RealTime IT News

TABNet Licenses ICVERIFY Transaction Software

TABNet, a domain name registrar and Web site hosting service, said it signed a joint promotional partnership and licensing agreement with ICVERIFY Inc., a provider of electronic transaction processing software.

Napa, CA-based TABNet will provide turn-key commerce hosting and services--including ICVERIFY's NetVERIFY payment processing software--to 1,000 merchants conducting business on the Internet. Financial arrangements were not disclosed.

As a part of the agreement, ICVERIFY will leverage its relationships with the financial community to promote TABNet's Internet commerce solutions to the business customers of banks throughout North America.

The agreement also calls for both companies to participate in joint promotional activities and collaborate in marketing online commerce solutions domestically and abroad. The two companies said they expect TABNet's deployment of ICVERIFY's NetVERIFY software to grow rapidly.

"Our partnership with ICVERIFY is in keeping with the TABNet tradition of providing businesses with the most complete electronic commerce solutions available," said Ken Leonard, co-founder and CEO of TABNet. "With NetVERIFY, we now have an industrial-strength payment engine that will allow our customers to control transactions over a secure Internet connection."

NetVERIFY enables commercial Internet sites to accept credit cards in real- time, and allows merchants to initiate or edit transactions, invoke settlement, search records, and generate payment reports. To further enhance the security of the payment solution, TABNet said it will use a proprietary fraud reduction system.

TABNet is a wholly-owned subsidiary of NTX Inc. a privately held corporation.