VCHEQ introduces B2B online payment system

New global payment service addresses the need for an online payment offering for large-scale business-to-business purchases

Singapore, 3 April 2000 - VCHEQ, a global e-business payment services provider, today launched a new payment service that addresses one of the biggest issues affecting business-to-business e-commerce today -- online payment for large-scale purchases. VCHEQ provides a broad-based architecture that enables banks to link to businesses and business-to-business hubs for e-payment.

"Just as twenty-four hour worldwide air delivery radically changed the transport of goods, VCHEQ will revolutionize the transfer and tracking of funds for global business-to-business e-payment," said Ben Lim, VCHEQ's Chief Executive Officer. "We deliver the necessary infrastructure to banks to cost-effectively respond to the rapid growth of e-commerce in the new economy."

"Banks and businesses already realize the strong business proposition. In fact, since our inception just three months ago, we've signed on many leading banks for pilots in the region," he added.

Business Benefits for Banks
The proposition enables banks to generate new revenues fast and cost-effectively. Banks can integrate into business-to-business portals with limited capital investment in infrastructure, which can traditionally cost up to US$6 million. VCHEQ's offering also will have implementation periods of three to six months. Once operational, banks will be able to integrate easily with all business-to-business portals within the VCHEQ network.

Business Benefits for Corporate Customers
The business benefits also extend to corporate customers. They benefit from the operational efficiencies of a streamlined payment process that includes improved reconciliation and tracking of payments with immediate settlement confirmation. As soon as payment is made, users receive notification via fax, e-mail and telephone. These efficiencies also result in faster settlements and better cash management. In addition, VCHEQ seamlessly integrates corporations' existing ERP systems.

Leading Edge Business Partners
"We plan to be a global company and have leading investors from the U.S., Europe and Asia. Our innovative offering has attracted the interest of global organizations including Allianz Capital Partners, J.P. Morgan Capital, GIC Special Investments, and Finesse Alliance.," said Mr. Lim.

VCHEQ has signed on leading banks and businesses in Singapore and key Asian markets. In fact, we have just signed an MOU with a large Korean conglomerate,'' added Mr. Lim.

Expansion for Maximum Reach
VCHEQ is expanding globally for maximum reach. Offices will be established in North America and Europe by the end of the year, with offices in Greater China, Korea and Japan in the works. VCHEQ is investing US$25 million in infrastructure in Singapore over the next three months. And, over the next three years, VCHEQ will invest over US$100 million to create a global e-payment infrastructure.