IFS International, Inc. announced it has secured the
sale of an initial 10 TPII system licenses to Progressive Systems &
Technology, a Moscow-based provider of payment and debit card solutions to
banks
within the Russian Federation and Commonwealth of Independent States. To
support the sale, IFS has opened a production services center in Moscow, which
will provide essential production and support services for all existing and
future IFS customers in the region.
“PS&T has selected IFS to be the gateway to the international credit card
networks for our Russian Federation and CIS based customers,” said Nikita
Naumov, Chairman of PS&T. “The initial market reaction to the IFS solutions
now offered for sale by PS&T and supported by the IFS-owned and operated local
production services makes me very confident these initial 10 licenses are only
the beginning of a major expansion of IFS customers throughout this region.”
PS&T is a leading provider of systems integration services to the banking
and debit card industry throughout the Russian Federation & CIS market. PS&T
customers include the Union Card group which is the largest debit card
operating throughout the Russian Federation with more than 300 member banks.
“This substantial sale is a first step of a long-term strategic alliance
formed between IFS and PS&T to greatly expand the customer base for IFS
products throughout the Eastern European region,” said Frank Pascuito, CEO of
IFS International, Inc. “We anticipate that the PS&T relationship will deliver
substantial additional sales over the coming years as the market seeks to
become an integrated part of the international credit card processing
industry. We believe that this selection by PS&T of IFS as the best of breed
technology for the emerging credit card industry within the Russian Federation
and CIS banking community is a very strong endorsement of the IFS technology.
Furthermore, this success in this major region greatly strengthens the overall
financial future of IFS.”
About IFS International Holdings, Inc.
IFS International, Inc. and Network Controls International, Inc. are
subsidiaries of IFS International Holdings, Inc. which has headquarters in the
U.S. and subsidiary offices in the U.S., U.K., Singapore, Australia and
Germany.
IFS International, Inc. develops, markets and supports software products
for the electronic financial market. IFS International’s TPII and TP-CMS
products provide support for ATMs, Point of Sale devices, network switches,
smart cards and card management. IFS International’s subsidiary, Global
Insight Group, is a supplier of strategic business and technical
implementation support services to the Retail Finance Industry.
NCI, Inc. develops innovative retail delivery applications like NCI
Business Centre(TM), which combines network centric and browser based
technologies in “One Application” to automate all delivery channels such as
branch teller, platform service, call center, internet banking and customer
relationship management.
