TIDMPROX
Proxama PLC
16 September 2015
Proxama PLC
("Proxama" or the "Company")
New Contract Win
London, 16 September 2015: Proxama PLC (AIM: PROX), the
international mobile commerce Company specialising in proximity
marketing and provider of end-to-end payment solutions for card
issuers, is pleased to announce a new contract win with a leading
Middle Eastern bank, commencing in September 2015.
Proxama's Digital Payments Division which provides end-to-end
software solutions for card issuers with the ability to migrate
customers from magnetic stripe to chip-and-pin cards and from
contactless cards to mobile devices as well as the management of
PINs, will be migrating the client's current postal method of PIN
delivery to our digital platform, 'Proxama PIN Manager'.
Of the Arab banking institutions, our client is in the top five
and has a network of over 70 branches, with a significant presence
outside of the Middle East. As of 2014, the Bank offered retail
products and services to more than 600,000 retail accounts.
Currently, the Bank distributes many thousands of PINs via the
postal service each year. This is costly, insecure, time-consuming
and unreliable. Proxama's PIN Manager offers electronic PIN
delivery via secure SMS or web browser and is significantly less
expensive than traditional physical methods of delivery and
substantially more secure. PIN Manager is currently being used with
over 15 million credit and debit cards worldwide.
Migration of the Bank's customers to PIN Manager will commence
in 2015 and it is anticipated that the majority of all cards issued
by the Bank will have transferred within the next 12 months.
The main business of Proxama's payments division is to provide
solutions for card issuers to migrate customers from magnetic
stripe to chip-and-pin cards and from contactless cards to mobile
devices. The company's mobile solutions include tokenization and
HCE support through its Digital Enablement Platform(TM) (DEP) which
is part of an integrated end to end solution for banks and payment
processors.
Mike Woods, CEO of Payments Division, Proxama comments, "We are
very pleased to have won this contract with a market leader. The
Middle East is an important territory for us it is a very good
entry point into the region and further confirmation of the
strength of our PIN Manager solution."
Enquiries:
Proxama PLC
John Kennedy, Chief Executive 020 3668 2888
Peel Hunt LLP
(Nominated Adviser and Broker)
Richard Kauffer
Euan Brown 020 7418 8900
Novella
Tim Robertson
Ben Heath 020 3151 7008
About Proxama
-- Proxama is an international mobile commerce Company
specialising in proximity marketing via mobile and providing
end-to-end solutions for card issuers to migrate customers from
magnetic stripe credit and debit cards to contactless mobile
payments.
-- The technology to support mobile payments is now in place.
90% of the world's smartphones have technology to make mobile
payments and in 2015 30 million contactless mobile payments are
expected to be made compared to 3 million in 2014.
-- Proxama has been at the forefront of this market for the last
10 years. Today, Proxama's solutions are used by banks, financial
institutions, loyalty companies, media owners, stadium owners,
retailers and brands. Current clients include: Diners Club, Navy
Credit Union, Fiserv, Nets, Exterion Media, Harrods, O2 and
Ubiquitous.
-- The proximity marketing division focuses on connecting
consumers to brands and retailers via Bluetooth Low Energy (BLE)
beacon technology and Near Field Communication (NFC). Proxama
establishes and owns beacon networks in high footfall locations
such as City Centres, transport networks, stadia, shopping malls,
entertainment hubs and retail outlets, which are then able to
communicate to consumers via messages to mobiles when the consumer
is in close proximity to a beacon. The technology platform at the
heart of this division is TapPoint(R).
-- The payments division manages end-to-end credit and debit
cards solutions on behalf financial institutions in the United
States, Europe and the Middle East and specialises in enabling the
migration of cards from magnetic stripe cards, to chip and pin
cards and from contactless chip cards to mobile devices. The
technology behind this division is Proxama's Digital Enablement
Platform.
In December 2014, Proxama acquired Aconite Technology
Limited:
-- Aconite has been delivering advanced payment solutions to
card issuers, processors and service providers for more than ten
years
-- The company has established itself as a highly respected
source of chip card management expertise in payments and other
sectors, such as transport and ticketing, and as a specialist in
the field of migrating credit cards from magnetic strip to
contactless
-- Aconite is headquartered in London with representation in the
USA and Asia, and operates globally through a network of partners
such as VISA and MasterCard
This information is provided by RNS
The company news service from the London Stock Exchange
END
NRASFASAIFISEDU
(END) Dow Jones Newswires
September 16, 2015 02:01 ET (06:01 GMT)
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