SeerGate Introduces First Bank Payment Solution for Peer-to-Peer Payments in Social Networking Communities

Ra’anana, Israel (April 27, 2009) – SeerGate Ltd., a developer of secure and convenient e-debit systems for real-time online bank payments, today announced that the company is introducing the first payment solution for banks to offer their customers a direct peer-to-peer (P2P) payment service in social networking environments, including Facebook.

SeerGate’s Secured Lock™ e-Debit System enables buyers and sellers to securely and conveniently complete P2P payment transactions in social networking environments. Using a free application provided by SeerGate, the seller generates a personal invoice, which is immediately verified by the seller’s bank and sent within the social network to the buyer. After approving the invoice, the buyer is then authenticated by his/her bank and the payment transaction is completed in real-time directly between the bank accounts of the buyer and seller. The payment transaction is completed without any sensitive financial information being exchanged or transmitted over the Internet.

By facilitating direct P2P payments in social networking environments, the Secured Lock™ e-Debit System enables banks to attract Gen Y users, recapture brand loyalty and respond to their customers’ growing demands for e-payment services.

“Banks must fight harder to make sure these opportunities do not migrate to other companies and to ensure that the payment alternatives remain bank products,” explained Bruce Cundiff, Director of Payment Research and Consulting for Javelin Strategy and Research, in his recent article in American Banker magazine titled New Opportunities for Banks in Alternative Payment Tools.

SeerGate will be demonstrating the Secured Lock™ e-Debit System at FinovateStartup09 in San Francisco on April 28th.

About SeerGate Ltd.
SeerGate is an innovative provider of e-debit systems for banks and other financial institutions to offer their customers online payment solutions. SeerGate develops, distributes and operates the Secured Lock™ e-Debit System, which securely and conveniently facilitates real-time e-payment transactions directly between bank accounts. The Secured Lock™ e-Debit System enables banks and other financial institutions to acquire younger generation customers, strengthen customer loyalty, grow deposits and generate new fee revenue, while mitigating risks and reducing operational costs. The Secured Lock™ e-Debit System is a self-contained managed solution that utilizes the patent-pending Dual-Token™ technology, which allows payment transactions to be completed without exposing ANY sensitive financial information of either party using their trusted financial institution online services.

For more information, please visit our web site at www.seergate.com.