivery of the ePIN devices to a Beta test group is scheduled for October 18.
The transaction will be initiated by the client clicking the SafeTpay button located on the brokerage firm's web site, swiping an ATM
card and entering the bank-assigned PIN utilizing eConnect's ePIN hardware.
SafeTpay is an eConnect service that will enable instant cash credit to the client's new or existing brokerage account. This will enable
the client to have instant cash credit for the purchase of securities. Conversely the brokerage firm will be able to instantly transfer
funds to the client's bank for early or regular settlement. In addition, instant cash credit can be transferred for margin calls and
Upon successful completion of the Beta testing, eConnect will join with the brokerage firm to offer this service to Internet stock
trading firms under the market name of Cash2Trade.com. Support for Cash2Trade will be supplied by SafeTpay.
"We will be distributing free ePIN's to a select group of our artauction.com customers. They will then be invited to open their instant
cash brokerage accounts with our partner by simply using their ePIN from home and paying with their ATM cards and PIN. This
service provides a substantial savings for brokerage clients who can now avoid bank wire and overnight courier fees. In addition, the
set up costs for the brokerage firm are greatly reduced," stated an eConnect spokesperson.
eConnect is focused on Internet and other consumers using financial cards and inexpensive equipment from homes, offices, and
mobile locations to make purchases or pay bills. eConnect has developed SafeTpay to enable that service, and has acquired
artauction.com and econbid.com to generate revenues and to act as test sites for SafeTpay. eConnect has developed EzyShop, a
kiosk approach for non-Internet consumers. eConnect has developed the first Linux- based transactional server and a host
processor that will drive these transactions originating from eConnect hardware. eConnect generates a merchant fee per transaction.
Securities Litigation Reform Act of 1995. Management cautions that these statements may include projections and estimates of future
performance and involve certain risks and uncertainties. Actual results could differ materially from those anticipated in these
forward-looking statements as a result of factors such as changes in the marketplace, unanticipated competitive activity, a downturn
in economic conditions, or delays in product development.
Anita Goldberg, 800/262-2331 (Investor Relations)
Elias Argyropoulos, 800/600-8599