ABnote, Employing the oti Wave Device, Launches Major NFC Electronic Payment Pilot with Leading North American Financial Institution
FORT LEE, NEW JERSEY and NEW PROVIDENCE, NEW JERSEY (PRWEB) September 24, 2014 -- ABnote, a leading global card manufacturer and provider of financial and secure credentialing, and On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment solutions, have launched a major NFC mobile electronic payment trial with one of the largest financial institutions in North America.
The pilot program pairs oti’s WAVE device with ABnote’s secure provisioning and mobile wallet, and represents the first NFC deployment under a business and technical collaboration the companies formed last year.
About the size of a standard car key fob, oti’s WAVE device uses the audio jack as an easy, cost-effective way to add NFC capability to virtually any Smartphone or tablet, including Apple iPhones, iPads, and Android-based mobile devices. Once configured, it can also operate independently, allowing users to keep the WAVE on their keychain to make secure transactions with a simple ‘wave’ of the device over any NFC reader.
The WAVE has received certification from major payment companies, including Visa® and MasterCard®. ABnote’s mobile solution is managed by its MasterCard®- and Visa®-certified Trusted Service Manager (TSM), which has been designed with an open architecture, to guarantee maximum customer flexibility and scalability.
“We’re very pleased to be working with oti and financial institutions deploying this innovative payment solution,” said Keith Goldstein, president and CEO of ABnote North America. According to Goldstein, “Adding the oti Wave to ABnote’s already broad line of TSM and HCE solutions means that we can provide secure mobile payment solutions via literary any smartphone or tablet. Moreover, because the WAVE device, unlike many of the alternative solutions available today, requires no commercial relationship with either the handset manufacturer or the mobile network operator (MNO), the WAVE cannot only be initialized on hundreds of millions of existing mobile handsets and used on a stand-alone basis across many platforms and markets, but can be delivered at costs far more economical than prevailing NFC models.”
Gonen Ziv, president of oti America, commented: “These are exciting times for us and we are very keen on our collaboration with ABnote. The recent launch of Apple Pay using NFC reaffirms the superiority and power of this technology for secured payment transactions. Our WAVE device enables financial institutions to easily offer a convenient secure payment solution that enhances the customer experience while increasing security, and particularly avoiding the costly fallout from hackers stealing credit card numbers generated by magnetic strips. Given the numerous benefits of NFC and our unique approach to deploying this technology, we are seeing an increasing number of financial institutions from around the world looking to us and our collaboration with ABnote as the best way to deploy NFC across their customer base.”
About ABnote
ABnote, with facilities in North America, Europe, Africa, and Australasia, is a premier and trusted provider of secure products and solutions. We provide solutions to global customers including financial, retail, government, and many other commercial markets. ABnote’s primary products include financial cards (Dual Interface, EMV, magnetic stripe), identification and credential cards (Drivers’ Licenses, National ID cards, Student ID), transit cards, hotel, facility and theme park access cards and membership programs, retail plastic cards (gift, loyalty, RFID), barcodes and labels and secure documents (vital records, certificates, passports, and more); along with complimentary secure services, including instant card issuance, NFC mobile payments, TSM, personalization, secure warehousing, distribution and fulfilment.
About oti
On Track Innovations Ltd. (oti) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. oti's field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. oti markets and supports its solutions through a global network of regional offices and alliances. For more information, visit http://www.otiglobal.com, content of which does not form a part of this press release
Important Cautions Regarding 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. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, adoption and demand of NFC technology, as well as other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2013, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our 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. The content of websites or website links mentioned or provided herein are not part of this press release.
ABnote Contact
Lisa Crawford
ABnote Marketing Communications
617-363-4201
L.Crawford(at)ABnoteNA.com
oti Investor Contact
Scott Liolios or Matt Glover
Liolios Group, Inc.
949-574-3860
otiv(at)liolios.com
oti Press Contact:
Inbar Ben-Hur
oti Marketing Communication Manager
inbar(at)otiglobal.com
Lisa Crawford, ABnote, http://www.abnote.com, +1 (617) 363-4201, [email protected]
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