RealTime IT News

Quest Net Secures Contract With Transaction Provider

Internet service provider Quest Net Corp. said today it signed a significant contract with start-up company Secure Transaction International Corp. which provides secure Internet credit card transactions.

The five-year, $18 million contract covers unspecified consulting services and also names Quest Net as the network connection provider for STIC.

Further details of the agreement were not provided by the companies.

"We are very excited about this relationship with STIC, not only for the revenue it represents for Quest Net, but because STIC stands to become a major player in the rapidly growing 'Internet Gold Rush,'" said Camilo Pereira, Chairman and CEO of Quest Net Corp. "The ability of companies engaged in conducting commerce over the Internet to be able to offer consumers safe and secure methods for handling credit cards is vital to the future of e-commerce."

"We selected Quest Net, not only because they are one of the largest Internet Service Providers (ISP) in Florida, but because they really understand the capabilities and direction of the Internet," said Douglas R. Miller, President and CEO of STIC.

"Within the next two years, the dollar amount of consumer spending on the Internet will grow from US$9 Billion in 1997 to over $327 Billion within the next four years," he continued. "Our product, which has been developed after 18 months of intensive testing, is in beta test today, and is in an ideal position to become a market leader in secure transactions."

Quest Net, based in Fort Lauderdale, FL, made news last week when it cancelled an intended merger with Internet provider World Pass. The company later announced its acquisition of International Insider Reports Inc. That company publishes information for telecommunications service providers, such as the Insider Telecom Daily, and organizes industry trade shows.