BankAmerica
Veteran Joins PaymentNet™
Board
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.
###
PaymentNet is a trademark
of PaymentNet, Inc. All other trademarks are
property of their respective owners.
PaymentNet Contact:
Scott
Collison
PaymentNet, Inc.
(925)
598-1106
scollison@paymentnet.com |
