Digicash Inc., developer of a pioneering electronic cash system for Internet commerce, said it is filing for Chapter 11 bankruptcy reorganization.
The company said the process would allow it to assess strategic options for its eCash products and the associated intellectual property.
"The company is exploring a range of potential alternatives, including working with major strategic players to finance the market development of eCash or the sale and/or licensing" of patents, said Scott Loftesness, the former Visa and First Data Corp. official who is serving as interim chief executive officer.
Several international banks, including Deutsche Bank and Credit Suisse, are using the technology. Digicash's one U.S. customer, Mercantile Bancorp.'s Mark Twain Bank in St. Louis, recently ended a three-year trial.