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) announced today strategic agreements with Concord EFS, Inc.
(Nasdaq: CEFT) and CheckFree Holdings Company (Nasdaq: CKFR) -- 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(R) 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.
-0- 05/11/99
/CONTACT: Stephanie Webster, of Cash Technologies, Inc., 213-745-2000/
/Web site: checkfree.com
/Web site: cashtechnologies.com
(CHNG CEFT CKFR)
CO: Cash Technologies, Inc.; Concord EFS, Inc.; CheckFree Holdings Company
ST: California
IN: CPR
SU:
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