Wells Fargo Releases Secure Payment Software for Internet Merchants; First Bank to Process Credit Card Transactions For Merchant Customers With Licensed VeriFone Software

Business Wire, Dec 18, 1996

SAN FRANCISCO--(BUSINESS WIRE)--Dec. 18, 1996--Wells Fargo Bank announced today that it is now processing Internet credit card transactions for merchants using Wells Fargo-branded VeriFone vPOS merchant software.

"We are proud to be the first U.S. bank to have released VeriFone's Internet payment solution to merchants," said Debra Rossi, senior vice president and manager of Electronic Payments Solutions at Wells Fargo.

"Several of our customers started processing transactions using Wells Fargo-branded vPOS in early December. A number of other merchants plan to start using the product in the next couple of weeks."

Wells Fargo-branded vPOS gives merchants the capability to securely process payments from customers buying goods and services over the Internet. It incorporates the latest security technology based on SSL (Secure Sockets Layer) encryption and the SET (Secure Electronic Transaction) specification proposed by MasterCard and Visa.

Wells Fargo-branded vPOS processes transactions real-time and also gives the merchants the administrative and financial programs they need to manage their on-line business.

Wells Fargo is also the first bank to issue branded digital SET-compliant certificates to merchants. In conjunction with GTE, Wells Fargo gives merchants the capability to request certificates automatically when they activate their Wells Fargo-branded vPOS processing.

These certificates identify the merchant to the Wells Fargo credit card system and allow the merchant to give the consumer the security of shopping at an on-line store holding a Wells Fargo-issued certificate.

Among those processing with Wells Fargo vPOS is the Boston-based Children's Hospital for the Child's Hope site at http://www.childshope.org . Child's Hope provides a way for individuals to donate on-line to the hospital. All funds raised through Child's Hope will support patient care and research at Children's Hospital.

The Child's Hope site was made possible by technology contributions from Wells Fargo, GTE, VeriFone, Microsoft and Hewlett-Packard.

An on-line merchant processor since 1984, Wells Fargo has been a pioneer in the recent emergence of Internet commerce. The bank first provided secured payment transactions for a merchant selling over the Internet in February 1995.

Ultimately, Wells Fargo vPOS will support SET-compliant digital certificates issued to individual consumers. Until then, Internet shoppers will continue to make purchases safely using browsers that support SSL encryption.

"VeriFone is very excited that Wells Fargo is the first bank to be up and running with vPOS software," said Roger Bertman, vice president and general manager of VeriFone's Internet Commerce Division.

"Wells Fargo had the foresight to see this was an important development for the future, and their accomplishment provides a major boost to Internet commerce by enabling their Internet merchants to increase their Internet business through on-line payment processing."

VeriFone Inc. (http://www.verifone.com), the leading global provider of secure payment solutions, delivers electronic payment systems to financial institutions, 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, Australia and the Pacific.

VeriFone has shipped more than five million transaction automation systems, which have been installed in 100 countries. The company's 1995 net revenues totaled $387.0 million.

Wells Fargo Bank is the principal subsidiary of Wells Fargo & Co., the nation's eighth largest bank holding company with assets of $109 billion at Sept. 30, 1996.

Wells Fargo (http://wellsfargo.com) operates one of the largest consumer banking businesses in the U.S. and provides a full range of banking services to small business, commercial and real estate customers.

CONTACT: Wells Fargo Bank

Lorna Doubet/Janet Otsuki, 415/396-3606