Looks like some terrific news out late last night:|
Monday July 20, 11:55 pm Eastern Time
Company Press Release
SOURCE: CyberCash, Inc.
Cybercash and First Virtual Holdings Announce Cooperative Agreement; E-Commerce Pioneer Migrates Client Base En Masse to Cybercash
RESTON, Va., July 20 /PRNewswire/ -- CyberCash, Inc. (Nasdaq: CYCH - news), the world's leading provider of electronic commerce payment solutions, and First Virtual Holdings Incorporated (Nasdaq: FVHI - news), now a provider of premier Internet messaging services, today announced a preliminary cooperative agreement to offer all of First Virtual's merchants and buyers a migration path to CyberCash's CashRegister Payment Service. This migration will enable First Virtual to focus on its best-of-breed Interactive Messaging Platform. Exact terms of the agreement were not disclosed.
Under the terms of the preliminary agreement, CyberCash will provide its premier Internet payment solution to over 2,000 merchants who previously used the First Virtual Internet Payment System (IPS). In exchange, First Virtual's best-of-breed Interactive Messaging Platform (IMP) will be Cybercash's preferred solution for interactive messaging. Although First Virtual was one of the early entrants to the Internet payment service business a few years ago, the company will exit that business to focus on its successful messaging technology services. Before First Virtual ceases its IPS operations in August, all 2000+ merchants and 60,000+ active buyers of the First Virtual IPS will be encouraged to deploy CyberCash's payment technologies and services.
CyberCash's Cash Register 3 e-commerce service gives merchants easy installation and automatic upgrades. Cash Register 3 includes the most advanced security available, the Internet's widest range of payment options and the scalability to meet the needs of merchants in any industry and in all stages of growth.
Bill Melton, President and Chief Executive Officer of CyberCash, stated, ''We are now in a position to link our best-of-breed e-commerce payment solutions with First Virtual's best-of-breed messaging system. Our partnership will offer Internet businesses the easiest and most secure means of bringing e-commerce to their customers.''
Payment processing, which is a key component of First Virtual's messaging offering, will now be supplied by CyberCash. The payment systems will be integrated into the Interactive Messaging Platform. Keith Kendrick, President of First Virtual, said, ''Our messaging clients expect that when their communications lead to sales, payment processing will be quick and easy. We will offer our clients CyberCash solutions, the finest Internet payment processing products and services available worldwide.''
CyberCash's Bill Melton said, ''First Virtual's Interactive Messaging Platform will enhance our offering so that we can communicate with our customers far more effectively. Their technology is truly superior, and we are glad to have them as a strategic business partner and as a member of the SOFTBANK family.''
First Virtual's messaging services enable companies to perform transactive messaging in addition to targeted, personalized, interactive broadcasts. This is particularly valuable in direct marketing of goods and services, and in providing critical information such as a confirmation of account status and transactions to customers. First Virtual's Interactive Messaging Platform (IMP) is based upon the expertise of its founders and the technology and experience gained during four years of development and operation of its messaging-based Internet Payment System. CyberCash will use First Virtual's IMP to aid in the merchant migration effort and plans to recommend First Virtual's IMP to its growing customer base, worldwide.
CyberCash is the world leader in secure, convenient payment technologies and services, enabling e-commerce across the entire market spectrum from electronic retailing environments to the Internet.
CyberCash provides a complete line of software products and services allowing merchants, billers, financial institutions and consumers to conduct secure transactions using the broadest array of popular payment forms. Credit, debit, purchase cards, cash, checks, smart cards and alternative payment types (e.g., ''frequent buyer'' or loyalty programs ) are all supported by CyberCash payment solutions. Leading brands of CyberCash include ICVERIFY(R), PCVERIFY(TM), CashRegister(TM), NetVERIFY(TM), CyberCoin(R) and PayNow(TM).