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FedEx, First Ecom.com to Integrate Asian E-Pay Schemes

Federal Express Corp. and First Ecom.com say they have jointly developed a merchant settlement system to strengthen e-commerce across Asia.

Global provider of Internet-based credit card payment solutions First Ecom.com has signed an agreement giving FedEx access to their e-payment processing solution for FedEx customers in the Asia-Pacific region.

FedEx and First Ecom.com have also signed a MOU to jointly enable automated settlement of e-commerce transactions in Asia upon shipment of goods by Web retailers.

Such automatic settlement - intended to ensure that a customer's credit card is only debited when purchased goods are shipped -- should encourage online shopping in the burgeoning Asian e-commerce market by increasing security and efficiency for both merchants and buyers.

"Our joint merchant settlement solution with Federal Express should have a far reaching impact on e-commerce in the Asia Pacific region," said Gregory Pek, president and CEO of First Ecom.com. Pek said that the firms planned to create bundled e-commerce services combining online payments from First Ecom.com with FedEx's shipping services, delivering a unique solution to the region.

The automated system will combine First Ecom.com's global payment processing gateway and FedEx's state-of-the-art bar code tracking system and is intended to give merchants a single multi-currency solution to track and record delivery and payment of goods sold.

When developed and deployed the merchant settlement system will enable merchants to automatically apply for transaction settlement upon shipment of goods by FedEx, eliminates the need for complex tracking and offering a real-time solution.