VeriFone receives U.S. export approval for end-to-end SET-based Internet commerce solution

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29 May 1997, Business Wire:

VeriFone receives U.S. export approval for end-to-end, SET-based Internet commerce solution; VeriFone to use international channels to expand global Internet commerce market

Redwood City, Calif. -- VeriFone, Inc. today announced that its Secure Electronic Transaction (SET) -based product suite has received export approval from the United States Department of Commerce, marking the first announcement of a SET-based, end-to-end Internet commerce solution containing full strength encryption technology to be approved for international export.

VeriFone's SET-based product suite, which includes VeriFone's vGATE, vPOS and vWALLET software, is for use by financial institutions, merchants and consumers to conduct secure Internet credit card transactions. This Internet commerce solution has been reviewed by the U.S. government and qualifies for export categories that allow the software to be distributed to all non-embargoed countries. VeriFone's vGATE, vPOS and vWALLET software employ the SET encryption protocol for transactions over the Internet, utilizing 1024 bit key size for public key encryption and digital signatures, and 64 bit DES for bulk encryption. This approval enables VeriFone to offer a higher level of end-to-end encryption than was previously available from U.S. corporations to international customers without special permission from the U.S. government.

"The government's export approval for VeriFone's products that support secure transactions is a significant milestone in the worldwide adoption of SET-based Internet commerce solutions," said George Hoyem, vice president and general manager, Internet Commerce Division, VeriFone. "Being a vendor to receive such approval will give VeriFone a significant advantage in the marketplace to deliver secure SET-based solutions around the world in a timely manner."

Based on the U.S. government's recent export approval of VeriFone's technology, VeriFone will now utilize its extensive international sales force to distribute pilot and production versions of its SET-based, end-to-end Internet commerce solution.

The VeriFone SET-based product suite includes the following:

-- vGATE Internet gateway for financial institutions and payment processors to accept and process Internet transactions;

-- vPOS merchant software for Internet businesses to accept secure credit-card payments and provide on-line authorization and payment- management functions; and

-- vWALLET software for consumers to initiate SET-based credit-card purchases over the Internet.

SET-ready versions of vGATE and vPOS are currently being used in North America to provide live Internet payment services to Internet merchants. The SET-based products are extensions of these working solutions.

The Company

VeriFone, Inc., founded in 1981, ( http://www.verifone.com) is the leading global provider of secure electronic payment solutions for financial institutions, merchants and consumers.

The Company, which pioneered hardware and software systems to automate credit card transactions, now offers integrated payment solutions to facilitate debit/credit and smart card payments at the merchant countertop and over the Internet, and is actively developing new consumer payment systems for the home.

VeriFone also provides client/server enterprise payment systems and networking solutions. VeriFone's more than 30 regional sales, development, manufacturing, and distribution centers are located throughout North and South America, Europe, Asia, Africa, Australia, and the Pacific. VeriFone has shipped more than five million electronic payment systems which are used in over 100 countries. The Company's 1996 net revenues totaled $472.5 million.

Note to Editors: VeriFone is either a registered trademark or trademark of VeriFone Inc. in the United States and/or other countries. vGATE, vPOS and vWALLET are trademarks of VeriFone, Inc. Other product and company names herein may be trademarks of their respective owners.