The New York Smart Card Program launched recently on the Upper West Side of Manhattan by Citibank, Chase Manhattan, Mastercard and VISA features TPII software developed by IFS International (Nasdaq: MNYC), a worldwide leader in client server based electronic funds transfer (EFT) technology.
VISA International selected IFS to provide the software for a series of high-profile worldwide pilots involving the VISA Cash card. In the New York program, Citibank uses TPII to authorize reloads of cash and other processing functions. The basic system has been customized to enable unique capabilities for Citibank, such as special auditing facilities and enhanced log-on security features.
During the six-month project that began recently, over 600 merchants on the Upper West Side are accepting the smart card as a substitute for cash.
“This is a chance to let American consumers see the software in action,” said Frank Pascuito, IFS International Chairman. “TPII authorizes the transaction to allow the consumer to load money onto a computer chip embedded in the smart card. We think this technology will be the wave of the future.”
In addition to this project, IFS is involved with several other VISA Cash smart card pilots in Europe and Asia, including projects for Japan’s Ministry of International Trade and Industry, VISA United Kingdom and the Bankgesellschaft Berlin, the largest bank holding company in Berlin.
TPII is an EFT management system for automated teller machines (ATM), point-of-sale (POS) and voice authorization. It utilizes object-oriented software design, relational database technology and the UNIX operating system for maximum performance. It has been adapted to manage the loading of value on smart cards.
IFS is headquartered in Troy, N.Y., with offices in the United Kingdom and Singapore. E-mail: email@example.com. Web page: http://www.ifsintl.com. IFS securities are traded on the Nasdaq SmallCap Market: MNYC Common Stock; MNYCP Series A Convertible Preferred Stock, MNYCW Series A Convertible Preferred Stock Purchase Warrants.Details