Magazine article American Banker

Cybercash, Online Resources Team Up

Magazine article American Banker

Cybercash, Online Resources Team Up

Article excerpt

Cybercash Inc. and Online Resources and Communications Corp. announced plans to offer a real-time Internet payment service.

The companies have agreed to combine their expertise to let consumers make on-line purchases.

Cybercash, based in Reston, Va., will offer links to merchants and its electronic wallet technology, which converts funds debited from a bank account into electronic cash that can be spent on the Internet. Online Resources, based in McLean, Va., will offe r connections between banks and consumers wishing to load their Cybercash wallets.

Company executives expect to begin pilot-testing their bank-branded service within weeks, using a financial institution they declined to name.

"This is the first time that we have bridged the two worlds:" home banking and electronic commerce, said Matthew P. Lawlor, chairman and chief executive officer of Online Resources. "It has a lot of symbolic significance."

The agreement is the latest in a string of alliances Cybercash has forged in the financial community, and investors appear to be warming to the company.

Cybercash stock was trading after 3 p.m. Friday at $20.50, up $7.375 for the week, and slightly higher than the $17 the shares fetched just after their initial public offering in February 1996.

The last 12 months have been a wild ride for Cybercash investors. The stock was trading in June at $64.75 a share but dropped as low as $12.25 in recent weeks. In addition, last week, the company announced plans to lay off 10% of its work force, or about 18 people. …

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