ATML reports today too.
(COMTEX) B: Funge Systems Places Largest Order To Date for Microsoft Windows for Smart
Cards Operating System Largest Flash-based Microprocessor Order To Date in
North America
MCLEAN, Va., Jan 22, 2001 (BUSINESS WIRE) -- Funge Systems, Inc., the developer
of smart card solutions for digital transactions on the Internet and mobile
devices, announced today the largest order of Flash-based micro-controllers in
North America. Through Smart Card Integrators, Inc., Funge Systems has ordered
over 2.2 million microprocessors from ATMEL, a global supplier of secure
Flash-based micro-controllers. The micro-controllers will use the Microsoft
Windows for Smart Cards operating system, making this order the largest order
for Windows Powered Smart Cards to date. use the Microsoft Windows for Smart
Cards operating system, making this order the largest order for Windows Powered
Smart Cards to date.
"Smart cards provide a key enabling technology to the growth of mobile
commerce," states Mike Dusche, product manager for the smart card group at
Microsoft Corp. "While mobile commerce is alluring to many businesses and
financial institutions, it is critical they have secure methods to implement the
movement of payments and confidential information. Windows-Powered Smart Cards
using Funge's Open Transaction Platform will give providers and consumers an
easy, secure method for engaging in mobile commerce."
The microprocessors will be used in smart cards with the Funge Open Transaction
Platform (OTP) for the secure movement of money and information via the Internet
and mobile devices. The Funge OTP works with any card manufacturer,
microprocessor provider, or operating system to meet the specific requirements
of any customer. Applications are being developed across several vertical
markets including financial services, healthcare, government, transportation,
education, gaming, and entertainment. Customers in both the private and public
sectors will use the cards for private label smart card programs, or branded
cards including MasterCard(R) or Visa(R) debit functionality.
According to Keith Benson, CEO of Funge Systems, "These purchases represent our
dedication to bring a new value proposition to our customers through the secure
transmission of private content with a companion payment process. The advances
we are making in the industry with our patented intellectual property will give
providers the power to implement those business cases, offering customers smart
cards for mobile transactions. Merchants will find value in reduced fees as
compared to traditional debit or credit card payments. Customers will find value
in the security and ease of smart cards as well as incentives offered by
merchants."
The Funge solution works for any digital transaction in a wired Internet or
wireless environment, including business-to-business and/or government,
consumer-to-consumer, or intra-organizational transactions. In any payment
scenario, merchants benefit from a reduced cost structure inherent in the Funge
Systems business model, which eliminates traditional merchant debit and credit
card fees of 1.5 to 3.5 percent of each transaction. In the Funge Systems model,
there is a US$0.50 fee to load value (monetary or information-based) onto a
smart card. In addition, there is a $0.50 transaction fee to merchants who
require financial settlement with another Bank outside of the smart card
program.
In either case, the reduction in merchant fees ranges from approximately 20% for
micro-payments (under $15) to 98% for large value payments of $1,000 or more.
"The reason that we can deliver these significant savings," states Benson, "is
that we have developed this system specific to the digital world, leveraging the
Internet and superceding the antiquated processes of the legacy payment systems
of the physical world."
To encourage rapid and widespread use of the Open Transaction Platform, Funge
Systems is licensing the source code for a one-time license fee of $1.00. To
break down old barriers to smart card adoption, Funge and its partners will
subsidize the cost of manufacturing smart cards and installing or upgrading
readers. In addition, because the transaction process is no longer based on a
proprietary operating system, customers can post card issuance download
applications, switch file structures, and even switch operating systems if
necessary at any time.
Funge Systems Background
Headquartered in McLean, Virginia since 1999, Funge Systems also has a research
and development arm, Newcom Technologies, which was founded in Adelaide,
Australia in 1995. It was in Australia that Funge Systems' founder and CEO,
Keith Benson, developed the new business concept called the Open Transaction
Platform. Since opening the US headquarters, the company has raised $10 million
in private investments and venture capital and is now in its second round of
funding. Its prestigious group of partners is rapidly expanding and Funge
Systems is planning to launch brand awareness campaigns in the US and other
countries.
For more information, please go to fungesystems.com
CONTACT: Funge Systems Inc., McLean
by
TMP Worldwide
Holly Pollinger, 703/269-0171
holly.pollinger@tmp.com
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KEYWORD: VIRGINIA
INDUSTRY KEYWORD: E-COMMERCE
HARDWARE
INTERNET
NETWORKING
TELECOMMUNICATIONS
SOFTWARE
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