NEW YORK, NY -- (Marketwired) -- 04/02/15 --
TAS Group (Italian Stock Exchange: TAS), a global innovative solutions provider of card management systems, electronic payments and financial markets, and Net Element, Inc. (NASDAQ: NETE) ("Net Element"), a global technology provider of mobile payment and value-added transactional services, have entered into a strategic partnership to develop and promote Europay, MasterCard, and Visa ("EMV") chip-enabled solutions, card management systems, and mobile payment technologies in the US and various global markets.
TAS Group will license its proprietary technology to Net Element and promote and resell Net Element payment and mobile services to existing clients and potential partners.
The joint effort is global in scope and adaptable to the unique needs of regions in varying stages of EMV migration.
In the United States:
- TAS Group and Net Element will jointly promote TAS Campus, an EMV-ready prepaid system, directly to educational institutions, creating a powerful multi-application payment solution for students and faculty with an end-to-end closed and open loop life cycle Card Management System.
- Net Element will gain the ability to instantly issue EMV secure, prepaid and specialty gift cards for exclusive use by participating merchants of Net Element's Aptito all-in-one digital Point of Sale ("POS") solution.
In Latin America:
- The partnership will create the Unified Duex Card, an open loop physical and virtual card that allows remittance and complete account management between the US and Latin America. It will be EMV enabled with full functionality in life cycle management and with spending control by a single cardholder for both physical and virtually issued payment cards.
In select global markets:
- In Russia, CIS, Middle East, India and Africa, TAS Group and Net Element will collaborate through local presence to deliver payment, capital and financial markets management solutions to local financial institutions and processors.
"This relationship will accelerate the US introduction of enhanced EMV solutions and provide complementary expertise that will benefit customers in our rapidly evolving global payments markets," commented Andrea Bianchi, TAS Group head of international business. "Throughout the European Union, TAS Group and its local subsidiaries will jointly market and sell Net Element payment and mobile technologies integrated into TAS solutions to customers eager for such advanced payment solutions."
"The TAS platform opens new and exciting possibilities that will make payment acceptance systems more user-friendly. On college campuses for example, students can be issued a multipurpose card that does it all: payments, identification, RFID and controlled access -- with additional capabilities for mobile wallet and wearable devices," commented Oleg Firer, Net Element CEO. "The goal is to make campus living safer, payments more secure and every transaction faster."
About TAS Group
TAS Group delivers software solutions for electronic money, payment systems, capital markets and ERP. Our offices span 6 countries but our secure solutions manage financial transactions worldwide. We strive to simplify the way private enterprise, public sector, commercial and central banks interact with their customers, stakeholders and technology systems. Our highly experienced team of business analysts and software engineers are focused on rethinking, reimagining and revolutionizing commercial business processes for digital and mobile integration.
Trusted by European Central Banks to manage millions of financial messages each day, our 30-year reputation in the market and outstanding SWIFT expertise has made us an internationally preferred partner in the financial industry. Our securities software is leading the way for Target2-Securities regulations in Europe while our 12 years of experience in EMV card payments is helping US businesses and institutions implement smooth migrations. Today, 75 million chip cards are managed on TAS solutions. www.tasgroup.eu
About Net Element
Net Element (NASDAQ: NETE) is a global payments-as-a-service, technology provider with an integrated mobile and transactional services platform serving millions of emerging market clients. Wholly owned subsidiary, TOT Group operates Unified Payments and Aptito, a next generation, cloud-based point of sale payments platform and TOT Money, a leading mobile payments service provider, which captures a growing share of the mobile payments market in Russia and is ranked as a Top 3 mobile payments provider for two consecutive years, by Beeline, Russia's second largest telecommunications operator. Further information is available at www.netelement.com.
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 "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, whether Net Element or its business continues to grow, whether the global partnership with the TAS Group will be successful or yield any positive benefits to Net Element or users of the licensed technology, whether the technology licensed by Net Element for use in the USA, Latin America or other global markets will make payment acceptance systems more user friendly, result in increased revenues for Net Element or whether Net Element can secure any additional financing and if such additional financing will be adequate to meet the Company's objectives. 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 and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to: (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any
acquisitions of 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's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; (xii) adverse effects of potentially
deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. 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 with the Securities and Exchange Commission. Net Element anticipates that
subsequent events and developments may cause its plans, intentions and expectations to change. Net Element 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.
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Net Element Media Contact:
Source: Net Element, Inc.
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