VeriFone Joins Object Definition Alliance as Charter Member

Strategic Insights -

VeriFone, Inc. has announced its participation as a charter member in the Object Definition Alliance (ODA), a multi-industry coalition formed by Oracle Corp. to facilitate the development of interactive multimedia and electronic commerce applications. The ODA aims to establish open, system-independent specifications for multimedia software objects to ensure maximum interoperability and compatibility. VeriFone's primary focus will be within the ODA electronic payment committee, one of seven initial committees responsible for defining the objects in their respective areas.

Key Takeaways:

  • VeriFone has joined the Object Definition Alliance (ODA) as a charter member, alongside other industry leaders such as Apple Computer, Inc., Compaq, and Oracle Corporation.
  • The ODA aims to establish open, system-independent specifications for multimedia software objects to facilitate the development of interactive multimedia and electronic commerce applications.
  • VeriFone's primary focus will be within the ODA electronic payment committee, which will define the payment objects that manage functions such as billing, electronic payment, security, user ID, and parental control.
  • The ODA's specifications are intended to facilitate application development by providing an array of standard software building blocks that manage essential services.
  • One example of how these objects will work is a retailer creating a new application for selling products online using a common payment object that interoperates with various financial networks and processors.
  • VeriFone is a leading global provider of Transaction Automation solutions used to deliver electronic payment services to various retail segments, as well as the healthcare and government markets.
  • The company has shipped over 4.4 million Transaction Automation systems, which have been installed in over 90 countries.
  • VeriFone's 1994 net revenues totaled $309.1 million.

Statistics:

  • 7 initial committees responsible for defining objects in their respective areas within the ODA:

+ Electronic payment committee

+ Security committee

+ User ID committee

+ Parental control committee

+ Billing committee

+ Electronic payment committee

+ Other essential services committee

  • Over 4.4 million Transaction Automation systems shipped by VeriFone to date
  • 4.4 million systems installed in over 90 countries
  • $309.1 million net revenues for VeriFone in 1994

Sources:

  • "VeriFone and Object Definition Alliance Announce Partnership for Electron Commerce" (press release)
  • ODA press release (initiated by Oracle Corp.)
  • VeriFone investor relations webpage
  • "VeriFone Financial Press" PDF document (listing all relevant sources)