MIAMI and DNIPROPETROVSK, Ukraine, Nov. 12, 2013 (GLOBE NEWSWIRE) -- Net Element International (Nasdaq:NETE), a technology-driven group specializing in mobile payments and value-added transactional services in emerging countries and in the United States of America, is pleased to announce today that its subsidiary TOT Group Ukraine has entered into a partnership agreement with PrivatBank ("Privat"), Ukraine's largest commercial bank. The partnership combines Privat's leadership position and payments knowledge in Ukraine with TOT Group's transactional expertise and mobile payments capabilities.
This partnership will allow TOT Group to deliver its client-based innovative solutions in mobile payments and transactional services to clients in the Ukraine and Russia. The goal is for merchants to benefit from a preferred cost structure for cards issued by PrivatBank when the transaction is processed through TOT Platform. The companies also have agreed to work collaboratively to identify additional mutually beneficial opportunities including the development and implementation of innovative, value-added payment solutions using TOT Platform.
TOT Group is a multinational mobile payments and transaction processing holding company that provides a vast range of flexible online and offline payment solutions. Clients include wireless carriers, content providers and merchants. TOT Group creates and delivers innovative, end-to-end payment solutions to enable commerce around the world with a focus on emerging markets. TOT Group and its subsidiaries offer innovative technologies which allow merchants to streamline their payments resources including processing of electronic payments at the point-of-sale ("POS"), processing mobile commerce transactions, managing merchant terminals and providing information management services.
"We are continuing our pursuit of high-tech applications and implementations in Russia and Commonwealth Independent State ("CIS") countries and today's agreement with PrivatBank, the largest bank in Ukraine, continues our momentum in aligning TOT with premier partners," said Oleg Firer, CEO of Net Element. Adding, "We continue to push the technology envelope seeking new ways to monetize the Company's growing transaction infrastructure while creating value-add solutions."
"From its very beginnings, PrivatBank has taken a leadership position in the deployment of new technologies that make banking consumer friendly and accessible while simultaneously improving the security of accounts," said Alexander Vityaz, vice CEO of PrivatBank. "This partnership with TOT Group gives us another opportunity to serve the needs of our merchant clients and builds on the spectrum of bank services available we offer."
Earlier this month, TOT Platform was launched in Russia in partnership with PAY.ON, the world's leading operator of multi-channel payment infrastructure systems. TOT Platform is a transaction-processing platform that complies with security standards and requirements applicable to the international payments market. The expansion of TOT Platform into the Ukraine is the first offering of its kind in the region and coupled with the PrivatBank partnership, will allow TOT Group Ukraine to offer its client-base innovative solutions in mobile payments and transactional services.
About PrivatBank ("Privat")
PrivatBank, headquartered in Dnipropetrovsk in Central Ukraine, prides itself as being one of the most tech-savvy banks in Europe. PrivatBank was the first bank to introduce technologies for SMS banking (1999), SMS one time passwords (2000), Р2Р passwords between cards (2003), Electronic Change (2009), online collection (2010), and other technologies. PrivatBank became one of the first banks to launch QR code based contactless services for its customers. Using a QR code, PrivatBank's customers can log in to their online bank account, withdraw cash at ATMs, fuel at gasoline stations, and make and pay for an order in a restaurant's online menu card. Today, a significant number of the banks customers use its online services and mobile applications. More information is available at www.privatbank.ua.
About Net Element International (Nasdaq:NETE)
Net Element International (Nasdaq:NETE) is a global technology-driven group specializing in mobile payments and value-added transactional services. The company owns and operates a global mobile payments and transaction processing provider, TOT Group. TOT Group companies include Unified Payments, recognized by Inc. Magazine as the #1 Fastest Growing Private Company in America in 2012, Aptito, a next generation cloud-based point of sale payments platform, and TOT Money, which has a leading position in Russia and has been ranked as the #1 SMS content provider by Beeline, Russia's second largest telecommunications operator. Together with its subsidiaries, Net Element International enables ecommerce and adds value to mobile commerce environments. Its global development centers and high-level business relationships in the United States, Russia and Commonwealth of Independent States strategically position the company for continued growth. The company has U.S. headquarters in Miami and international headquarters in Moscow. More information is available at www.netelement.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "will," "may," "could," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the extent of any benefit, if any, customers may receive from any cost structure, whether preferred or otherwise for cards issued by PrivatBank when a transaction is processed through TOT Platform; the extent that the partnership with PrivatBank will enhance the offering of transactional services and solutions via TOT Platform in the Ukraine region; the extent of the services and products offered in the Ukraine and the timing of the launch of the enterprise; and whether Net Element International or its business continues to grow. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element International and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: (i) Net Element International's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element International's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element International's ability to successfully expand in existing markets and enter new markets; (iv) Net Element International's ability to successfully manage and integrate any acquisitions of or joint ventures with businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element International's business; (viii) changes in government licensing and regulation that may adversely affect Net Element International's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element International's business; (x) Net Element International's ability to protect its intellectual property; and (xi) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K and the subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element International with the Securities and Exchange Commission. Net Element International anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element International assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.