Xtranet Systems Inc.Tuesday announced that for the 1st quarter of 1999, it processed $68,380,209 for 912,205 credit card transactions for primarily Internet Merchants.
“We are extremely pleased with our progress in reaching our target of processing a minimum of $500,000,000 in 1999,” said William L. Shaw, chief executive officer of Xtranet. “As we integrate both regional and major offshore banks into our system, we not only increase our capabilities for our Internet Merchants, but we are also accommodating the retail merchants of these banks onto our system.”
The reduction in processing from the 4th quarter of 1998 to the 1st quarter of 1999 was attributed to seasonal variations, and continuing improvements in Xtranet’s proprietary risk management system, which in the short term tends to reduce processing volume while increasing the Merchant’s net revenue per completed transaction.
Xtranet recently completed a week training Banco Bilbao Vizcaya (BBV) personnel in Mexico City, so that BBV’s 22,000 domestic retail merchants could begin processing through Xtranet’s system.
“As we have already begun to process Hospitality Merchants through BBV, it is a natural next step to bring all of BBV’s domestic retail merchants onto our system,” said Shaw. “Although this process took longer than anticipated due to the inherent problems in translating technical information for the training, we look forward to a long relationship with BBV in Mexico, the Caribbean, South America and Europe, and we hope to handle credit card processing through additional BBV offices before the end of the year.”
Xtranet anticipates processing significant credit card transaction volume in Mexico for International Hospitality Merchants, major Corporate Merchants, as well as local domestic Hotel and Time-Share Merchant Accounts.
Xtranet is a provider of e-commerce credit-card processing, proprietary risk management services, and stand alone financial processing solutions to Internet Merchants and Offshore Financial Institutions throughout the world. Having begun as a developer of extranet systems, Xtranet has now moved into the front lines of e-commerce by offering proprietary credit card processing services uniquely suited to high volume Internet Merchants worldwide. Within its International Network, Xtranet has operations in the Caribbean, Mexico, and the United States, and will soon be establishing operations in Bermuda, Europe and the United Kingdom. Xtranet projects that it will process a minimum of $500,000,000 in total credit card transactions in 1999.
“Thanks to aggressive overseas expansion, Banco Bilbao Vizcaya (BBV) is Basque-ing in the international limelight. In Spain, BBV offers wholesale and retail banking services at nearly 3,000 offices, including corporate, and consumer lending, credit card services, and ATMs. BBV also operates in 26 countries worldwide, where it provides investment banking and brokerage services, venture capital, and investment management. In Latin America, BBV owns major stakes in banks in Argentina, Brazil, Colombia, and Venezuela; it also invests in pension funds, insurance outfits, and industrial companies. BBV is part of the Spanish consortium that has purchased Telesp (formerly part of Brazil’s Telecomunicacoes Brasileiras).” (As quoted in Hoover’s Company Profiles at [www.pathfinder.com/money/hoovers/corpdirectory/b/bbv.html].)