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AT&T Powers First Data Services
October 26, 2004
Communications company AT&T (www.att.com) and First Data Corp. (www.firstdata.com),
a provider of e-commerce and payment services, announced on Tuesday that
they have signed a three-year networking agreement for an extensive
portfolio of integrated data and voice services. Terms of the contract
were not disclosed.
"With millions of consumer and business transactions daily, we need to
engage in all types of transactions quickly," says John C. Smith, VP of
telecommunications procurement for First Data. "This solution delivers a
robust network with the speed, flexibility and performance needed to
streamline the way we work with our customers' and merchants' accounts."
AT&T's says its Transaction Routing Service, based on a network-based IP
virtual private network, will process millions of financial transactions
per month. First Data customers and businesses in the United States, its
territories, Canada and Caribbean countries will use the services.
First Data will receive a networking foundation that integrates a
portfolio of AT&T's business services, including local-access,
private-line, long-distance services, IP-enabled high-speed data services
and global Internet access. AT&T will continue to provide a comprehensive
data transaction network for First Data's Western Union subsidiary.
Yahoo to
Fold PayDirect Payment Service
October 26, 2004
According to reports, Yahoo! (yahoo.com) will shut down its
person-to-person online payment service PayDirect on November 22 due to a
lack of users.
According to Yahoo!, users will be able to access their accounts and
withdraw funds until February 15, 2005. After that point, users will only
be able to view transactions or close their accounts. By May 15, 2005, the
service will be completely shut down.
Yahoo! acquired PayDirect in March 2000, through the purchase of Athas, a
provider of online billing services.
Analysts say the popularity of eBay's PayPal (paypal.com) contributed to
PayDirect's demise. PayPal reported 56.7 million accounts at the end of
the third quarter, representing a 61 percent increase over the previous
year.
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