eSec offers online multi-currency trading

e-commerce security provider eSec will be offering multi-currency payment solutions to local customers, following an alliance with the world's leading e-commerce player, UK-based WorldPay.

While plans have yet to be finalised, the agreement is likely to see WorldPay staff housed in eSec's Sydney and Melbourne offices.

The partnership will also give WorldPay access to an estimated 900, 000 Australian SME businesses.

According to Saxon Hill, eSec CEO, 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 solely with eSec, with most merchant applications being processed within 48 hours, rather than having to depend on local banks to get merchant status first - a process that can take many weeks."

"Based on the fact that we have pushed away many prospective merchants, and on our ability to process in only one currency, we expect this development to accelerate our business growth significantly."

Increased volumes

eSec has increased its online merchant base and transaction volumes by 500 per cent in the past year. This trend is set to continue, according to IDC figures, which predict e-commerce 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, providing a one-stop service to commercial trading on the Net.