Getting More From Your ATM
Cash Technologies Signs Key Agreements With Financial Industry Leaders Concord and Checkfree
LOS ANGELES, May 11 /PRNewswire/ -- Cash Technologies, Inc. (Nasdaq: CHNG - news) announced today strategic agreements with Concord EFS, Inc. (Nasdaq: CEFT - news) and CheckFree Holdings Company (Nasdaq: CKFR - news) -- established industry leaders in electronic transaction processing and e-commerce respectively. This will empower ATM users with a host of new e-commerce capabilities.
The new agreements will strengthen final development of Cash Tech's new EMMA(TM)(E-commerce Message Management Architecture) transaction processing system. The EMMA system is designed to seamlessly interface financial networks -- particularly the four main channels through which trillions of dollars are transacted each year: (1) the ATM network; (2) the credit card (POS) network; (3) the Automated Clearing House (ACH) network; and (4) cash.
For the first time, EMMA will allow these networks to communicate quickly and effectively so that complex financial transactions can be made over multiple networks. As a result, e-commerce transactions such as electronic bill payment, real-time activated prepaid phone cards and check cashing will be easily and instantly processed -- all in a single transaction, even from a neighborhood ATM.
''In our effort to make Cash Tech's EMMA transaction processing system the broad solution for a new breed of ATM and Internet transactions, we consider it essential to partner with the dominant participants in each e-commerce category,'' said Bruce Korman, Chairman and CEO, Cash Technologies.
Concord, a leading acquirer of electronic transactions, will provide ATM and point-of-sale (POS) gateway processing services for EMMA. Cash Tech is expected to be the first Concord gateway customer to use the company's new state-of-the-art TCP/IP (Internet Protocol) interface to process ATM and POS transactions.
''Cash Tech has exciting plans for providing new services through ATMs and the Internet,'' said Steve Dawe, SVP, Concord. ''We're pleased Cash Tech has chosen Concord as its exclusive gateway provider for authorization of traditional financial and payment transactions.''
CheckFree, the nation's largest provider of electronic bill payments and collections, will provide electronic bill payment processing for the new EMMA system. The Cash Tech system will provide the first implementation of CheckFree's bill payment platform on an ATM.
''Cash Tech's plan to bring electronic bill payment to the ATM network is long overdue,'' said Hayden Reed, VP, Payment Solutions, CheckFree. ''We're excited to be such an integral part of the new EMMA system.''
Services such as electronic bill payment, money order issuance, event ticketing and many others will be widely available for the first time on new, upgraded ATMs based on the EMMA system. EMMA will also offer Internet commerce providers the ability -- for the first time -- to accept ATM cards as a form of online payment and to secure online credit card transactions.
About Concord
Concord EFS, Inc. is a vertically-integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to selected market segments. Concord's primary activities include providing credit, debit, check authorization and electronic benefits transfer (EBT) processing services to supermarket, petroleum, convenience store and other retailers; and providing gateway processing, ATM driving and MACa network access to the financial services industry. Concord also provides electronic payment and payroll services to trucking companies, truck stops and other niche segments of the market.
About CheckFree
Founded in 1981, CheckFree (www.checkfree.com), the operating subsidiary of CheckFree Holdings Corp., is the leading provider of electronic commerce services, software and related products for more than 2.8 million consumers, 1,000 businesses and 850 financial institutions. CheckFree designs, develops and markets services that enable its customers to make electronic payments and collections, automate paper-based recurring financial transactions and conduct secure transactions on the Internet.
About Cash Technologies, Inc.
Founded in 1995, Cash Technologies Inc. (www.cashtechnologies.com) develops and markets innovative e-commerce kiosks and systems, including the EMMA transaction processing software, the multifunction ATM-X(TM) automated teller machine (ATM) and the CoinBank® advanced self-service coin counter. The Company also provides computerized cash processing services to banks, armored carriers, rapid transit agencies and other cash-intensive businesses.
Matters discussed in this release include forward-looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include activity levels in the securities markets and other risk factors disclosed in the company's reports to the Securities and Exchange Commission, including its Form 10-QSB and Form 10-KSB on file with the SEC.
SOURCE: Cash Technologies, Inc.
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