Bank of America's payment service will allow businesses wanting to conduct commerce over the Internet to accept consumers' Visa®, MasterCard®, Discover Card®, Diners Club®, Carte Blanche®, JCB Card® or American Express Card® online. Netscape Communications' software provides encryption so that a consumer's card number can be sent securely to Bank of America for real time processing. The service is free to consumers buying goods or services on the net.
"This partnership with Bank of America represents a significant step in providing consumers and businesses with a secure means for payment and credit card authorization online," said Jim Clark, chairman and CEO of Netscape Communications. "Bank of America reaches a significant percentage of merchants who today use traditional bankcard payment processing services. With this announcement, Bank of America takes a leadership role in confirming for companies and consumers that the Internet is a safe and efficient channel for conducting business."
"We researched payment options available for the Internet and found that Netscape Communications is providing the fastest, most secure, and most open environment for online payment processing," said Sharif Bayyari, senior vice president at Bank of America. "Other payment options on the net come with high transaction risks, bypass bank payment systems and open the way to fraud and consumer liability. This approach eliminates those concerns and allows companies and consumers to feel comfortable and confident conducting business on the Internet."
Bank of America's service will be based on Netscape Communications' Netsite(TM) Commerce Server software, with additional transaction processing capabilities to handle payment processing. Fully compatible with existing HTTP-based clients and servers, the Netsite Commerce Server incorporates Netscape Communications' Secure Sockets Layer(TM) based on RSA Data Security technology. The technology provides encryption, which creates a secure channel to prevent anyone on the network from tapping into the transaction; and authentication, which verifies the legitimacy of the server. The Commerce Server is designed for online transactions and electronic data exchange, enabling users to feel secure sending sensitive documents over networks.
To take advantage of the new online capabilities, Bank of America's business customers create their own Internet presence or virtual storefront using the Netsite Commerce Server, and then enroll in the service through Bank of America. Consumers using Netscape Communications' Netscape Navigator(TM) 1.0 can then access and establish a secure link with the server, enabling credit card information to be sent securely over the net. The card information is then processed by Bank of America in real time.
Netscape Communications' Netsite Commerce Server and Netscape Navigator 1.0 will be available this month.
BankAmerica Corporation is the second largest bank holding company in the United States based on assets of $197.2 billion, operating more than 1,900 branches and 5,000 ATMs in 10 western states. It provides credit and banking services to individual consumers, small to mid-sized businesses and large corporations, nationally and internationally.
Netscape Communications Corporation is a premier provider of open software to enable people and companies to exchange information and conduct commerce over the Internet and other global networks. The company was founded in April 1994 by Dr. James H. Clark, founder of Silicon Graphics, Inc., a Fortune 500 computer systems company; and Marc Andreessen, creator of the NCSA Mosaic research prototype for the Internet. Privately held, Netscape Communications Corporation is based in Mountain View, California.
Additional information on Netscape Communications Corporation is available on the Internet at http://home.mcom.com, by calling 1-800-NETSITE or by sending email to info@mcom.com.