Addressing the increasingly popular online payment niche, Net security
specialist VeriSign Inc. teamed with
American Express Co. and Ariba Inc. Monday to deliver the first card
payment processing utility for online B2B transactions.
B2B e-commerce giant Ariba will add
VeriSign’s B2B payment connectivity services with the Ariba Commerce
Services Network to process American Express payments.
This arrangement will allow Ariba to exchange and process American Express
payments electronically through Ariba CSN, which will
result in a shortcut through the authorization, settlement and
reconciliation processes.
The new solution, which has not yet been named, will enable buyers and
suppliers to exchange payment transactions with each other, allowing
requests for payment to be triggered at shipment time, based on established
purchase order prices.
Buyers will benefit from reduced transaction cycle times and ease in
transaction reconciliation by paying only for goods delivered.
“Through this integrated e-purchasing and payment solution, companies will
now have the confidence to migrate key business processes — such as
ordering, invoicing, payment and settlement — over the Internet,” said Mac
Schuessler, vice president of E-Payment for American Express Corporate
Services.
“This integrated solution allows us not only to enable true online
transaction processing, but is also paving the way for future payment
services.”
Ariba said the deal will help it attract
clients looking for secure, cost-effective marketplaces on the Net.
In keeping with its goal to be the market leader in secure online
transactions, VeriSign last week announced that it would offer a range of
new products and services to safeguard transactions over networks and allow
them to be accessed from various types of online devices.
The new products will allow financial institutions, health care
organizations and B2B marketplaces to store and access private information
from most Internet-enabled devices, such as cell phones and personal digital
assistants, anywhere.
The firm currently markets its B2B Trust Services, which enable real-time
proof of the identity and privileges of buyers and suppliers
through the distribution of digital certificates and secure online payment
transactions between businesses.