DALLAS, Jan. 13, 2008 (PRIME NEWSWIRE) -- Retalix Ltd. (Nasdaq:RTLX) and subsidiary StoreNext Retail Technologies will help grocers of all sizes meet new federal mandates for Flexible Spending Arrangement (FSA) and other health-care debit cards through upgrades to Retalix's StoreLine point-of-sale (POS) software, as well as StoreNext's ISS45 and ScanMaster POS applications.
Under Internal Revenue Service (IRS) rulings, grocery stores must implement an Inventory Information Approval System (IIAS) as of Jan. 1, 2008 in order to accept shoppers' FSA, HRA and similar benefit cards. POS systems with IIAS must limit tenders from such cards to the amount of the qualified health-care products in the order. Implementing an IIAS will also require grocers to modify their files and update their file maintenance and back-office applications, hosting software and electronic payments software to support the POS system's IIAS.
Payment networks now automatically decline all shopper FSA and health-benefit debit cards tendered from grocery stores that have not implemented IIAS support.
In addition, the IRS further mandates that merchants must archive copies of all such health-care transactions for five years with full item detail to demonstrate compliance. Retalix and StoreNext will offer fully automated remote storage and flexible reporting of this information for a low monthly fee through its hosted Connected Services solution. This new FSA Archive system will plug-and-play with StoreLine, ISS45 and ScanMaster systems, and it eliminates the need for grocers to invest in secure long-term data storage systems and data mining applications.
"Grocers must meet the new federal mandates to keep payment choices open for their shoppers," said Ray Carlin, executive vice president of sales and marketing for Retalix USA. "Our StoreLine, ISS45 and ScanMaster POS systems fully satisfy these directives without complicating the checkout process, while our new FSA Archive service dramatically simplifies FSA storage requirements and reduces compliance costs."
The list of qualified health-care products for FSA card payment includes thousands of over-the-counter health and beauty aids, including aspirin, cold relief tablets, special soaps or acne medicines, band-aids and even hearing-aid batteries.
About StoreNext
StoreNext Retail Technologies LLC is the No. 1 supplier of retail technology to independent grocers and regional chains. Based in Plano, Texas, StoreNext is a joint venture of Retalix Ltd. (Nasdaq:RTLX) and Fujitsu Transaction Solutions Inc. and markets Fujitsu POS hardware, Retalix's ISS45 and ScanMaster POS software, Retalix Store and Retalix HQ, as well as Internet Connected Services for managing stores via Web-enabled applications. StoreNext is the IT company that's dedicated to meeting the needs of this wholesaler-served market with packaged solutions that were previously available, affordable or practical only for large chains.
Web site: www.storenext.com.
About Retalix
Retalix is an independent provider of software solutions to retailers and distributors worldwide. With over 40,000 sites installed across more than 50 countries, Retalix solutions serve the needs of grocery chains, convenience and fuel retailers, food and consumer goods distributors and independent grocers. The Company offers a portfolio of software applications that automate and synchronize essential retail and supply chain operations, encompassing stores, headquarters and warehouses. Retalix develops and supports its software through 1,500 employees in its various subsidiaries and offices worldwide. The company's International headquarters are located in Ra'anana, Israel, and its American headquarters are located in Dallas, Texas. For more information about Retalix, please visit www.retalix.com.
Retalix and StoreNext are registered trademarks in the United States and in other countries. The names of actual companies, products and services mentioned herein may be the trademarks of their respective owners.
Safe Harbor for Forward-Looking Statements: Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and U.S. federal securities laws. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Retalix, including revenues, income and expenses, to be materially different from any future results, performance or achievements or other guidance or outlooks expressed or implied by such forward-looking statements. Such factors include risks relating to Retalix's anticipated future financial performance and growth, continued roll-outs with existing customers, continued interest in Retalix's new platforms, the perception by leading retailers of Retalix's reputation, the potential benefits to food and fuel retailers and distributors, expansion into new geographic markets, and other factors over which Retalix may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. Readers are referred to the reports and documents filed by Retalix with the Securities and Exchange Commission, including Retalix's Annual Report on Form 20-F for the year ended December 31, 2006, for a discussion of these and other important risk factors. Retalix undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.