HELSINKI, Finland--April 26, 2005--FreeStar Technology Corporation (OTCBB:FSRT), a payments processor, today announced that its wholly owned subsidiary Rahaxi Processing Oy. has launched a new Internet Payment Gateway (IPG) using software from ACI Worldwide (Nasdaq:TSAI), a leading international provider of enterprise e-payment solutions. The new IPG will now enable Rahaxi to dilute its customer concentration in the Finnish market by processing for new merchants based in the rest of Europe, the USA and Asia. This software has the potential to add to Rahaxi's existing Finnish domestic market growth, and will help to ensure that FreeStar is a fully fledged international payments processor.
In addition to already providing card processing and payment solutions for physical/retail storefronts and wireless POS terminals, Rahaxi now offers a "state-of-the art" IPG. The IPG provides a mechanism for both Internet and Mail Order & Telephone Order (MO/TO) transactions. This advanced e-payment service includes real-time reporting and delivers a global solution for online merchants.
Steven Wright, ACI vice president for sales and marketing in EMEA, commented, "The flexibility of our BASE24 integrated payments software means that we are able to deliver new and innovative solutions to our customers in a cost effective way. We are pleased to maintain our partnership with FreeStar and will continue to provide the levels of technology and service excellence to support its global expansion efforts."
Commenting on the implementation, Paul Egan, FreeStar CEO, stated: "With the addition of the IPG to our existing BASE24® system, we are now able to deploy a comprehensive, e-payments platform. We believe the enhanced platform will give FreeStar a significant competitive advantage in the market place." Mr. Egan commented further: "The new IPG will enhance our product offering to new and existing clients."
Angel Pacheco, FreeStar CTO, stated: "The new IPG was developed specifically with the ecommerce merchant in mind to support dramatic growth. This IPG provides a live link to the credit card networks, a real-time transaction database for dynamic reporting, and a risk management system. The processing, risk management, and reporting tools are available 24 hours a day through a secure, password protected website." Mr. Pacheco continued: "This Web based design facilitates dynamic interaction with all transaction data for effective and customized merchant portfolio management."
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