On Track Innovations Ltd.
OTI IS FIRST COMPANY TO RECEIVE CERTIFICATION TO SUPPORT MASTERCARD PAYPASS
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OTI IS FIRST COMPANY TO RECEIVE MULTI-PRODUCT CERTIFICATION TO SUPPORT
MASTERCARD(R) PAYPASS(TM)
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Receives MasterCard Certification for Both Card and Reader Solutions
Full Solution to be Demonstrated at Cartes Show in Paris, November 2-4
Fort Lee, NJ – November 1, 2004 – On Track Innovations Ltd, (OTI) (NASDAQ: OTIV;
Prime Standard [Frankfurt]: OT5), a global leader in contactless
microprocessor-based smart card solutions, for homeland security, micropayments,
petroleum payments and other applications, today announced that its Saturn 5000
contactless reader received certification from MasterCard. This is in addition
to the already certified card solution announced earlier this year.. This makes
OTI the first and only company to date to obtain certification on both its
MasterCard PayPass compatible card and reader solutions.
OTI’s Saturn 5000 Contactless Card Reader recently received Terminal Type
Approval, Level II from MasterCard’s Approval Authority, certifying the reader’s
application and electronics for use in the MasterCard PayPass contactless
payment program. The Saturn 5000 is built to allow quick upgrades of existing
POS terminals to accept contactless payments, with the reader facing the
customer for easier payment experience. The Saturn 5000 can support multiple
applications and is currently compatible with all major POS terminal providers.
Supporting the major financial contactless programs, the software integrated in
the Saturn 5000 can read a variety of sources including credit cards and key
fobs. The reader certification completes the MasterCard PayPass approval
process and now allows for mass deployment.
In August, OTI, together with Atmel, announced that they had received the first
commercial quantity orders of contactless microprocessors. At that time, OTI had
received card technology certification on the card solution. OTI’s card inlay
solution also successfully passed MasterCard’s Card Quality Management tests.
MasterCard PayPass provides a simpler way to pay for purchases where speed and
customer flow are essential, such as in quick-serve restaurants, convenience
stores, gas stations and toll roads. Since cardholders can quickly pay with a
simple tap of the card, a MasterCard PayPass card is more convenient to use than
cash. MasterCard PayPass contains a contactless microprocessor chip and
antenna inside the card, in addition to the card’s standard magnetic stripe on
the back of the card.
OTI has worked with MasterCard on its PayPass program from early in its
inception. OTI is providing the contactless solution expertise, including the
operating system, application support and inlay technology. It has successfully
integrated its inlay technology with leading U.S. card vendors and has already
integrated its Saturn 5000 reader solutions with multiple point-of-sale
providers to support MasterCard’s PayPass program.
Oded Bashan, President and CEO of OTI, commented, “This first-of-its-kind
certification validates OTI’s multi solution approach and attests, overall, to
OTI’s technological leadership and expertise in contactless solutions. After
working with MasterCard for numerous years on the PayPass program, this
acknowledgment of our achievements is very gratifying. I want to thank all of
the OTI team members for their hard work and creativity.”
OTI will be demonstrating both the Payments solutions and SmartID solutions at
Cartes Show, the International leading exhibition for the smart card markets
November 2-4, at Paris-Nord Villepinte Exhibition Center in Paris, France, booth
#4 L 7.
About OTI
Established in 1990, OTI (NASDAQ: OTIV, Prime Standard: OT5) 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, micro 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
prestigious ESCAT Award for smart card innovation in both 1998 and 2000. Major
clients include: MasterCard International, Atmel, BP, Scheidt & Bachmann, EDS,
Repsol, and the Government of Israel. For more information on OTI, visit
www.otiglobal.com
end of message, (c)DGAP 01.11.2004
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WKN: 924895; ISIN: IL0010834682; Index:
Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin-
Bremen, Düsseldorf, Hannover, München und Stuttgart
010700 Nov 04
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