FreeStar Technology Corp.'s Rahaxi Processing Oy Reports Major Milestone in Payment Solution Deliveries in Finland 5/9/2007
With an Estimated 60,000 Terminals Required to Migrate to EMV Standards, Rahaxi Has Taken the Lead
HELSINKI, Finland, May 9, 2007 (*********wire via COMTEX News Network) -- FreeStar Technology Corp. (OTCBB:FSRT) an international card payments processor and technology company, today announced that its Helsinki subsidiary, Rahaxi Processing Oy, has reached a milestone. Over 1500 EMV (Europay MasterCard Visa) Chip and Pin systems have been installed in the Finnish market, used as POS software solutions for the retail and hospitality sector and other industries, such as automotive and wholesale. The installed Point-of Sale solutions come from the Optimum product family from the worlds leading payment device manufacturer Hypercom(r), the in-house developed Rahaxi-OTI(tm) (Open Terminal Interface) middleware software solution and the PayCell MPT 500 mobile payment terminal manufactured by Thyron Systems Ltd.
EMV has set international standards to combat certain types of bank fraud. It is expected the EMV system will replace the magnetic strip with a chip on all credit and bank cards around the world.
The EMV system installations coincide with FreeStar's business plan and will further increase revenues and shareholder value. FreeStar President and CEO Paul Egan said, "Facilitating financial transactions requires leading edge technology to ensure safety and security for the customer. The EMV system does just that and we are confident that it will further drive our presence in the marketplace resulting in greater market share." This first 1500 terminals represents Rahaxi inroads to a large share of the estimated sixty- thousand plus terminal landscape in the Finish market today, Egan also stated, "With Rahaxi Cross border reach into Europe and Baltic states, Rahaxi has now proven its business model to provide EMV terminal and processing not just in the Finish market but to a wider client base. With the new SEPA rules allowing processors to transact across the European community, which will come into effect January 2008, Rahaxi has a leading edge to new markets."
Managing Director of Rahaxi Processing Oy, Dr. Jose Enrique Perez added, "As we celebrate the milestone of our 1500th EMV Point-of Sale installation in the Finnish market, we also continue to invest in our products and services offering that build upon the vast experience of our installations. This will result in revenue growth and further increase in EMV-installations in coming months as the migration to EMV-standard rapidly gains pace among Finnish merchants."