ROSH PINA, ISRAEL--(Marketwired - Feb 22, 2016) - On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of Near Field Communication (NFC) and cashless payment solutions, has received approval to support payment processing services for vending and kiosk operators in the European Union (EU).
As part of the process, oti partnered with a multinational bank and a leading payment processor, who extensively tested oti's NFC readers and telemetry solutions, ensuring they met the highest security and reliability standards. The solution combines oti's otiMetry telemetry software with its CONNECT 3000 and line of NFC-based readers, allowing vending machine and kiosk operators to accept cashless payments at low transaction rates.
Transactions will be sent electronically to oti's payment processor and banking partners for processing, with the operator receiving payment as a direct deposit shortly after the transaction is made. As part of the service, operators can subscribe on a monthly basis to oti's terminal management system, a cloud-based application that insures system connectivity and timely monitoring.
oti now supports full coverage of payment processing services for vending machine and kiosk operators in the EU, and kiosk operators in the U.S. through its recent partnership with Apriva.
"Many vending machine and kiosk operators do not accept electronic payments because its deployment has been too complex, expensive, and fragmented across vendors, with high transaction fees and system maintenance costs threatening to cut into profits," said oti CEO Shlomi Cohen. "But now, with the proliferation of consumers with NFC-enabled mobile devices, we are hearing a loud call for a better solution. Operators are demanding a turn-key solution that integrates the cashless payment hardware with telemetry, low-fee payment processing, and cloud-based system management. Our new offering delivers just that."
"Through our highly-capable distribution and deployment partners, we can offer a greatly simplified setup and maintenance process as a 'one-stop-shop' for operators that is unparalleled in our industry," continued Cohen. "Further, we have formed global commercial bank and payments processing relationships that leverage the unique capability and security of our readers to achieve the lowest possible transaction fees."
Altogether, the new solution further establishes oti's leadership in the cashless payments and Internet of Things space. The company plans to leverage its recently expanded internal sales capabilities, as well as new distributor relationships with industry leaders, like MDS Electronics and Nexus Machines, to market the end-to-end solution.
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 www.otiglobal.com.
Safe Harbor for 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. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, contributions of our regions to our growth, resolution of our outstanding patent infringement claims, strengthening of our balance sheet and delivery long-term shareholder value. 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, 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, 2014, 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.