On Track Innovations Ltd. (OTI) together with Garanti Payment Systems announced that Garanti Payment Systems has selcted OTI to supply its contactless solutions for the Turkish Market. Garanti Bank plans to implement its contactless solutions to all of its broad customer base after the initial phase.
Garanti Bank of Turkey Chose OTI Solutions for Its Contactless Payments Program
After Comprehensive Examinations Garanti Bank Chose to Launch New Form Factors and Expand Merchant Base Using OTI Products
First Deliveries are About Three Quarters of a Million Dollars
FORT LEE, N.J. and ISTANBUL, Turkey, July 24 – 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, together with Garanti Payment Systems , a company that is the fastest and most efficient product developer for the Turkish credit card industry and 99.99% owned by Garanti Bank, today announced that Garanti Payment Systems has made a strategic decision and chose OTI to supply its Contactless solutions for the Turkish Market. As a first kickoff of the contactless project by Garanti Bank, deliveries are about three quarters of a million dollars. Garanti Bank has extensive plans to implement its contactless solutions to its broad customer base.
Garanti Payment Systems, established in 1999 as the single service point for Garanti’s credit card business, is the company behind the fastest growing and most innovative products in the Turkish credit card business. As REHA EMEKLI, Executive Vice President of Garanti Payment Systems explains, the products are used by Garanti Bank for its ‘Tap & Go(TM)’ program. The program uses MasterCard PayPass technology and is offered to the Bank’s Bonus cardholders under the Bonus Trink. The readers are installed in areas of Istanbul while the PayPass Cards, Smart Stickers, Key Fobs and watches are offered to “Bonus Trink” members.
OTI provides its Saturn 6000 contactless reader – 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. The Saturn 6000 is the first reader to be certified for EMV and ISO 14443 PayPass version 1.1 required by MasterCard starting this year.
The orders also include inlays for MasterCard PayPass programs, watches, key fobs and SMART Stickers, a new payment form factor, approved by MasterCard for its PayPass program, which allows to upgrade any mobile phones to become contactless payment devices.
Turkey is one of the first countries in Europe to implement PayPass contactless technologies and Garanti Bank is the first bank in Turkey to introduce this technology.
REHA EMEKLI, Executive Vice President of Garanti Payment Systems, said: “We are fastest and most innovative payment system company and OTI’s experience provides a reliable and cost-effective way to bring contactless solutions to our market. We will continue our contactless way by issuing any form factor products such as inlays, stickers, key fobs, wristwatches, including reader solutions. This will make our Bonus Trink programme stronger and help us differentiate ourselves in Turkey’s highly competitive payments market.”
Oded Bashan, Chairman, President and CEO of OTI commented: “The fact that Garanti Bank of Turkey chose OTI as its solution provider for all contactless payment activity points to the superiority of OTI solutions and further validates OTI’s product readiness in the contactless EMV markets.” OTI is proud to be chosen by Garanti Bank which plays a vital role in delivering innovative solutions to the Turkish Market.
About Garanti Bank
With $36 billion asset size as of December 31, 2006. Garanti provides retail, commercial, corporate and private banking services to over 6.2 million customers. As of December 2006, it operates 487 domestic branches, five foreign branches (in Luxembourg, Malta and Northern Cyprus (3), four international representative offices (in Moscow, London, Dusseldorf and Shangai), 1,455 ATMs, a call center and an internet bank utilizing its state- of-the-art technology and focusing in customer satisfaction.
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 Garanti Bank, visit http://www.garanti.com.tr.
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 “safe harbor” provisions 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, such as those regarding the performance of Garanti’s programmes and the improvements that OTI’s contactless solutions will lead to, and expected revenues therefrom. Forward-looking statements could be impacted by 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, 2006, 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. Except as otherwise required by law, 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.