FOR IMMEDIATE RELEASE
Contact:
Jon Boroshok
978-502-1055
jb@techmarcom.com
MAJOR WORLDWIDE BANK AND U.S. ENCRYPTION COMPANY
ANNOUNCE NEW MICRO CURRENCY SYSTEM FOR DIGITAL COMMERCE"Magex" from NatWest and InterTrust Boosts the Digital Economy
LONDON, ENGLAND and SUNNYVALE, CALIFORNIA (June 3, 1999): The leading international bank, NatWest Group, today announced the launch of Magex, its latest e-commerce initiative that provides effective online copyright protection and simplifies the process of collecting and processing payments for digital products. Available this October, Magex will enable companies to protect valuable digital goods such as music, books, games, and business reports, sold over the Internet.
The two major issues holding back the digital economy are the inability to generate repeat revenue from content and weak or non-existent copyright control. What NatWest Group is offering, through Magex, is a solution that addresses these issues. Magex protects digital information (content) within an encrypted "DigiBox" container that also enables companies to apply a flexible set of business rules which governs the price and usage of content. Consumers can then choose to read, listen to, print or save the information.
Companies benefit from Magex because they can distribute quality content more effectively over the Internet and can reach a global audience easily, while consumers can purchase premium digital goods immediately and only have to pay for the information they want to use.
Bernard Horn, Executive Director Group Operations, NatWest Group, said: "Magex is another demonstration of NatWest's determination to be at the forefront of e-commerce. Magex addresses many of the key issues that are a brake on the development of the digital economy. As the range of services available from new technologies expands, it is vital that banks provide the trusted services that are necessary for products and services to be reliably traded. NatWest intends to do this and the launch of Magex today sets us firmly on that track."
The Magex service has been well received and Magex is already working with companies such as Reuters, Dun & Bradstreet, Equifax and Computacenter on new products and expanding services via the Internet.
Peter Beverley, Managing Director of Magex, said "NatWest recognized that the Internet's huge trading potential was being hampered, and went out to develop a solution which would address the major issues. We believe Magex is the answer. Through our technology alliance with InterTrust Technologies we have combined world class digital rights management technology with NatWest's comprehensive payment processing leadership to make digital commerce a reality."
Businesses receive software that enables them to package their content, with the business rules, into a DigiBox container that encrypts the information and allows it to be sent securely across the Internet. Consumers receive Magex software that can open the container and present the range of access, use and payment options.
As part of a major international bank, Magex is able to provide an effective financial clearing service, which routes payments from the consumer to content providers and others along the value chain, economically handling financial transactions from as little as a few cents. NatWest has been benchmarked as having the best in class core processing systems in the world and is using this expertise through Magex to enable content providers to open up new revenue streams through micro-transactions that were previously uneconomical to process.
Magex can also supply content providers with a set of usage data, which complements the financial clearing service. Subject to data protection laws and consumer permission, provides information that content providers will be able to use the information to develop their future digital products and services.
About Magex
Magex is a major new development in the world of electronic trade and commerce. Developed and launched by the leading international bank, NatWest, Magex brings content providers a new level of copyright control in digital distribution of goods and services.Magex is part of NatWest's Card Services division and builds on NatWest's expertise in managing card payment transactions.
The Magex service is based upon technology created by InterTrust Technologies Corporation, which has formed an alliance with NatWest to bring Magex to launch. The Magex development team has taken InterTrust's core MetaTrust technology and combined it with NatWest's clearing house expertise to develop a highly effective online solution.
Magex combines the best in digital rights management with world class financial backing to provide a commercial solution, which will benefit consumers and businesses across the world.
Consumers and content providers can find more details on the Magex Web site www.magex.com, and can also register their interest in the service.
NatWest Group
NatWest Group is one of the world's 20 largest banks, with worldwide assets in excess of £186 billion. The Group has thirteen principal global businesses including retail banking, corporate banking, card services, Lombard, Gartmore, Coutts Group and global financial markets.InterTrust Technologies Corp.
InterTrust Technologies Corporation, the MetaTrust Utility, provides a unique, inter operable, trusted and secure foundation for electronic commerce.InterTrust's sophisticated DRM system enables information companies, such as music labels, content publishers, and artists, to deliver products to consumers with persistent protection, superdistribution, flexible business rules, and content usage opportunities.
InterTrust's rules-based, distributed DRM system persistently manages and enforces the rights of all digital commerce participants, for both online and offline transactions. Through the use of the MetaTrust Utility and its DRM capabilities, these participants benefit from a neutral environment for the automation of digital commerce for all forms of digital information.
InterTrust is a privately held company with a staff of over 130, and has offices in Sunnyvale, California, New York City, Washington, D.C., and the United Kingdom. The company's Web site is at http://www.intertrust.com.
# # #
Return to TechMarcom Today | Read Magex coverage