VeriFone Obtains SET Mark for End-to-End Internet Payment Solution; SET Mark Builds on VeriFone Position as Global Leader in Providing Choices for Electronic Payment and Commerce

Business Wire, Feb 22, 1999

SANTA CLARA, Calif.--(BUSINESS WIRE)--Feb. 22, 1999--VeriFone, Inc., the global leader in electronic payment and a wholly owned subsidiary of Hewlett-Packard, today announced that its vPOS(TM) (virtual point-of-sale) and vGate(TM) Internet payment software have been approved as SET compliant by the SET Secure Electronic Transaction L.L.C. agency responsible for SET compliance testing.

Together with VeriFone's SET compliant vWallet(TM), VeriFone's suite of Internet applications now offer end-to-end SET compliant payment transactions, providing consumers, merchants and financial institutions with the highest levels of security offered for Internet payment today. In addition to its full end-to-end SET implementation, VeriFone's merchant payment product, vPOS, also accepts SSL cardholder transactions to ensure the broadest range of payment capabilities for its customers.

"VeriFone receiving the end-to-end SET mark means that our merchants can now offer a highly secure means of conducting payment over the Internet," said Adrian Horsfield, senior manager, Electronic Commerce, Merchant Services and Point of Sale for the Royal Bank of Canada. "We are proud to be on the leading edge of technology, providing our merchants with solutions that let them jump to the forefront of the Internet commerce revolution."

"VeriFone's SSL- and end-to-end SET-based Internet software provides a practical solution for Internet shoppers today and gives new Internet shoppers the confidence to make payments online," said Shannon Byrne, President of Paradata Systems, Inc., Royal Bank's first SET enabled Internet Payment Hosting Service. "SET provides an additional level of security that makes on-line payment more like being inside a real store."

"In the rapidly evolving world of payment, VeriFone is committed to providing electronic payment solutions that meet the present and future demands of our customers worldwide. The SET protocol is an important aspect of Internet payment, with businesses in many countries adopting it as their security standard," said Tom Kilcoyne, vice president and general manager of the E-Commerce Software Dicted over the next few years will bring forth a higher demand to protect the integrity of transactions from start to finish for consumers, financial institutions and mervides assurances as to the identities of merchad and Visa in cooperation with industry leaders b Browsers to protect the information between t RBC Insurance, and Royal Bank Action Direct havm) has produced a suite of e-commerce and security systems that forms the basis for solutions in the e-commels, Paradata is poised for rapid growth in thosFone has shipped more than six million electronic payment systems, which are used in over 100 countries.

Note to Editors: VeriFone, the VeriFone logo, vPOS, vGate and vWallet are either registered trademarks or trademarks of VeriFone, Inc., in the U.S. and/or other countries.

SET Secure Electronic Transaction, Secure Electronic Transaction, SET and the SET Secure Electronic Transaction LLC design mark are trademarks and service marks owned by SET Secure Electronic Transaction LLC. Reproduction of any of these marks without the explicit written consent is strictly prohibited. All other company names, brands or products may be trademarks or registered trademarks of their respective owners.