Bankserv and Experian Partner to Create Unique Online Authentication of Identity Service for E-check Users

Business Wire, April 6, 2000

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--April 6, 2000

Potentially Could Yield $800 Million in Additional Annual Revenue for

Online Merchants; "e-Verify" Makes Online Checking as Reliable as

Credit-Card Verification

San Francisco-based BankServ and Experian, a leading information solutions company, have joined forces to create a unique online electronic check (eCheck) service for both large and small Internet businesses that could put an additional $800 million annually in the coffers of online merchants. BankServ is one of the nation's leading providers of secure electronic and Internet funds-transfer and payments services for banks, financial institutions, retailers and online businesses.

According to David Kvederis, founder and CEO of BankServ, Experian and BankServ have worked together to integrate Experian's considerable database and analytic solutions with BankServ's existing "eCheck" product to create anew online service that easily authenticates first-time users of electronic checks.

"Together, we've created something truly new," said Kvederis. "'E-Verify' and BankServ's 'eCheck' together will make the acceptance of electronic checks from first-time customers of online businesses as low-risk as accepting credit card payments with current verification systems.

"Experian's 'e-Verify' services offer us the best option for augmenting BankServ's already successful eCheck product," added Kvederis, a pioneer in the development of electronic funds transfer systems. "E-Verify provides exactly the kind of customer authentication and fraud reduction tools that online businesses want and need if they plan to include eChecks as a shopping cart option on their websites."

Rick Cortese, CEO of Experian Information Solutions added, "We are delighted to be working with BankServ to develop new ways to deliver our credit information, authentication, and fraud detection services in support of its online eCheck service. BankServ's track record in the burgeoning Internet marketplace industry as a secure funds transfer processor is without peer."

Kvederis noted that if 10 percent of the estimated 80 million consumers without credit cards began shopping online with "eCheck," each spending an average of $100 per year, there would potentially be an additional $800 million in revenue to online merchants.

"The cost advantages of 'eChecking' for merchants over credit cards is enormous," said Kvederis, "so their margin from sales made with 'eChecks' would be 80 percent greater than if they had sold the goods with credit cards online. Now that Experian's technology has allowed us to reduce risk to a minimum, there's every reason online merchants should take advantage of this service."

About Experian

Experian is an information solutions company. It uses the power of information to help its clients target prospective customers, manage existing customer relationships and identify opportunities for profitable growth. Experian is a subsidiary of the Great Universal Stores PLC and has headquarters in Nottingham, UK, and Orange, California. Its 12,000 people support clients in more than 50 countries. Annual sales are in excess of $1.5 billion. More information about Experian can be found at http://www.experian.com.

About BankServ

BankServ offers a variety of electronic check conversion, domestic and international wire transfer, credit card processing and business-to-business bill presentment and invoicing services. Founded in 1996 by cash management pioneer and company CEO David Kvederis, a former senior executive of WellsFargo & Company, BankServ is the nation's largest independent provider of services to merchants who wish to convert checks into electronic funds transfers. The company's new Internet payments division offers payment applications for both business-to-business exchanges and business-to-consumer settlements, as well as funding and reporting services for businesses on the Internet. BankServ maintains offices in Atlanta, Chicago, Dallas, New York, Las Vegas, Nev., and Lafayette, La. More information about BankServ can be found online at http://www.bankserv.com.