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.

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