PaymentNet, a provider of outsourced e-
commerce transaction processing, has secured new funding from investors
including Wells Fargo, AT&T Ventures, Convergence Partners, Bay View Investors
Ltd. and GC&H Investments.
The funds will be used for general working capital purposes, including
investments in research and development and in marketing programs, the company
said. Financial specifics were not disclosed.
“This funding will help us solidify our position as the service leader in e-
commerce transaction processing for businesses ranging from the small Web
merchant to the
enterprise,” said Bruce Hendrix, PaymentNet’s president and CEO. “We are
working with partners to deploy our service to multiple market segments,
spanning:
consumer-to-business, business-to-business e-commerce, electronic bill
payment, and other emerging applications.”
“We are investing in PaymentNet because Internet transaction processing
will clearly be a core competency for financial institutions as the business
infrastructure surrounding e-commerce matures,” added Matthew C. Graves, senior vice president, payment strategies for Wells Fargo.
PaymentNet provides secure, Internet-based credit card, debit card, and
electronic check processing services, leveraging the Internet as a virtual
private network between PaymentNet’s proprietary transaction processing server
and individual clients dispersed on Internet and intranet locations.
Separately, the company said that Martin A. Stein, former vice chairman of
BankAmerica Corp., has joined the PaymentNet board of directors. Stein retired
from BankAmerica in 1998 after eight years of service and is now president and
CEO of Sonoma Mountain Ventures, a San Francisco-based consulting and venture
capital company.
