earthport, the online and offline payment infrastructure company, has signed a binding letter of intent with citywebwatch.com (“citywebwatch”), the online news aggregation service, to provide its new mediaPay online payment system which is specifically designed for the media industry. In addition to offering traditional card based payment methods, mediaPay enables customers to purchase media content item by item in micro-payments, and also allows content providers to identify revenues earned and manage revenue sharing.
earthport will receive a fee for a three-year license from citywebwatch and will benefit from transaction revenues. The service will initially be in GBP and will exploit the multi-currency capability of mediaPay when the service is made available in other currencies to cater for citywebwatch's expanding overseas customer base.
citywebwatch aggregates business news from more than 45 established news sources, and provides its customers with permissioned deep links to handpicked, sector-relevant articles.
Using earthport’s Universal Payment Network (UPN), mediaPay will also allow citywebwatch customers to access content through new delivery channels, including interactive TV, PDAs and 3G phones as they become available.
Rick Flood, Chief Operating Officer of earthport, said: "the citywebwatch contract heralds earthport’s entry into the media content market with the first universal micro-payment facility for content from key media sources. The earthport Universal Payment Network is suitable for a wide range of industries and mediaPay is an example of the wide appeal of our product."
Charles Jack, Director and co-founder of citywebwatch, said: “the best business news content comes from established media sources and citywebwatch has contractual arrangements in place, and pays royalties and licence fees, for the deep-linking permissions. Our customers expect to pay for quality content and earthport’s mediaPay system offers enormous flexibility in payment methods and micro-payments.”
Citywebwatch’s mediaPay facility is expected to come on line in December 2002.
For further information, please contact:
Rick Flood, Chief Operating Officerrick.firstname.lastname@example.org Tel: +44 (0) 20 8987
Charles Jack / Annabel Bowea.email@example.com Tel: +44 (0) 870 220
Ariane Vacher firstname.lastname@example.org Tel: +44 (0) 20 7444 4140
Notes to editors:
earthport plc is a UK-based company that has developed a powerful, scalable and secure Internet payment infrastructure which links directly to the traditional banking system. earthport provides an Internet payment infrastructure to banks, telcos, portals and trade exchanges that allow these communities to move money via any Internet enabled device in any amount among themselves, and make payments out of the community into the real world through the banking system. It does this by seamlessly linking earthport's secure transaction processing platform directly to the traditional banking system so that the user's money never actually leaves the bank, until a secure message instructs payment out into the real world.
earthport is able to charge significantly lower fees than its competitors whose systems require additional software to be installed or rely solely on the credit card or debit card clearing systems, because the earthport model minimises the necessity to move funds physically for each transaction. The earthport payment infrastructure also facilitates electronic transactions with cash as it opens up e and m-commerce to users who are unable to obtain credit cards.
This press release was distributed by ResponseSource Press Release Wire on behalf of Lothbury Financial in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.