NxSystems Limited Adopts Cashless 3.0™ Solution to Replace Legacy Payments Infrastructure and Support Next Phase of Company Growth
TAS Group, listed among the top 100 FINTECH rated companies and a leading provider of software solutions to payments and financial institutions worldwide and Concentric, a technology division of NxSystems, a global payments processor, announced today that NxSystems has adopted TAS Group’s. innovative new Cashless 3.0™ payments framework. Cashless 3.0™ allows card issuers and processors to design and issue a broad range of card and mobile payments products to the market faster than ever before. The technology was first deployed last year and is being adopted at a rapid pace as payments solutions providers replace legacy systems to improve time to market and offer a broader range of card and mobile payments products to customers worldwide.
The new Cashless 3.0™ platform will replace NxSystems legacy infrastructure. It aligns strategically with the NxSystems plan to build a complete new payments framework. There is total alignment in what NxSystems aims to do in the issuing and acquiring spaces and what TAS’ next-generation Cashless 3.0™ currently offers. Today, NxSystems holds a full European E-money license and provides high volume pre-paid solutions in the U.S.A. and Europe. By adopting Cashless 3.0™, NxSystems can now quickly and independently design, issue and process both physical and virtual cards anywhere in the world.
“We are very pleased to be collaborating with NxSystems, which is a fast growing innovator in the world of digital payments,” noted Andrea Bianchi, Director, Cashless solutions, TAS Group. “This is not just the first global deployment of Cashless 3.0™ but a long-term strategic partnership that will enable NxSystems to quickly realize its growth strategy for both the issuing and processing side of the ledger.”
“The strategic partnership with TAS Group is a mutually beneficial one that will play a key role in positioning NxSystems as a preeminent provider of complete payments solutions worldwide,” commented Michael C. Busher, CEO, NxSystems. “To develop a winning, scalable, next generation payments infrastructure takes careful time and planning. Following a rigorous evaluation of multiple technology offerings, it quickly became very obvious to our technical experts that the TAS solution was well planned and architected.”
TAS infrastructure is a perfect enabler for NxSystems next-generation technology deployment for both issuing and acquiring transactions because it leverages the Visa, MasterCard and China Union Pay (CUP) Card Networks – among other things.
According to Busher, there are significant differences between the U.S. and overseas markets. For instance, by adopting the next generation Cashless 3.0 ™ payments framework NxSystems can seamlessly deploy both U.S. centric magnetic stripe payment products in the USA as quickly as it deploys EMV Chip and PIN payments products in Europe. NxSystems new and complete payments archtecture positions it as ideal hub for speeding time to market of payments products to customers anywhere in the world.
“If you are looking for a payment solution today, inevitably a company must go to multiple vendors to get an all encompassing solution. This increases time-to- market and decreases revenue as most vendors aggregate their solution and in effect become resellers with every link in the chain adding a markup to the final cost the end client pays. NxSystems streamlines the process, cuts time to market and reduces cost,” noted Busher.