in Passlogix Inc. as part of a joint effort to develop electronic wallet technology.
Passlogix, a three-year-old New York company that specializes in electronic identity and privacy protection systems, said it has a nonexclusive deal with the leading transaction processing company, which wants to offer advanced electronic wallet capabilities to Internet merchants, credit card issuers, and consumers.
The companies will work together on enhancing Passlogix's v-Go password and user-profile system to enable one-click, on-line shopping in compliance with the Electronic Commerce Modeling Language, which is backed by MasterCard, Visa, American Express, and a number of technology suppliers.
The end product would be "frictionless e-commerce" for Web merchants and consumers, said Passlogix chief executive officer Marc Boroditsky. "First Data brings an unmatched depth of expertise in e-commerce payment solutions for merchants and consumers."
John Duncan, executive vice president of Internet commerce at First Data in Atlanta, said: "An electronic wallet that streamlines the buying process, ensures consumer privacy, and expands payment choices represents another step in our continuing efforts to bring advanced payment services to this space."