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E-Commerce News

E-Commerce News

Banc One to Try New Visa-Unisys Cash Cards

[October 29] Unisys Corp. and Visa USA rolled out a package that will allow financial institutions to conduct in-house trials for Visa Cash, Visa's stored electronic money system.
Under the agreement, Unisys will provide software applications, project management, and integration services to conduct Visa Cash trials at Visa USA's member banks.
The nonexclusive agreement represents the first time that a packaged service has been offered to help conduct such trials. Banc One Corp., based in Columbus, OH, one of the nation's largest holding banks, has been signed as the first Visa Cash customer for this service.
Visa Cash is a stored value card, which holds and processes money in the form of electronic data.
Unisys will provide the Visa member bank with a Windows NT server that will be used to run the Visa Cash Management System application. Also included in the package agreement are appropriate system software and database tools, project management, implementation, and system support services.
The first phase involves testing Visa Cash in an in-house trial environment at a Banc One cafeteria. The package--which includes a predefined set of hardware, software, and services provided by Unisys--will enable the bank to implement a strategy for Visa Cash internally over a three- to four-month period, before launching it externally on a regional basis.
Glenn Santmire, group vice president, Unisys Worldwide Financial Services, said, "We've been involved in stored value projects since the technology first came to market. With the steady evolution to electronic payments, we've seen banks become better and better able to offer flexible, secure outlets for consumer spending."
Visa has 65 chip programs underway worldwide, including more than six million Visa Cash cards, and is pioneering SET Secure Electronic Transaction programs in more than 25 countries for secure Internet commerce.