News

TNS Smart Network to go direct to Interac

November 30, 1999

TORONTO, Ontario, Canada -- TNS Smart Network, Inc., one of the largest Canadian processors of cash transactions originating from "white label" or off-premise ATMs, will become a direct connect member with the Interac Association, Canada's national ATM network, in April of 2000. An indirect connector to the Interac Association since 1997, the company's business has grown in the past two years to 15 million annual transactions, making it the seventh largest acquirer in Canada. Previously, TNS could only handle credit-oriented POS transactions. It will now be able to process debit transactions originating at the point-of-sale. This presents a substantial opportunity for TNS. Currently 34 million debit cards are in circulation in Canada, among an adult population of 21.8 million. TNS also has certified a Value Added Reseller credit card node with the Bank of Montreal, which will allow the company to offer credit card authorization and, later, secure Internet retail purchases. TNS will use the IST/Switch e-payment product produced by Oasis Technology Ltd. to process cash and POS transactions. IST/Switch processes transactions originating from diverse payment channels such as the Internet, ATMs, POS terminals and other communications devices between merchants, banks and clearing organizations. Using Oasis AIL/IMN software, one of the three platforms certified by Interac, will enable TNS to offer new opportunities for financial institutions and for retailers, including POS services with surcharge capability. TNS will offer customers three options as of April 2000: remain on the indirect Bank of Montreal node, but with adjusted rates; move to the new e-Smart Direct Services node under a new pricing structure and contract; or purchase the e-Smart Processing Suite that allows them to become indirect Interac members. TNS also plans to begin paying interchange on a daily basis in January of 2000.