Consortium Banks On Hewlett-Packard

Hewlett-Packard Co. will accelerate its move into the Internet commerce field, launching a global consortium with major financial institutions agreeing to back its technology. Electronic Data Systems Corp. of Dallas, HP and its VeriFone commerce unit are forming the First Global Commerce initiative, executives of the companies said. Analysts said the new consortium will help HP leverage its ownership of VeriFone, its largest-ever acquisition at a valuation of $1.29 billion, in helping financial customers adapt to the electronic world. Hewlett-Packard, based in Palo Alto, is the No. 2 computer systems supplier after IBM. The consortium includes backing of major card vendors such as Visa International and smart card consortium Mondex as well as financial institutions Wells Fargo, the Royal Bank of Canada and Japan’s Sumitomo Credit.