OTI's Saturn 6000 Receives MasterCard PayPass M/Chip Approval
February 20 2007 - 9:30AM
PR Newswire (US)
New Reader is First to Support Both the PayPass M/Chip and the
Required ISO 14443 PayPass Implementation Version 1.1 FORT LEE,
N.J., Feb. 20 /PRNewswire-FirstCall/ -- On Track Innovations Ltd,
(OTI) (NASDAQ:OTIV), a global leader in contactless
microprocessor-based smart card solutions, for homeland security,
payments, petroleum payments and other applications, today
announced that its new contactless reader, the Saturn 6000, has
been approved by MasterCard after rigorous testing for the latest
versions of PayPass: EMV M/Chip Version 1.3 and Magnetic Stripe
Version 3.2 contactless payment programs which allows the reader to
support the global contactless payments market. The reader is also
approved for MasterCard PayPass ISO 14443 Implementation
Specification, Version 1.1 required by MasterCard for all products
starting this year. In addition, the Saturn 6000 supports
contactless payments programs from other major financial
institutions, including Visa contactless program, ExpressPay from
American Express and Discover Zip as well as programs for mass
transit ticketing, MIFARE, loyalty, third party applications, and
more. The Saturn 6000 is based on feedback from OTI's customers,
users and market experience. The stylishly designed reader,
available in multiple colors and its large LCD display allows for
dynamic graphic support, configurable images, and two lines of
characters to be programmed in multiple languages. Its
plug-and-play design and small footprint allow for easy
installation and multiple configurations: The reader can be placed
on the countertop, it can be wall-mounted or it can lie flat.
Saturn 6000 is an exceptionally fast reader with built in
encryption capabilities developed to address the specific needs of
the global contactless markets and the enhanced security required
in EMV markets. These features allow the reader to support
applications for multiple markets including contactless payments,
electronic passports and more. The Saturn 6000 is designed with
channel partners in mind. It offers developers a unique platform
based on its comprehensive and modular firmware including
sophisticated Application Programming Interface and Macros that
allow for the fastest and most efficient contactless EMV
transactions to be developed. Oded Bashan, President & CEO of
OTI commented: "the Saturn 6000 is an example of the leading-edge
superior products suitable for the markets OTI supports. It is an
excellent solution for our petroleum, ID and Payments markets. Its
state of the art, flexible and modular design and configuration are
the result of our experience, excellent R&D resources combined
with OTI's IP and know-how, providing unbeatable value proposition
to our partners and customers." About OTI Established in 1990, OTI
(NASDAQ:OTIV) designs, develops and markets secure contactless
microprocessor-based smart card technology to address the needs of
a wide variety of markets. Applications developed by OTI include
product solutions for petroleum payment systems, homeland security
solutions, electronic passports and IDs, payments, mass transit
ticketing, parking, loyalty programs and secure campuses. OTI has a
global network of regional offices to market and support its
products. The company was awarded the Frost & Sullivan 2005 and
2006 Company of the Year Award in the field of smart cards. For
more information on OTI, visit http://www.otiglobal.com/. Safe
Harbor for Forward-Looking Statements: This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. Whenever we use words such as "believe," "expect,"
"anticipate," "intend," "plan," "estimate" or similar expressions,
we are making forward-looking statements. Because such statements
deal with future events and are based on OTI's current
expectations, they are subject to various risks and uncertainties
and actual results, performance or achievements of OTI could differ
materially from those described in or implied by the statements in
this press release. For example, forward-looking statements include
statements regarding our goals, beliefs, future growth strategies,
objectives, plans or current expectations. Forward-looking
statements could be impacted by failure of the Saturn 6000 to
result in expected revenues, market acceptance of new and existing
products and our ability to execute production on orders, as well
as the other risk factors discussed in OTI's Annual Report on Form
20-F for the year ended December 31, 2005, which is on file with
the Securities and Exchange Commission. Although OTI believes that
the expectations reflected in such forward-looking statements are
based on reasonable assumptions, it can give no assurance that its
expectations will be achieved. OTI disclaims any intention or
obligation to update or revise any forward-looking statements,
which speak only as of the date hereof, whether as a result of new
information, future events or circumstances or otherwise. OTI
Contact: Media Relations Galit Mendelson Adam Handelsman Director
of Corporate Communications 5W Public Relations 201 944 5200 ext.
111 212 999 5585 DATASOURCE: On Track Innovations Ltd CONTACT:
Galit Mendelson, Director of Corporate Communications of OTI,
+1-201-944-5200, ext. 111, , or Media Relations, Adam Handelsman of
5W Public Relations, +1-212-999-5585, , for OTI Web site:
http://www.otiglobal.com/
Copyright
On Track Innovations (NASDAQ:OTIV)
Historical Stock Chart
From Jul 2024 to Aug 2024
On Track Innovations (NASDAQ:OTIV)
Historical Stock Chart
From Aug 2023 to Aug 2024