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| Subject: ratificationInterpay-J/V--to shareholder28/11 Interpay Nederland | |
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Author: 28/11/02 |
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Date Posted: 09:39:27 01/14/03 Tue ERG LIMITED 2001-07-23 ASX-SIGNAL-G HOMEX - Perth +++++++++++++++++++++++++ MEDIA RELEASE ERG Limited today announced that it is forming a new smart card joint venture company in the Netherlands with Interpay Nederland, a major service provider in payment processing and related services. The new joint venture company (which Will be 50 per cent owned by ERG and 50 per cent by Interp ay) will acquire the exclusive licence for the Netherlands of ERG's advanced MASS (multi application smart card solution) technology, which integrates contactless and contact smart card technology. The new joint venture will allow the Dutch banks to upgrade their single-purpose contact cards to multi-application dual interface cards, supporting both contact and contactless smart card technology. This will mean that cardholders will have more applications for their cards, a nd there will be a common infrastructure for card issuing and reload across the Netherlands. Interpay has committed to investing in upgrading the infrastructure so that the network in which the cards operate can be extended to other applications such as transport. As a result, the joint venture will be able to provide its MASS technology to transit operators, tolling operators and other organisations seeking to issue multi-application smart cards in the Netherlands. The mo ve by Interpay to adopt ERG's MASS technology follows the recent intention of the Dutch banks to adopt a single smart card platform - the Proton smart card technology. Interpay, founded by the Dutch banks, represents all the banks in the Netherlands. Dutch banks have issued 18 million contact smart cards over the past five years. The Chief Executive of ERG Group, Mr Peter Fogarty, said: "The formation of the joint venture is a breakthrough for ERG as it represents the first time our technology has been adopted by major banks and linked to bankcards." Mr Fogarty also congratulated Interpay on their vision for the future applications of smart cards, and for their ability to work together in achieving it. "The joint venture we have announced today means that the Netherlands is the first to totally adopt a common technology solution for contact and contactless smart card across an entire nation. "Cardholders of Dutch banks will benefit from havi ng a wide range of applications for a single smart card." BACKGROUND INFORMATION INTERPAY Interpay Nederland is a major service provider in payment processing and related services. It processes large transaction quantities and thus represents an important link in the flow of payments in the Netherlands. Each day, it processes more than six million payments that are made through giro collection, direct debit authorisation, funds transfers, Eurocard/MasterCard and Visa credi t cards, PIN cards, Chipknips and SET. [ Next Thread | Previous Thread | Next Message | Previous Message ] |