SAN DIEGO -- Film distributor Filmagic Entertainment Inc. (formerly OTCBB:FMAN) is changing its name to InstaPay Systems Inc. (OTCBB:IPYS) as it shifts its focus to the transaction processing market.
InstaPay Systems provides an Internet payment service for the securities industry through the use of ATM/debit. The company has an exclusive license to market and sell its technology and gateway service to the securities industry, according to a company news release.
The service is the first to enable Internet merchants to accept ATM card transactions in which the customers use their PINs to verify their identities and complete transactions.
InstaPay is in discussions with several ATM networks, according to the release, and expects to be in production with at least one network in early 2003.
