STRATEGIC PARTNERS
January 27, 2002
LOS ANGELES -- Cash Technologies, Inc. (Amex: TQ) has signed a software licensing and payments-gateway agreement with transaction processor Premier Processing Alliance, LLC (Premier), a newly formed joint venture of ATM network operators Community Merchant Services, Inc. (CMS) and Welch Systems, Inc., credit card processor Nobel Electronic Transfer, LLC and Quad Cities Bank.
Through this arrangement, Cash Tech will gateway all of Premier's nearly 1 million transactions per month. In addition, Cash Tech's EMMA (E-commerce Message Management Architecture) system will enable advanced function transactions such as check cashing to be offered at Premier's 2,500 managed sites.
Bruce Korman, CEO of Cash Technologies, said, "This is the first example of our cookie-cutter plan to roll out EMMA transactions throughout the ATM industry. The approach offers a cost effective path for ATM network operators to migrate from conventional to advanced function transactions. EMMA provides access to conventional EFT networks as well as the Internet and a wide variety of advanced function hosts."
Bob Miller, marketing director of Premier and senior vice president of CMS, said working with Cash Tech will help his company reduce costs by bringing its ATM transaction processing in-house. And, he added, "EMMA's functionality puts us ahead of the curve in the marketplace by enabling new services."
