In-Reply-To: 
Message-ID: 
MIME-Version: 1.0
Content-Type: TEXT/PLAIN; charset=US-ASCII

Bill,

First Virtual sets up the account as follows.

You send email or fill out their web form (I don't have the url in front 
of me right now), you include your e-mail address and an alternate if you 
wish.  Then they send you a 1-time ID number which you use by calling 
their 1-800 phone number - and you give them your credit card.  They then 
send you a first virtual account ID, along with a hidden PGP signature.

When you want to buy something, you give the vendor your FV account number.
The vendor then sends the account number and their request for payment to 
first virtual.  First virtual sends a PGP key encrypted message along with
a reply request in plain text.  You reply to either confirm or decline or
report a fraudulent charge.  Your reply, along with their original message
is sent back to FV.  If you confirm, they charge your card, charge the 
merchant 2%+29cents, and forward the rest to the merchant's checking account.

If someone does get my account ID and tries to use it fraudulently, First 
virtual sends me a NEW ID and deactivates the old ID.  If it is 
fraudulently used a second time, the merchant is immediately notified and
the fraudulent user can be traced right back to his original source (often
to the originating telephone number of a slip link).

No details, but they are working on a "real-time" implementation as well.

The per-transaction fee is expensive - which is why your (NewsShare) product
provides an attractive supplement capability.  I can charge a user a few 
cents/page instead of forcing them to buy in large bulks.  On the flip side,
being a bulk purchaser of NewsShare content would enable us to support our
direct relationship customers with low-cost high quality content.

	Rex Ballard
	Standard & Poor's/McGraw-Hill
	Opinions expressed do not necessarily reflect
	the Management of the McGraw-Hill Companies.


On Thu, 29 Jun 1995, Bill Densmore wrote:

> 
> 
> Rex: Can you explain to me how FV works? Is this it: You sign up with 
> them and they give you FV account into which you "deposit" some money. 
> Than as you do business with FV-enabled merchants the balance drops and 
> when it is used up you can't buy anything until you "fill up" again with 
> another credit-card authorization? 
> 
> +---------------------------------------------------------------------+ 
> | Bill Densmore -- President                     NEWSHARE CORPORATION |
> | One Bank St., P.O. Box 367                    densmore@newshare.com | 
> | Williamstown MA  01267                               (413) 458-8001 |
> | The Internet's first news brokerage        http://www.newshare.com/ |
> +---------------------------------------------------------------------+ 
> 
> On Thu, 29 Jun 1995, Rex Ballard wrote:
> 
> > 
> > I have used my first virtual account a few times now.  It seems pretty 
> > safe and reliable.  I am working on setting up digicash now.  I have found
> > that I have problems with my interlock proxies on other "passworded" pages.
> > 
> > 	Rex Ballard
> > 	Standard & Poor's/McGraw-Hill
> > 	Opinions expressed do not necessarily reflect
> > 	the Management of the McGraw-Hill Companies.
> > 
> > 
> 

From rballard@cnj.digex.net Fri Jun 30 12:40:46 1995
Status: O
X-Status: