Secure Electronic Payment System

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In 1990 Dennis Charter had the vision that the Internet was going to not just influence but in fact dictate the way we work, communicate, and entertain ourselves. Investing in that vision, Charter established the second only commercial ISP in Australia at that time.

By 1991 Charter had conceived the idea of developing a Secure Electronic Payment System to be used to make credit card and other secure payments for goods and services over the Internet. Having sourced the best young computer programmers from Australia and New Zealand, as well as engaging the services of renowned international security consultants Phil Zimmermann (the acclaimed PGP encryption inventor), and Bruce Schneier (the distinguished security technologist and author), Charter produced a prototype capable of performing Internet transactions from anywhere in the world.

In 1995, with a working product in hand and disillusioned with the lack of support from the Australian Government (who had told Charter that they “did not want to be involved in a passing fad”) and the lack of interest from the Australian business community at large to investing in cutting edge technology, Charter moved back to New York to launch his product.

In 1996 Dennis Charter established a Nasdaq listed company, CypherCom Solutions, and that 1991 idea, called PaySafe, became the first ever Secure Electronic Payment System for Credit Cards over the Internet in the world.