Alan J. Conner & Associates announced that they have partnered with eConnect to form Bank eConnect. The targeted opening date of Bank eConnect has yet to be determined. Discussions have begun regarding a joint venture with an existing Internet Bank, which should allow the Company to begin doing business by October 1, 2002.
The business of Bank eConnect is to act as a depository for eCashCard bank accounts and to effect payment to any payee for the eCashCard Bank eConnect customers, and to develop the business of marketing credit cards and credit insurance to the sub-prime credit marketplace.
The President of Bank eConnect will be Alan J. Conner whose background is in Bank Asset / Liability management, mortgage backed and asset backed securities, credit card and auto loan securitization. An initial mass mailing of a CD presenting the eCashPad is scheduled to begin shortly. The recipients will be invited to register to receive their eCashCard and to open an account with Bank eConnect. They will then be sent a free eCashPad for usage for payment in cash to any payee, whether a friend, product or service seller, bill payee, or government entity.
The eCashCard is a value added Smart Card. It is similar to a calling card that can be used to store cash value that can be replenished any time. Like any credit card, a PIN protects the eCashCard. It will also be used for identification and authentication on the Internet.
Bank eConnect customers will enter their PIN on their eCashPad, insert their eCashCard and then effect payments either directly to Bank Eyes Only web sites or to Bank eConnect who shall then effect payment to any chosen payee.
The eCashPad is a revolutionary, inexpensive home hardware device, of which over 5,000 have now been deployed into the marketplace by eConnect. The eCashPad enables Internet consumers to swipe their credit cards at Bank Eyes Only enabled web sites and to effect cash payments by either a prepaid or value-added eCashCard at the web merchant site. PIN debit by ATM card is a future service of the eCashPad. The eCashPad readily lends itself to home-originated gaming applications. More information on the eCashPad and the go anywhere eCashCard can be found at