VeriFone Enables One Network to Deliver One-Stop Financial Service Solution; Merchants, Billers, Billees, and Banks Get Real-Time Bill Presentment and Pre-Paid Products

Business Wire, Oct 3, 2000

Business Editors

Electronic Commerce World 2000

ORLANDO, Fla.--(BUSINESS WIRE)--Oct. 3, 2000

VeriFone, a division of Hewlett-Packard Company, announced today that One Network is successfully using a VeriFone Integrated Payment Solution to offer paperless transaction processing solutions via the Internet. One Network, a VeriFone strategic e-Payment vendor, is now a one-stop-shop for financial services, providing corporations, their customers, and merchants with instant access to billing information over the Web.

One Network's innovative Internet payment solution combines One Network's exclusive patented technology with VeriFone software to offer a powerful, Web-based Automated Settlement Processing System. "One Network, a strategic e-Payment vendor, with VeriFone's e-Payment Server (ePS) software, has created a premiere transaction-oriented paperless processing solution. It reduces bill processing costs while increasing a corporation's and a merchant's ability to obtain payments from their customers faster," said Ross Bardwell, general manager of HP's VeriFone E-Commerce Software Division.

One Network uses its EBASS(TM) system (Electronic Billing and Automated Settlement System) with VeriFone's software to provide corporate billing applications to corporations and their customers with real-time bill presentment and automated settlement for faster funds flow. Through One Network's comprehensive portal for financial services, corporate billing customers can pay bills on-line, access their bank accounts, and schedule bills to be paid on a regular basis. A corporation's customers can also track their bill history and get reports on current account activity, from use of One Network's Billspan(TM).

Merchants can streamline their billing on the Web, eliminating the need for stamps, envelopes and paper invoices. One Network's solution can also be customized to fit a corporation's or a single merchant's individual needs for particular vertical markets.

"Internet bill presentment is an integral part of realizing the potential of true e-commerce," said Thomas M. Cannon, president and CEO of One Network. "Paperless Electronic Bills combined with Automated Settlement (EBASS(TM)), means you can eliminate certain processing costs while reducing the time it takes to send, receive and settle the invoice. With our Electronic Lock Box, One Network moves money faster. We offer a unique and patented solution with VeriFone's e-Payment Server software at the heart of the One Network engine driving settlement. Our solutions benefit billers, billees, and banks for true winning performance."

One Network also uses VeriFone's ePS to allow merchants to replace paper-based gift certificates with e-Gift cards, saving time and money. E-Gift cards can be automatically processed at the time of sale, reducing the risk of fraud and increasing brand awareness. With e-Gift cards, merchants can record and track customer purchasing information and shopping demographics using ePS technology.

About One Network

One Network, located in California's Silicon Valley, was founded in 1998 to provide back-office, transaction-processing services to emerging eCommerce companies as well as established brick and mortar businesses. By connecting virtual and physical storefronts to secure Internet information services, One Network provides solutions for electronic gift certificates, loyalty programs, digital authentication and billing services. One Network's paperless, scalable and rules-based solutions lower the cost of doing business while providing a seamless exchange service with real-time information for both merchants and their customers.

About VeriFone

VeriFone (http://www.verifone.hp.com), a division of Hewlett-Packard Company, is the leading global provider of secure electronic-payment solutions for financial institutions, merchants and consumers. The division has shipped more than seven million electronic-payment systems, which are used in more than 100 countries.

About HP

Hewlett-Packard Company -- a leading global provider of computing and imaging solutions and services -- is focused on making technology and its benefits accessible to individuals and businesses through simple appliances, useful e-services and an Internet infrastructure that's always on.

HP has 86,000 employees worldwide and had total revenue from continuing operations of $42.4 billion in its 1999 fiscal year. Information about HP and its products can be found on the World Wide Web at http://www.hp.com.