Outlines the true nature of money and new approaches to transforming money. My team recently put Wells Fargo Bank on the Internet for WWW browsing of account balances and history. The bank is currently trying to decide what the next features will be, but the marketing folks are definitely claiming that they're first. The First Bank of Internet, FBOI, is announcing the initiation of transaction processing services for Internet electronic commerce. Purchases over the Internet can now be made without exposing personal credit card information.
Vendors can now sell products on the Internet without the restrictions imposed by credit card use.
And as far as I can tell, there are no timestamps put into the messages that would prevent replay attacks. There are some thirteen partners from several countries involved. It will be an open but secure system. In the meantime things have heated up fast. Rather than just talking about it, we're doing it.