DUBLIN, Ireland and LONDON, June 11, 2003 (PRIMEZONE) -- Trintech Group Plc (Nasdaq:TTPA) (Prime Standard:TTP), a leading provider of transaction management and payment infrastructure solutions, today announced a distribution agreement with Box Technologies Limited, a premier supplier of IT hardware and retail integration services, in order to distribute Trintech's PayWare SmartPIN Chip and PIN solutions throughout the UK.
As January 1st 2005 approaches, POS resellers and medium and small-scale retailers are beginning to feel pressure to implement Chip and PIN programmes in order to avoid liability for fraudulent card transactions. Trintech and Box Technologies recognise that many need advice, guidance and solutions now.
Through Trintech's partnership with Box Technologies, this sector of the market can be confident that the solutions being presented to them are from the leading UK retail distributor who clearly understands their requirements and marketplace, offers affordable solutions and ensures that products offered have been carefully selected for effectiveness, compatibility and ease of integration.
PayWare SmartPIN is a secure, EMV Accredited and Bank Certified, end-to-end chip card solution that helps smooth the transition to chip and PIN. The SmartPIN solution includes the PIN Pad hardware, EMV software application, and an API that enables easy communication with any POS system.
"Our decision to select Box Technologies as a key distribution partner is based on their solid reputation, wide experience in the retail and reseller channels and their excellent customer base," said Bill Thompson, Channel and Partner Manager for Trintech's Retail Division. "Our goal is to work closely with one another, helping to educate the market and driving forward the implementation of chip and PIN solutions."
Russell Willcox, Managing Director at Box Technologies, added "At Box we are very familiar with the requirements of POS resellers and their client base of large, medium and small retailers and know that Trintech's offerings will be both simple to integrate and extremely cost effective. Trintech is a leader in the provision of Chip and PIN solutions. Our decision to select Trintech's PayWare SmartPIN solution was based on its performance, the completeness of the product range and because Trintech was the first vendor to achieve UK acquirer accreditation for their integrated Chip and PIN solutions. We will be working with our customers safe in the knowledge that we are offering the best Chip and PIN solutions in the market place."
PayWare SmartPIN is designed to tackle the growing fraud problem in markets such as the UK. With counterfeit and stolen cards accounting for the majority of all fraud, magnetic stripe technology with signature authentication has been identified as a primary weakness in the current system. PayWare SmartPIN allows merchants and acquirers to benefit from increased security because chip cards are extremely difficult to counterfeit and PIN verification is inherently more secure than a signature. The U.K. banking industry has mandated that, by 1 January 2005, any U.K. retailer that does not accept chip cards authenticated by PIN will be fully liable for all card fraud.
For further information on Trintech's chip and PIN solution go to: www.pinpad.co.uk.
About PayWare SmartPIN
PayWare SmartPIN is aimed at merchants and retailers that have immediate requirements for a secure and standards-compliant Chip and PIN solution that can integrate seamlessly with new or existing electronic point-of-sale (EPoS) infrastructure. The solution includes Trintech's proven PIN Pad hardware and EMV application to enable chip card acceptance with PIN authentication in any EPoS system.
PayWare SmartPIN is designed to tackle the growing fraud problem in markets such as the UK. Recent statistics suggest that card fraud costs the industry 400 million pounds annually and is rising at 55 percent each year. With counterfeit and stolen cards accounting for the majority of all fraud, magnetic stripe technology with signature authentication has been identified as a primary weakness of the current system. PayWare SmartPIN allows merchants and acquirers to benefit from increased security, since chip cards are extremely difficult to counterfeit and PIN verification is inherently more secure than a signature. For more information on Trintech's SmartPIN solution visit our dedicated website: www.pinpad.co.uk.
About Trintech
Trintech is a leading provider of transaction management and payment infrastructure solutions to financial institutions, enterprise retailers, payment processors and network operators globally. Built on over 15 years of experience, our PayWare solutions manage each area of the payment cycle from authentication, authorization, settlement, dispute resolution and reconciliation - enabling our customers to reduce transaction costs, eliminate fraud, minimize risk, maximize cashflow and profitability. Trintech can be contacted in Ireland at Trintech Building, South County Business Park, Leopardstown, Dublin 18 (Tel: +353-1-207-4000), in the U.S. at 15851 Dallas Parkway, Suite 940, Addison, TX 75001 (Tel: +1-972 701 9802) and in the UK at 186-192 Darkes Lane, Potters Bar, Hertfordshire, EN6 1AF (Tel: +44 (0) 1707 827000), www.trintech.com.
About Box Technologies
Founded in 1992, Box Technologies is the premier supplier of retail integration and IT hardware services in the UK. Although primarily focused on hardware technologies Box has established relationships with software developers and operates a consultancy approach to the selection of appropriate hardware, software and networking systems for clients. The company's aim is to add value in all areas of its involvement with customers, whether simply offering technical support, single hardware components or efficient planning of a large systems integration and installation programme. With considerable experience in all stages of the supply and implementation of retail solutions and unrivalled knowledge of wireless networking, Box Technologies can offer a complete solution for any requirement.