Visa U.S.A. yesterday announced a new relationship with Trintech to develop Visa’s new Internet Payment Gateway service offering Acquirers and merchants secure and rapid real-time processing of online payment card transactions. The relationship was created to enable Acquirer banks to supply their merchants with a cost effective and secure bank branded e-commerce transaction processing package. Built with Trintech’s ‘PayGate’ NetAcquirer software, the Visa Payment Gateway will authorize, capture, route and settle all Internet-originated financial transactions and will support both SSL and SET security protocols. Trintech’s ‘PayWare’ Net solution is an additional enhancement which will allow for quick and easy merchant account set-up, bank branding and customization.
Trintech, the world’s leading provider of secure electronic payment solutions, will announce that Corporacion Nacional de Ahorro y Vivienda (CONAVI) is launching its bill presentment and payment service based on Trintech’s secure transaction-enabling technology.
The implementation is one of the first times debit cards have been used for Internet payment transactions anywhere in the world. CONAVI debit cardholders now enjoy the convenience of paying their bills ranging from water to telephone on the Internet.
The new service allows Colombia-based CONAVI to reduce costs associated with bill payment processing through any of its 300 branches by up to 80 percent. Billing companies using CONAVI’s service benefit from a streamlined presentment and payment process that cuts costs and simplifies bill paying for consumers. Trintech security and payment-processing technologies, including PayWare(tm), NetWallet(tm) and PayGate(tm), provide the foundation for CONAVI’s innovative bill presentment and payment service.
“It is very clear to CONAVI that there is great market potential in providing secure electronic commerce and Internet-based bill payment and presentment services,” said Dr. Carlos Mario Toro Villegas, vice-president of technology at CONAVI. “The need to offer a complete end-to-end e-commerce solution that is flexible led us to choose Trintech’s suite of secure payment products. Trintech has demonstrated its world-class leadership in the provision of Internet-based secure payment solutions by its successful project implementation. For CONAVI, it is a pleasure to count on Trintech’s solutions for this important project, which is the first of its class in Colombia and the rest of the world.”
Companies using CONAVI’s bill presentment and payment solution streamline the entire payment process. Cardholders’ transactions are secured with Trintech’s NetWallet based on the SET protocol. The companies process cardholder payments using Trintech’s PayWare. Payment details are then securely passed to the bank where Trintech’s PayGate resides. The lead integrator on the CONAVI project was Microsoft (Nasdaq:MSFT), through its Colombia-based partner Techmarketing.
“CONAVI’s bill presentment and payment solution links billing companies with consumers to make the payment process faster, simpler, cleaner and more economical for everyone,” said Fanny Sierra, Microsoft Internet customer unit manager in Colombia. “Microsoft technology is helping and supporting CONAVI in its permanent effort to establish new standards on the Internet and the whole financial sector — it is an innovative, flexible and comprehensive service unlike any other available today.”
“CONAVI clearly leads the market in providing electronic billing and payment services in South America,” said John McGuire, co-founder and CEO of Trintech. “Unparalleled transaction processing and powerful security attained through Trintech products unequivocally gives CONAVI the competitive advantage needed in today’s marketplace.”
CONAVI is a Savings and Loans Corporation whose financial and technological services are customer-oriented. It was founded in October 1972 by a group of entrepreneurs and companies from Medellin, Colombia.
CONAVI established its first office in April 1974 and from that moment CONAVI has been a leader promoting financial technological development in Colombia. It has a large network of branches (221) and Automatic Teller Machines (440), CONAVI is also a member of the major Financial Networks in Colombia: Red Multicolor, Redeban, Servibanca and ATH for a total of 2,280+ Automatic Teller Machines available nationwide and all the Master Card — Maestro ATMs worldwide. Its high technological development has allowed it to reach the operational level of 4,628,000 transactions per month on average through its network of branches and 3,445,000 /month in its ATMs (measured as of March 1998). At present, CONAVI processes 72% of all its transactions via non-traditional channels such as POS, ATMs and Internet.
Founded in 1986, Trintech is the world’s leading provider of payment software for electronic transactions. The company is co-headquartered in Silicon Valley, Calif. and in Dublin, Ireland, the software capital of Europe. The company offers a complete range of payment software products for credit, debit, commercial and procurement card applications, as well as leading the world in the deployment of payment solutions for Internet commerce that are fully SSL- and SET-compliant.
Trintech’s range of scalable open systems architecture solutions for UNIX(r) and Windows NT platforms covers consumer, merchant and financial institution requirements for physical payments and the burgeoning world of electronic commerce. Trintech has headquarters in Campbell, CA at 2105 South Bascom Avenue, Campbell, CA 95008, USA (Tel: 408/879-1884). Trintech can be reached on the Web at http://www.trintech.com.
San Jose-based Trintech introduced ‘PayWare NetPOS’ yesterday, providing four degrees of security, ranging from SSL to hybrid SSL/SET to Certless SET and end-to-end SET. With “Certless” SET, consumers are given a virtual wallet that is downloadable from an issuer, portal or ISP’s Web site. The wallet is “thinner” than a regular SET wallet since it does not include a SET digital certificate issued by a third party. In the case of “Certless” SET, the wallet generates a SET message that is sent to the merchant as a SET transaction. It includes an encrypted personal identifier that the merchant cannot decode as in the case of full SET. This is more secure than the previous combinations because the consumer is assured the merchants are not only SET-certified, but the wallet confirms that the merchants are legitimate. End-to-end SET includes a consumer digital certificate in the process and is designed for purchasing environments where security is paramount. Unlike competing SET wallets, the Trintech version is up to four times thinner due to the superior compression techniques incorporated in its development.
Trintech Group, the world’s leading supplier of secure electronic payment solutions, has appointed several top Silicon Valley and international executives to its growing U.S. operation, further enhancing its position as the leader in the electronic commerce software market in North America.
The recent hires bring to Trintech experience from industry leaders, such as Netscape, Pixar and American Express.
Trintech entered the U.S. market less than three years ago with its high-end range of secure payment software for credit card and Internet commerce transactions. Since then, Trintech sales in the North American market have grown by more than 150 percent a year.
Heading up the North America sales team is Tony Tyson who joined Trintech as director of sales in August. Before Trintech, Tyson spent three years with Netscape Communications, where he was OEM business manager with responsibility for licensing Netscape technology to the leading technology companies in North America. A native of Cincinnati, Ohio, Tyson also spent two years at Lotus and two and a half years at Intuit Software in 1985, where he was the personal finance software company’s first employee.
Meanwhile, in July this year Anna Yen was appointed as director of investor relations with responsibility for coordinating all activity between Trintech management and its private investors and external directors. Before Trintech, Yen spent three years as account director with Stapleton Communications Inc., an investor and public relations company based in Palo Alto.
During her time with Stapleton, Yen provided strategic counsel to Pixar Animation Studios and Amazon.com among others. She also spent several years with Silicon Valley’s leading law firm, Wilson, Sonsini, Goodrich & Rosati, P.C., where she worked on IPO and merger and acquisition transactions for leading technology companies.
Trintech has also hired Barry Nolan as group marketing director. Nolan joins Trintech from the premium luxury goods supplier Waterford Wedgwood, where he held marketing responsibility for the Waterford Crystal brand in all markets around the world. His specific responsibilities were product development, brand management, A&P and channel management. Waterford Crystal sales are in the region of $300 million globally. Nolan holds a master’s in marketing and business studies from University College Dublin.
On the East Coast, Trintech has appointed Kayode Owens as director of strategic initiatives. Prior to Trintech, he was senior manager of business development for American Express Electronic Commerce Group, handling new business partnerships for the merchant services division for 18 months. Prior to that he worked in strategic planning for MasterCard, covering alliances and new ventures for two years. Owens graduated cum laude from Harvard University in 1992.
Also on the list of new appointees are Denis Lynch, Cameron Randolph, Leo Ring and James Ting, all of whom will work in the sales team reporting to Tony Tyson.
Cameron Randolph joins Trintech as an account director from GlobeSet, where he spent three years as a sales director with responsibilities including direct sales and channel management in Europe and North America.
Denis Lynch is business development manager where he will investigate new business opportunities for Trintech. He worked previously for eight years as director of alumni for St. Anselm College in New Hampshire. Before that, he served as a special agent for the U.S. Naval Investigative Service in Boston, Washington D.C. and Seattle.
James Ting has joined Trintech as director of S/PAY Business Development. Ting was previously at RSA where he was director of intellectual property and strategic accounts, and Sun Microsystems Inc. where he was a business development manager.
Meanwhile, Leo Ring will head up Trintech’s strategic business development unit. Prior to Trintech, he spent five years at Microsoft where he established Microsoft’s Enterprise Customer Sales Team in Ireland and laterally managed both Channel and Customer Unit Sales and Marketing.
“The last six months have seen incredible changes in Trintech and we are delighted to be able to expand our team with such proven and highly motivated people,” says John McGuire, co-founder and CEO of Trintech Group. “We are committed to employing only the very best people in their respective field to further consolidate our position as the leading e-payment provider in the world.”
Trintech is the world’s leading provider of payment software for electronic transactions. The company was founded in 1986 in Dublin, Ireland. The company is co-headquartered in Silicon Valley, California and in Dublin, Ireland, the software capital of Europe.
The company offers a complete range of payment software products for credit, debit, commercial and procurement card applications, as well as leading the world in the deployment of payment solutions for Internet commerce. Its range of solutions covers consumer, merchant and financial institution requirements for physical payments and the burgeoning world of electronic commerce.
The Trintech strategy has been to build on its European leadership position to become the dominant integrated payment card software vendor in the US and the rest of the world with scalable open systems architecture on UNIX and Windows NT based platforms.
The company has participated in the formation and implementation of the Secure Socket Layer (SSL) and SET Secure Electronic Transaction electronic commerce specifications. The company’s early lead in Internet payments solutions has contributed to its series of industry firsts in electronic commerce.
Trintech was the first company to go live with a SET 1.0 transaction and was in the first group of vendors that received the SET mark. It was also the first company to perform an SSL Internet commerce transaction internationally with Netscape in Sweden. Trintech was also the first company to successfully complete SET interoperability testing with the Visa gateway in California. As well as the world’s leading financial institutions and card processors, Trintech has formed partnerships with Digital, Microsoft, Netscape, Oracle, RSA, SAP and Tandem.
The SET race narrowed yesterday as SET Secure Electronic Transaction LLC (or SETCo) announced the awarding of the right to use the SET trademark to the first four vendors of SET-compliant software. The four winners: GlobeSet Inc., Spyrus/Terisa Systems, Trintech, and VeriFone, Inc.. Each of the four companies were the first to successfully complete a series of SET compliance tests for their respective wallet software. The SET compliance testing, which is conducted by Tenth Mountain Systems, comprises a series of tests for four SET applications: the wallet software, which performs both the authentication and execution of secure payment and also holds the cardholder’s digital certificate and credit/debit or charge card information; the merchant payment acceptance software, which implements SET at merchant Web sites and enables the authentication of the merchant; the acquirers’ payment gateway software, which allows transactions to flow securely from the Internet to the payment networks; and the certificate authority software used in issuing digital certificates. The SET spec was originally developed by Visa and MasterCard in Feb 1996 and SETCo was established by both associations in Dec 1997.
John McGuire, CEO, Trintech Group said yesterday at the Venture Market Europe conference in London: “The Internet has been a medium for communication and the exchange of information for a number of years.
“Including more commercial functions, such as electronic commerce, has proved a more difficult task. A combination of security concerns, consumer and merchant indifference and banking reluctance has combined to keep Web-based commerce in the margins of retailing. Nevertheless, the Internet’s potential to be the vehicle for conducting significant volumes of commercial activity seems to have arrived thanks to a number of factors.
“In essence, Internet users tend to be younger, wealthier and are moving to on-line buying in increasing numbers as their busy lives get even busier. The missing piece of the puzzle is technology and most importantly, payment software. Providing a secure and robust payment infrastructure has been one of the challenges banks and merchants have had to overcome in order to exploit the latent potential of electronic commerce.
“This is where Trintech has proven its pre-eminence. As a company with ten years experience exclusively in payment software, Trintech has been perfectly positioned to develop Internet payment solutions that comply with the latest industry standards. What Trintech’s experience has taught us is that pedigree is everything.
“The company client list includes American Express, MasterCard, Visa, Deutsche Bank, SAP among others. Its global partners are the leaders in their field and include Microsoft, Oracle, Tandem and Netscape. What has impressed all of the companies listed is Trintech’s ability to deliver a payment component essential for their success on-time and to specification. Trintech can boast on being the only payment company in the world that works across all the major operating systems and platforms.
“As banks and retailers struggle to make sense of what should prove to be a wonderful opportunity, technical interoperability is essential if e-commerce is to be a success. Trintech has been doing it for ten years in the physical world and is doing it now in the virtual world.”
Entrust Technologies, Inc., the leading provider of Certification Authority (CA) and public-key management products, today announced that Secure Electronic Transaction (SET) 1.0 certificates issued by its Entrust/CommerceCA interoperate with merchant, wallet and payment gateway products from GlobeSet and Trintech. This capability highlights the maturity of the SET 1.0 standard and demonstrates to customers the flexibility of a multi-vendor, standards-based environment.
“Interoperability of SET certificates with payment applications is critical to accelerating the worldwide deployment of secure Internet payment services,” said John Ryan, president and chief executive officer, Entrust Technologies, Inc. “This cooperation highlights how real-world public-key infrastructures (PKI) are enabling and forwarding secure business-to-business and business-to-consumer electronic commerce.”
“As the industry’s premier OEM-provider of SET software, GlobeSet is proud to enable Entrust to deliver SET 1.0 capability and guaranteed certificate interoperability to the widest range of SET application vendors in the world,” said Michael Cation, chairman and chief executive officer of GlobeSet. “We are also proud to play a critical role in the practical implementation of SET and the realization of the promise of secure electronic commerce.” “Trintech is delighted to be involved in this industry-wide initiative.
Consumer and merchant confidence is essential to the success to electronic commerce. SET is an important key to unlocking the latent potential of the Internet. Trintech with the help of public-key providers, such as Entrust Technologies, is witnessing an explosion in interest in this exciting new payment medium as proven security standards are developed,” says John McGuire, chief executive officer of Trintech Inc.
To be commercially available in the second quarter of 1998, the Entrust/CommerceCA product is an extension to the Entrust/Manager(TM) software. Entrust Technologies is the only company offering certificate-based security solutions all from a single Entrust public-key infrastructure to serve intranet and Web-based needs and SET applications.
With the SET extension, an Entrust PKI will allow companies such as banks, large retailers or other credit card-issuing organizations to become a SET CA, permitting them to issue certificates to consumers, merchants and payment gateways involved in SET transactions. SET certificates accompanying consumer and merchant software applications provide strong authentication through digital signatures and transaction confidentiality through encryption, paving the way for secure electronic commerce.
Entrust Technologies is dedicated to ensuring the privacy and authenticity of data communications enterprise-wide. Its award-winning public-key infrastructure technology combines encryption and digital signature capabilities with fully automated key management. Widely used by financial institutions, government agencies and high-tech corporations, the Entrust software family provides a complete security solution across multiple platforms for desktops, corporate networks, intranets and the Internet. Entrust Technologies is headquartered in Richardson, TX with offices in New York, San Francisco, Los Angeles, San Diego, Philadelphia, Boston, St. Louis, Raleigh, McLean, Ottawa, Toronto and Montreal. Entrust is a majority-owned subsidiary of Nortel (Northern Telecom). It was recognized by Red Herring Magazine as one of the top 50 private technology companies of 1997.
Visit Entrust Technologies’ Web site at
Entrust is a registered trademark of Entrust Technologies Limited. All Entrust product names are trademarks of Entrust Technologies Limited. All other company and product names are trademarks or registered trademarks of their respective holders. SET Secure Electronic Transaction, Secure Electronic Transaction, and SET are trademarks of MasterCard International Incorporated and Visa International Service Association.