Wells Fargo and CyberCash team up to provide secure online payment systems; variety of services to include credit, debit and cash

Business Wire,  Dec 12, 1994  

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RESTON, Va.--(BUSINESS WIRE)--Dec. 12, 1994--CyberCash Inc. Monday announced that it will work with Wells Fargo Bank to develop secure payment services for use on the Internet.

Much like ATM machines revolutionized consumer banking services, safe electronic payment systems are expected to catalyze ubiquitous sales of goods and services online.

Wells Fargo Bank of San Francisco has been a leader in innovative banking services throughout the United States and intends to continue that tradition for the growing number of Internet users. CyberCash, a start-up company that brings both technology and financial services expertise to this agreement, plans to deliver a safe, convenient and inexpensive method for making payments online.

"By offering a variety of payment options on the Internet, such as debit, cash and credit, we can provide our customers with the same level of security and quality service they experience today with face-to-face purchases and transactions," said Debra Rossi, senior vice president and division manager, Electronic Payment Services, Wells Fargo Bank.

"With CyberCash's proven experience in state-of-the-art electronic banking and Internet security, we believe it will simplify the connection among online service providers, banks, merchants and consumers."

With a pilot CyberCash service in the first quarter of 1995, Wells Fargo merchants that sell goods or services over the Internet will be able to accept online payments securely and conveniently. While the first service supported will be credit cards, both companies believe there is great opportunity for debit and cash options in the future.

Building on a foundation of an enhanced "Internet strength" debit card service, Wells Fargo plans to eventually provide the capability of person-to-person cash payments on the Internet.

In addition to the benefit of convenience and security for consumers, these new systems will offer banks and merchants a lower risk of fraud and the opportunity for the first time to use the Internet as an efficient sales channel.

Today, if consumers want to purchase items offered through the Internet, they must either mail a check to the merchant or call and provide a credit card number. With a CyberCash system, users will be able to conveniently make a purchase directly over the Internet using a single, simple, consistent approach. Both Wells Fargo and CyberCash are members of CommerceNet, a consortium of financial and technical companies working together to advance standards that will make these secure transactions possible.

"CyberCash values Wells Fargo's proven leadership in advancing electronic payment methods," said Bill Melton, founder and chief executive officer, CyberCash. "Wells Fargo's vision of Internet services is setting the pace in this exciting new electronic commerce market. As partners we both share the same commitment to the open standards and interoperability that is required to make effective online payment systems a reality."

Wells Fargo, established in 1852, is the seventh largest bank in the United States.

CyberCash Inc. of Reston, was founded in August 1994 to partner with financial institutions and providers of goods and services to deliver Internet payment systems. The CyberCash approach is based on establishing a trusted link between the seemingly unpredictable world of cyberspace and the traditional banking world. CyberCash serves as a conduit through which payments can be transported easily, safely, and instantaneously between buyers, sellers and their banks.

The founders of CyberCash are Bill Melton, a founder of Verifone, a company that achieved enormous success by providing a system for processing credit card transactions at the point-of-sale, and Dan Lynch, founder and chairman of the hugely popular NetWorld + INTEROP networking show and exhibition. Melton, Lynch and other CyberCash principals bring together unparalleled experience in credit card and debit card automation, Internet telecommunications and security.

For online information, access the CyberCash World Wide Web server at http://www.cybercash.com

CONTACT: Thomas Associates Inc.

             Susan Ice, 415/325-6236 or 6597559@mcimail.com
             Joanne Howard, 415/325-6236 or 6577557@mcimail.com

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