ATLANTA - Payment processor First Data Corp. and digital certificate provider Entrust Technologies Inc. said Tuesday they will form a company, PaymentWave, to focus on business-to-business payment products.
The companies have each invested an initial $10 million in cash and committed employees to the joint venture, which will accept, process, and settle all electronic payment types, including credit, private label, and purchasing cards, and domestic and international electronic funds transfers. The software will support escrow and payment scheduling services.
Entrust, based in Plano, Tex., will offer public key infrastructure and digital certificate security products through PaymentWave. Entrust says its services will ensure that competing buyers and sellers will not be able to ascertain competitive demand levels, pricing or other terms and conditions.
PaymentWave will integrate its offerings with other companies that help build "e-markets," large communities of Internet buyers and sellers that collaborate to exchange goods and services.