Cable & Wireless and Planet Payment Form Partnership to Link Internet Merchants Everywhere to Credit Card Transaction Processing Systems Around the World

Business Wire, Nov 4, 1999

BERMUDA and NEW YORK--(BUSINESS WIRE)--November 4, 1999--

Cable & Wireless, the global telecommunications group, and Planet Payment(TM) today announced their partnership to provide a commerce switch to route credit card transactions to credit card processors around the world. This will enable Internet merchants to accept credit cards online in most currencies. Internet merchants and ISPs everywhere will now have high quality, low-cost solutions for accepting payment on the Internet by using the state-of-the-art payment gateways of Planet Payment and Cable & Wireless.

The platform will initially connect to Bank of Bermuda's new multi-currency credit card processing system. In addition, the Cable & Wireless and Planet Payment processing platform will enable banks to offer multi-currency-processing services to their merchants seeking to accept credit cards on the Internet.

"Providing multi-currency credit card payment solutions to merchants and financial institutions everywhere and enabling secure online real-time e-commerce is at the core of our company," says Philip Beck, Chief Executive Officer of Planet Payment. "Partnering with Cable & Wireless will have tremendous benefits to these new global merchants. We are truly excited about this venture and its positive implications for merchants and banks around the world."

"Cable & Wireless and Planet Payment are in a unique position to offer wholesale processing for Internet credit card transactions through the Planet Payment/Cable & Wireless transaction gateway," said Andy Gray, Regional Manager, E-Commerce Cable & Wireless, Caribbean and Atlantic Islands. Together we provide the infrastructure and services necessary to enable e-focused companies to take full advantage of their potential, no matter what their size. Internet merchants worldwide can process multi-currency transactions and obtain the benefits of settling card transactions in Bermuda. This new venture builds on our existing relationship with Planet Payment and its affiliated e-commerce consulting practice, the Elan Group (www.elangroup.com)."

About Cable & Wireless

With customers in 70 countries, Cable & Wireless (NYSE:CWP) is a major global telecommunications business with revenue of around (pound)8 billion (US $13 billion) in the year ended March 1999, and over 50,000 employees. Its businesses around the world offer a range of services spanning broadband data and Internet access, fixed and mobile voice, as well as interactive entertainment and information. Cable & Wireless' priority for expansion is the fast growing market of data and IP (Internet Protocol) services for business customers. Since November 1998, it has announced major investments in advanced networks in the US and Europe, the restructuring of Cable & Wireless Communications in the UK, and has acquired full control of Cable & Wireless IDC in Japan to support this strategy. Cable & Wireless now holds a unique position in terms of global coverage and services to business customers. For more information visit: www.cablewireless.com and www.cw-webcommerce.com.

About Planet Payment

Planet Payment (www.planetpayment.com) provides e-businesses anywhere with the ability to accept credit cards online in real-time in almost any currency. To conduct business on the Internet, Internet merchants need a credit card merchant account and secure payment gateway. Sophisticated Internet merchants accept payments in multiple currencies to maximize the global opportunity presented by e-commerce. Planet Payment's affordable solution enables Internet merchants to accept Visa(R), MasterCard(R), and American Express(R) and is compatible with most shopping cart technologies using its state-of-the-art payment gateway powered by Authorize.Net (www.authorize.net).