E-commerce security provider, eSec, will offer multi-currency payment solutions to local customers following an alliance with the world's leading e-commerce player, UK based WorldPay.
While plans are yet to be finalised, the agreement is likely to see WorldPay staff housed in eSec Sydney and Melbourne offices.
The partnership will also give WorldPay access to an estimated 900 thousand Australian SME businesses.
According to Saxon Hill, CEO of eSec, the alliance will completely internationalise eSec's payment services. "It gives us the ability to process credit card transactions in over 160 currencies with settlement in 20 major currencies," he said.
"It also means that prospective customers will be able to deal soley with eSec, with most merchant applications being processed within 48 hours rather than having to depend upon local banks to get merchant status first - a process that can take many weeks."
"Based upon the fact that we have pushed away many prospective merchants based on our ability to process in only one currency, we expect that this development will accelerate our business growth significantly."eSec has increased its online merchant base and transaction volumes by 500 per cent in the past year. And the trend is set to continue according to IDC figures which predicts e-commece figures will peak at $4.65 billion in 2000 as more enterprises realise the potential of online trading.
Securing a partnership with a local leader in the Australian e-commerce market puts WorldPay one step closer to monopolising the global security market. It is already a major player in global e-commerce payments processing, 13 per cent owned by NatWest Bank, providing a one-stop service to commercial trading on the net.