First Bank Payment Solution for Peer-to-Peer Payments in Social Networking Communities

Raanana, Israel, April 27, 2009

SeerGate Ltd., a developer of secure and convenient e-debit systems for real-time online bank payments, today announced that the company is introducing the first payment solution for banks to offer their customers a direct peer-to-peer (P2P) payment service in social networking environments, including Facebook.
SeerGate´s Secured Lock^TM e-Debit System enables buyers and sellers to securely and conveniently complete P2P payment transactions in social networking environments. Using a free application provided by SeerGate, the seller generates a personal invoice, which is immediately verified by the seller´s bank and sent within the social network to the buyer. After approving the invoice, the buyer is then authenticated by his/her bank and the payment transaction is completed in real-time directly between the bank accounts of the buyer and seller. The payment transaction is completed without any sensitive financial information being exchanged or transmitted over the Internet. By facilitating direct P2P payments in social networking environments, the Secured Lock^TM e-Debit System enables banks to attract Gen Y users, recapture brand loyalty and respond to their customers´ growing demands for e-payment services.
"Banks must fight harder to make sure these opportunities do not migrate to other companies and to ensure that the payment alternatives remain bank products," explained Bruce Cundiff, Director of Payment Research and Consulting for Javelin Strategy and Research, in his recent article in American Banker magazine titled New Opportunities for Banks in Alternative Payment Tools. SeerGate will be demonstrating the Secured Lock^TM e-Debit System at FinovateStartup09 in San Francisco on April 28th.

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For more information about this topic, please contact SeerGate Ltd. at info@seergate.com