The following is an extension of a timeline detailing the protocol battles for Internet side credit card encryption and "processing" that was an appendix of a paper Brett Leida and myself wrote. (One day it will be on-line, as you can see, our argument that Visa/MC should cooperate was a good one!)]

I'll add to it as time goes on, and hopefully updates should find there way to the web server eventually.

I tried to provide the best reference to the original story or to the text itself -- after a while I got lazy and grabbed words from the reports verbatim. If you want the real story or a better reference, you can try to email me.

June 23, 1995    Visa and MasterCard announce plans to
            develop a protocol for credit card payments
            over the Internet.  Visa's alliance with
            Microsoft, and MasterCardís alliance with
            Netscape are public knowledge.  However, even
            though, "MasterCard and Visa are two companies
            that are usually viewed as competitors. 'There
            are, and their have been, areas where its in
            our best interest to work together,' Richard
            Lonergan, Visa's executive vice president,
            point of transaction, said. He listed other
            areas where the companies have worked together,
            including agreeing on traditional point-of-
            purchase systems in stores." [Clari Newsbytes.
            Visa, MasterCard Offer Secure Electronic
            Commerce 06/23/95. NEW YORK CITY, NEW YORK,
            U.S.A., 1995 JUN 23 (NB)]
July 13, 1995    CyberCash and CheckFree announce a joint
            venture of offering products which can be
            easily integrated into any browser or merchant
            server to credit card or debit transactions
            over the Internet.
July 18, 1995    Netscape announces Netscape Secure
            Courier.  Intuit and MasterCard announce they
            will support this protocol in their products
            and services.
August 21, 1995  "VeriFone (NYSE:VFI), a developer of
            automated transaction systems and software,
            announced an agreement to acquire Enterprise
            Integration Technologies (EIT), a developer of
            software and services related to Internet
            commerce. The $28 million deal is intended to
            strengthen VeriFone's position in the market of
            Internet commerce." [Clari Newsbytes. VeriFone
            Acquires Enterprise Integration Technologies
            08/21/95. REDWOOD CITY, CALIFORNIA, U.S.A.,
            1995 AUG 21 (NB)]
September 27, 1995 - Visa and Microsoft release news related
            to the stt specifications.  MasterCard and Visa
            are "noticeable absent" from the announcement.
            Microsoft also releases pct, complaining that
            Microsoft felt uncomfortable with the level of
            security in Netscape's ssl.
            Fears that Microsoft will charge a transaction
            fee for every credit card over the Internet are
            raised. [This fear was raised by statements
            from Netscape according to Louise Kehoe in
            Rivalry for Internet Security Grows  Financial
            Times, September 28, 1995, p.1.  In the
            Sandberg article below a representative of
            Netscape was quoted as saying, "Microsoft is
            trying to funnel every electronic transaction
            through them[Microsoft.]"]
September 28, 1995 - News regarding Microsoft's demand of a
            20% stake in, and a seat on the board of
            Netscape becomes widely publicized.  On the
            27th, "James Clark, chairman of Netscape,
            asserted that Microsoft had demanded a 20%
            stake and a seat on the board of Netscape
            earlier this year in return for giving Netscape
            important technical data on Microsoft's new
            operating system."[Jared Sandberg.  Infighting
            Unravels Alliance Seeking Standard to Protect
            Internet Purchases.  Wall Street Journal.
            Thursday, September 28, 1995]
October 3, 1995 - MasterCard releases news of the sepp
            specifications to the world along with its
            partners ibm, Netscape, CyberCash Inc. and gte.
            Some of the similarities between it and stt are
October 25, 1995 - Mondex faces possible legal action after
            admitting transactions made with its supposedly
            anonymous electronic cash cards can be traced.
            [  Gavin Clarke and Madeleine Acey, Network
            Week, London, Vol 1 No. 8,  25 October 1995]
October 26, 1995, COLUMBUS, Ohio Q Continuing in its mission
            to bring convenient, efficient and easy-to-use
            electronic commerce solutions to homes,
            businesses and financial institutions,
            Checkfree Corporation (NASDAQ: CKFR) today
            announced an innovative consumer bill delivery
            service.  The service is being pilot tested
            with consumers in Texas, New Jersey and
October 30, 1995 - The Security First Network Bank
            established by Cardinal Bancshares -- a small
            Kentucky savings and loan institution is the
            first financial institution to conduct true
            online banking over the Internet.  [Louise
            Kehoe.  Online bank era dawns.  Financial
            Times, October 30, 1995, p. 13.]
November 2, 1995 - Backed by the European Commission, a
            consortium of 20 partners from European
            industry and academia has embarked on a
            research project to develop the fundamentals
            for secure electronic commerce.      The goal
            of the 9-million ECU (approx. 14 million CHF)
            project, SEMPER (Secure Electronic Marketplace
            for Europe), is to provide the first open and
            comprehensive solutions for secure commerce
            over the Internet and other public information
            networks. [Press Release]
November 13, 1995 - VeriFone, the US-based credit card
            processing company, has announced a  system
            which allows customers to buy goods over the
            Internet and  provides online retailers with a
            complete set of tools to handle  electronic
            cash, cheques and credit card payments.  [The
            Financial Times via Fulfillment by INDIVIDUAL,
            Inc. November 13, 1995]
November 13, 1995 - AT&T just made it easier for businesses
            to conduct electronic commerce by introducing
            two new services at the Comdex Show in Las
            Vegas.  AT&T Easy World  Wide Web(TM) Services
            is the first Internet hosting business to offer
            merchants and other businesses hassle-free
            publishing on the Internet with complete
            control over the design and content of the
            information  published.  [Business Wire via
            Fulfillment by INDIVIDUAL, Inc. November 13,
            1995 ]
November 14, 1995 - Hewlett-Packard is bidding for US
            government approval for a worldwide
            cryptographic framework, which is being to
            provide a security for a joint smartcard
            project with Gemplus and Informix.
November 16, 1995 - Dave Crocker reports that John Gould of
            MasterCard formally turned over the sepp
            specifications to ansi that afternoon at a
            MasterCard briefing at Comdex.  Glenda Barnes,
            chair of X9F, accepted the specification and
            reported that the ansi body X9A10 had been
            formed and would pursue further work on the
            specification.  Of importance with regards to
            time, was that the specification would be fast-
            tracked via the DSTU process.  The new working
            group is chaired by Tom Jones of Intel --
            previously with ViaCrypt -- and is being
            carried out in the banking area, X9A, chaired
            by Mark Zalewski, with cooperation from the
            security area, X9F.  Two of X9F's working
            groups are likely to  cooperate, one on access
            control and one on  network security. [The text
            is taking almost verbatim from an email from
            Dave Crocker to the IETF-payments list of the
            same date.]
November 17, 1995 - Microsoft shares drop $4.125 at $89.875
            on Nasdaq after the highly regarded money
            manager analyst Rick Sherlund of Goldman, Sachs
            & Co removed MS stock from his companies
            recommended list and downgraded it to "moderate
            outperformer" status.  This action was taken
            because of concerns over Microsoft's Internet
            strategy and its competition from telcos, ibm,
            Netscape, and others in the Internet realm.
            [Clari Newsbytes. Microsoft Stock Tumbles Amid
            Concerns over Internet Strategy. Mid November
            1995. SAN FRANCISCO (Reuters)]
November 29, 1995 - Boston--Getting the government involved
            in maintaining Internet data privacy may not be
            popular, but it's going to be
            necessary. That's the message Netscape
            Communications chair Jim           Clark
            delivered this morning in his keynote address
            to an audience here at Email World and Internet
            Expo. [Anne Knowles . Uncle Sam Needed for Net
            Security.  Daily News,  November 29, 1995]
December 4, 1995 - Intuit Corp., maker of the popular
            Quicken  financial software, will provide on-
            line banking over the Internet,  marking a
            shift from its strategy of hooking up customers
            directly  with their banks through private
            networks.  [From: (AP) Subject:
            Intuit Plans Internet Banking Date: Mon, 4 Dec
            1995 9:21:21 PST]
December 4, 1995 - San Francisco, Dec 4 (Reuter) - Sun
            Microsystems Inc. and  Netscape Communications
            Corp. Monday unveiled a new  programming
            language in a bid to beat rival Microsoft Corp.
            in  the race to set standards for new Internet-
            based software.            Microsoft, the
            world's biggest computer software company,  is
            also investing heavily in developing
            programming software  for Internet
            applications, and is expected to unveil its new
            lineup of products later this week.  The move
            by the Sun and NetScape to introduce
            Javacscript  sent shares of the two companies
            soaring on the Nasdaq market.  NetScape jumped
            $12.25 to $149.50 while Sun added $5.50 to
            $89.875 in late afternoon trading on Nasdaq.
December 7, 1995 -  Redmond, Wash. (AP) -- Microsoft Corp.
            capitulated to the rising  appeal of the
            Internet Thursday, revamping its own on-line
            service  and buying the rights to another
            company's technology for  exploiting the global
            computer network. [Clari. Subject: Microsoft
            Revamps On-Line Plan.  Date: Thu, 7 Dec 1995
            11:00:13 PST]
December 7, 1995 - Denver (NB) -- A Denver, Colorado,
            company says it has developed a system that
            lets online shoppers pay  for their purchases
            with an electronic check that lets the business
            collect for the purchase instantly.    The
            system, known as Online Check System, from
            Audio Check Systems,  offers one solution to
            the hurdle faced by online merchants -- that
            of providing a secure means of payment that
            can't be intercepted by  hackers.  [Clari
December 8, 1995 - Redwood City, Calif. (Reuter) - Netscape
            Communications  Corp. Friday vowed to wage a
            ``dog-fight'' with rival Microsoft  Corp. to
            set future standards for Internet software, a
            day after  Microsoft set forth a strategy to
            parlay its operating systems  dominance to make
            it a leading player on the Internet.  In
            remarks to a Price Waterhouse software industry
            forum  here, Netscape chief executive James
            Barksdale said that, ``It  will be a dog-fight,
            no doubt about it'' of the competition with
            the Redmond, Wash.-based software giant.
December 8, 1995 -  Palo Alto, Calif., Dec 8 (Reuter) - Sun
            Microsystem Inc.  won a ringing endorsement of
            its role in cyberspace this week  when several
            companies including Microsoft Corp. announced
            plans to license its Internet-based programming
            language.  [Clari: Subject: Sun Microsystems
            Java gains further appeal. Date: Fri, 8 Dec
            1995 15:30:17 PST]
December 8, 1995 - New York (AP) -- On the heels of ABC's
            announcement of a 24-hour news channel, NBC is
            close to disclosing its own deal with
            strategic partner Microsoft Corp. for an all-
            news channel that  would have branches in
            cyberspace.  [Clari: Subject: NBC, Microsoft
            May Sign Deal.  Date: Fri, 8 Dec 1995 18:30:08
December 14, 1995. San Jose, (NB) -- Netcom On-Line
            Communication Services (NASDAQ:NETC) and
            Security First Network Bank,  FSB have
            announced an industry alliance that officials
            from both  companies said will help new and
            existing Netcom customers take  advantage of
            banking via the Internet.  []
December 21, 1995.- Herndon, Virginia. (NB) -- US Order
            (NASDAQ:OSOR)  recently introduced a new
            electronic banking product that lets merchants
            send monthly statements to their customers via
            the World Wide Web.    The product is called
            Electronic Merchant Center (EMC) biller
            workstation. It lets the merchant design bill
            templates, transmit  customized marketing
            information, and give customers direct access
            to statement information if they have an
            Internet connection.  []
December 23, 1995 -  CyberCash this week plans to offer its
            shares of stock to the public. It is one of a
            handful of fledgling companies that hope to
            coin profits by helping others make financial
            transactions on the Internet. But consumers
            still worry that hackers on the Internet can
            ferret out credit card information. [WashP]
January 3, 1996 - Fairfield, Conn. (Reuter) - General
            Electric Co. said  Tuesday it launched a secure
            Internet-based network that enables  suppliers
            to bid for its contracts from their desktop
January 15, 1996 -  Digital Equipment filed a patent last
            August for a payment  system called Millicent,
            which enables Web-site operators   to charge as
            little as a tenth of a cent for each customer
            "hit."  The system relies on middle-men credit
            card companies or   digital banks -- to handle
            the transactions, but its novelty lies in its
            cost-effective design geared toward tracking
            minuscule amounts of cash.  To keep disk
            storage at a minimum, security measures
            providing privacy and a trail of signed
            receipts are not included in the system, but
            proponents point out   that would-be
            cyberthieves would have to crack a lot of trans-
            actions -- 10,000 at 0.1 cent each -- to make
            just $10.  "There   are easier ways to make 10
            bucks," says Millicent's inventor.    [Business
            Week 15 Jan 96 p90]
January 18, 1996. - New York -- International Business
            Machines Corp., caving in to intense government
            pressure, agreed to include a special key that
            helps investigators tap into data messages in
            return for permission to export a more-secure
            version of its Lotus Notes software. [Thomas E.
            Weber.  IBM Compromises on Encryption Keys,
            U.S. Allows Export of More-Secure Notes.  Wall
            Street Journal, Jan 18, 1996]
January 22, 1996 - Netscape Communications Corp and VeriFone
            Inc. today will  announce plans to develop
            software to make it easier for  merchants and
            banks to accept credit-card payments over the
            Internet. [Joan E. Rigdon.  VeriFone and
            Netscape Plan Software To Ease Internet Credit-
            Card Payments. Wall Street Journal, January 22,
            1996, p. B8.]
January 22, 1996 - Kansas City, MISSOURI, U.S.A.,  -- Block
            Financial,  an H & R Block (NYSE:HRB), company,
            has announced a Visa card  created just for
            Internet and World Wide Web users.  [Clari 1996
            JAN 25 (NB)]
January 26, 1996 - Fairfax.-- UUNET Technologies
            (Nasdaq:UUNT) is offering a World Wide Web
            hosting service that includes a full range of
            security services for commercial and private
            applications, including use of PGP (pretty good
            privacy) encryption. [ Clari:  1996 JAN 22 (NB)
February 1, 1996 - Visa And Mastercard Combine Security
            Specifications For Card Transactions On The
            Internet Into One Standard.  Move Expected to
            Accelerate Development of Electronic Commerce
            and  Bolster Consumer Confidence in the
            Security of Cyberspace Transactions [Visa/MC
February 6, 1996 - Rockville, Md.,-- General Electric's   GE
            Information Services division said it is
            launching a new set of hardware and software
            products that will protect business
            transactions over the Internet. One of the
            features of the new system, called "GE
            InterBusiness," involves using one-time use
            encryption codes for each online session. [PR
February 6, 1996 - Washington, Strong Encryption Weak, Say
            Crypto Gurus: Strong encryption is weak,
            reports a group of prominent cryptographers and
            computer scientists. Their report, released
            yesterday, is expected to play an important
            role in coming debates over US policy on
            exports of software that includes encryption
            capabilities. [?CypherPunks?]
Februrary 7, 1996 - San Diego, First Virtual Holdings,   a
            company offering an Internet commerce system,
            has demonstrated a  program which, it says,
            makes all existing software systems that
            encrypt credit card numbers and transmit them
            over the Internet  vulnerable to security
            breaches. [NB]  /** Editorial Note: this fault
            was received by many in the security as
            overblown hype**/
February 8, 1996 - New York, (Reuter) - The Internet craze
            has spawned   a new hot area on Wall Street --
            network security -- and after  watching its
            competitors shine in the public arena, industry
            leader CheckPoint Software Technologies Ltd. is
            mulling an  initial public offering. [ClariNet]
February 8, 1996 -RSA Data Security Inc., the dominant
            supplier of data-privacy software, announced an
            unusual partnership with the Chinese government
            that exploits loopholes in U.S. export
            restrictions on codemaking technology. As part
            of the deal, RSA, which is based in Redwood
            City, Calif., plans to fund an effort by
            Chinese government scientists to develop new
            encryption software. The    Chinese-developed
            software, based on RSA's general mathematical
            formula, may be more powerful than versions now
            permitted for export under U.S. Iaws, said
            James Bidzos, RSA's president. [ Don Clark.
            China, U.S. Firm Challenge U.S. On Encryption-
            Software Exports Wall Street Journal, February
            8, 1996, p. A10.]