Orbiscom Announces Global Agreement With MBNA

Business Wire, Oct 17, 2000

Business Editors

DUBLIN, Ireland--(BUSINESS WIRE)--Oct. 17, 2000

O-card Technology(TM) to Reduce Online Fraud for Global Giant

Orbiscom today announced that MBNA, the world's largest independent credit card issuer, will offer the world leading O-card(TM) Intelligent Payment Instrument to its customer base of over 45 million consumers.

This initiative is set to transform the online shopping industry by providing MBNA consumers with the incentive to finally shop more securely on-line with control and confidence. The MBNA ShopSafeSM service will be rolled out to US consumers this fall.

Orbiscom technology gives consumers confidence to shop on-line by eliminating the concern associated with giving their credit card details over the Internet. `Our technology will revolutionise the online shopping industry' commented Graham O'Donnell, Orbiscom's CEO, `Our agreement with MBNA, a global giant with over 45 million customers, $84.7 billion in managed loans and over $14 billion in retail deposits is an endorsement of the highest ranking of our technology'.

Orbiscom customer controlled payments are the first real solution which offers consumers control in their online purchasing decisions. Most importantly, the customer's actual card number remains hidden and is never transmitted online. Through the use of a unique, Controlled Purchase Number (CPN) for each transaction, consumers can easily manage their online purchasing with confidence - setting value, time and merchant limits every time they buy - just like a cheque.

Recent moves by large players in this space are evidence that the card industry views controlled payments as the technology of choice for secure on-line payments. `Banks and card issuers see the numerous benefits this technology brings to the table' continued Graham O'Donnell. `By integrating Orbiscom technology into their payment products, they can dramatically enhance levels of customer confidence in online shopping while protecting their existing infrastructure investment'.

Reports by Ernst & Young, Meridien Research and AC Nielson repeatedly show that consumers are extremely reluctant to shop on the Internet. News stories tell them their card details are unsafe on-line and associated consumer fear is preventing the natural development of e-commerce. The Orbiscom product whilst allaying these fears is simple, easy and fun to use. To date, on-line expenditure utilising the Orbiscom product has yielded average expenditure levels 45% higher than when the product was first used, indicating a real consumer comfort level with the online security it delivers.

This announcement has been long awaited by online retailers. They have been suffering the costs of fraud caused by a variety of payment related products which offer zero e-tailer protection. Stolen cards and consumer fraud have left e-tailers absorbing massive costs. If uncorrected, online fraud is set to rise to $60 billions per year - making the future of online retailing much less certain. Orbiscom neatly solves this problem by ensuring that O-powered(TM) payments are essentially guaranteed as the cardholder is authenticated for each transaction. Additional benefits exist for merchants in that they don't have to change existing processes to accept these controlled payments - therefore rewiring their payment world is not an issue.

This recent announcement has confirmed that Orbiscom is setting the standard in this important area of on-line technology. This major US rollout follows closely the adoption of the Orbiscom product by European banks including Allied Irish Bank, the leading financial services provider in Ireland.

`This is the first major US win from Orbiscom. We are engaged in in-depth discussions with other leading banks and further major announcements are expected' completed O'Donnell.

Notes to Editors:

About Orbiscom:

Orbiscom is setting a new standard for controlled, secure online payments and provides solutions that have unanimous appeal with card issuing Banks, Internet Merchants and Consumers. The Orbiscom O-card SoftwareTM is a breakthrough product designed to protect against card fraud on the Internet. It is compatible with and provides a major enhancement to all current payment initiatives. The Orbiscom system also has unique advantages for e-Commerce as it extends the functionality of existing cards without the need to "re-wire the world". The Orbiscom developed O-card Software solution in MBNA is delivered using high performance HP N-class Unix servers, Oracle database technology and Oasis IST. Orbiscom's headquarters for North America are based in New York. Its development headquarters are in Dublin, Ireland: with Operation Centres in London, Brussels and Sydney. The company has a large, highly experienced team of experts in software development, Internet banking systems, card processing systems and product marketing. Orbiscom's web site can be located on www.orbiscom.com

About Orbiscom's Technology:

MBNA cardholders will be able to access the O-power application from the Bank's website. Each time they make a credit card purchase, a unique 16-digit number, valid for one transaction, will be generated by the O-power Technology. The number will be valid at all Internet retailers who currently accept credit cards. Another major advantage for consumers and retailers is that no "re wiring" of the familiar credit card payment process is required. It is easy to understand and use and is simply a safer way to shop on line.