GPAYMENTS PARTNERSHIP TO COMPLEMENT I-TRANSACT'S PORTFOLIO OF PAYMENT TECHNOLOGIES IN ASIA

Support for both Visa 3-D Secure and Mastercard SPA

Singapore, May 17, 2002 - To further extend its line of payment technologies, i-TransAct, a leading electronic financial services software company with its headquarters in Singapore, and GPayments, the Sydney-based Internet Payments Company, today announced an agreement that it will offer a complete end-to-end solution for banks & financial institutions in Asia. The agreement aligns with i-TransAct's and GPayments' goal to provide a turnkey solution that supports an interoperable authentication network for secure online payment transactions authenticated by Verified by Visa and Mastercard SPA programs to the financial industry in the Asia Pacific region. This will enable banks, issuers, acquirers and merchants to enrich the service offerings to their customers.

"To meet the growing needs of our clients, we are always looking to enhance our current offerings and add new complementary products and services. The addition of GPayments' flagship products ActiveAccessTM, ActiveIssuerTM, ActiveCheckoutTM to our product portfolio will give our clients yet another means to quickly and conveniently comply with both standards from Visa and Mastercard. Issuing and Acquiring Institutions will need robust and scalable solutions to support both protocols, and our combined (hands-on) experience through the SET era has provided us with unique insights into deploying secure payments infrastructures for our customers." said Mr. Randall Choo, Chief Executive Officer of i-TransAct.

"We are very excited about partnering with i-TransAct in the Asia Pacific region. Our combined offerings will enable us to provide more value and local support to our customers in Asia Pacific." said Bahram Boutorabi, Chief Executive Officer / Chief Technology Officer of GPayments.

The partnership with GPayments will expand i-TransAct's i-TransPay product suite with the inclusion of GPayments' ActiveIssuerTM, ActiveCheckoutTM and ActiveAccessTM into the i-TransPay Issuer solution, while the i-TransPay Acquirer suite will be enhanced with the inclusion of GPayments' ActiveMerchantTM product. i-TransAct's i-TransPay Issuer and Acquirer solutions are aimed at providing Issuers, Acquirers, and merchants accepting Visa and Mastercard credit cards transactions a scalable, robust, and quick time-to-market solution that complies with the Visa "Verified by Visa" and Mastercard's Secure Payment Application (SPA) programs.

About i-TransAct
i-TransAct Private Limited is the premier financial services company in Asia specializing in the development of robust transaction processing technology for banks, financial institutions, service providers and merchants. i-TransAct's suite of payment solutions - i-TransPay - enables customers to offer true multi-channel commerce capability while ensuring interoperability, scalability and security. Incorporated in November 2001, i-TransAct partners with technology leaders, such as BEA Systems, Arcot and Xenos, in the financial services industry to offer best-of-breed solutions in bill presentment, payments, and securities trading to its customers. i-TransAct has a presence in Malaysia, Thailand and Germany. For more information, visit www.itransactasia.com.

About GPayments
GPayments is a leading provider of authentication and payment solutions for Internet transactions. It provides solutions for financial institutions (issuers and acquirers), merchants and cardholders. A decade of experience in Internet technology has positioned it as a leader in secure electronic commerce. GPayments has a full ePayments product suite including issuer authentication engines, electronic wallets, internet payment gateways and merchant plug-ins. Gpayments' products provide support for both Visa's 3-D Secure and Mastercard's SPA standards. Further information can be found at www.gpayments.com.

Press Contacts:

Karen Mok (Ms.)
MarComm Manager
i-TransAct Pte Ltd
+65-9838-4667
karen@itransactasia.com

Bahram Boutorabi (Mr.)
Chief Executive Officer / Chief Technology Officer
GPayments
+61 2 9453 5411
bahram@gpayments.com