Martin A. Stein adds clout to Internet
transaction processing service company
Pleasanton, CA . - February 24, 1999 - PaymentNet
(www.paymentnet.com),
- the service leader in outsourced
e-commerce transaction processing, announced today that Martin A.
Stein, former vice chairman of BankAmerica Corporation, has joined
the PaymentNet Board of Directors.
Mr. Stein brings significant and unique
experience to PaymentNet’s Board that will assist the company
in establishing relationships in the financial services industry,
and provide guidance as PaymentNet extends its service to the
broader financial community.
"The financial services industry
necessarily evolves slowly, but the Internet economy is prodding it
forward at an accelerated, often confounding pace," said Mr.
Stein. "PaymentNet is exciting because of its very high quality
technology and service infrastructure, and because it has a vision
for enabling consumers and businesses to conduct transactions in
ways that clarify opportunities for financial institutions. I am
pleased to be associated with that vision, and to help PaymentNet
expand market awareness of it."
Bruce Hendrix, PaymentNet chairman and CEO,
added, "Marty is an invaluable asset to our company. He is an
acknowledged and respected leader and innovator in the banking
community, and his experience and professional relationships are
already helping to make PaymentNet a strong competitor in the
multiple markets where our service can be used. I’m pleased to
welcome him on board."
Mr. Stein retired from BankAmerica
Corporation in 1998 after eight years of service and is now
president and CEO of Sonoma Mountain Ventures, L.L.C., a San
Francisco-based consulting and venture capital company specializing
in financial services technologies. Prior to BankAmerica Corp., he
held senior executive positions at Paine Webber, Fleet Financial
Group, Chase Manhattan Bank, and CitiCorp.
About the PaymentNet Service
PaymentNet is a service leader in outsourced
e-commerce transaction processing. The company provides secure,
Internet-based transaction and payment processing for a broad range
of businesses who sell goods and services through a variety of
e-commerce media.
PaymentNet offers industry-leading
automation and customer care with its high-reliability credit card,
debit card, and electronic check processing services. The service
has been deployed across a wide range of businesses with excellent
results. The service is based on a client/server architecture, and
leverages the Internet as a virtual private network between
PaymentNet’s proprietary transaction processing server and
individual clients dispersed on Internet and Intranet locations.
The PaymentNet Service represents a powerful
alternative for merchants who have been disappointed by slow,
cumbersome, inefficient and costly Internet-based payment processing
solutions that have their architectural and feature origins in the
"pioneering" era of Internet payment
technologies.
About PaymentNet
PaymentNet, Inc. is an outsourced provider
of automated, highly secure, Internet-based, real-time transaction
processing services for merchants of all sizes and business
approaches. PaymentNet is headquartered in Pleasanton, California,
and can be found on the Web at www.paymentnet.com. Contact PaymentNet
corporate offices at 925/225-1670.
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PaymentNet is a trademark of PaymentNet, Inc. All other
trademarks are property of their respective
owners.
