NatWest Launches Magex
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The new service is the result of a strategic alliance with InterTrust Technologies Corp. of Sunnyvale, Calif., announced in September last year.
Various digital content can be sold using the Magex system. It wraps the content in a DigiBox container for protection, allowing customers to examine it but not steal it. It also manages the flow of money from the consumer to the content provider.
NatWest is the first UK bank to address the core issues of enabling online content to be sold over the Internet, and appears set to reap the rewards.
Magex will use NatWest's own micropayment system, with customers paying for content in U.S. dollars rather sterling. To use it, customers must register and download the necessary software. To charge up the PC-based Wallet, customers will use Visa or MasterCard to bring their account to at least a minimum level before making purchases.