Rahaxi Processing Oy targets Finnish market with BasWare alliance

Source: FreeStar Technology

FreeStar Technology (OTC Bulletin Board: FSRT) an international card payments processor and technology company, today announced that its wholly owned subsidiary, Rahaxi Processing Oy., has entered into a distribution and referral agreement with BasWare (HEX: BAS1V), a global leader in purchase to payment processing and financial management solutions for large corporations, to serve BasWare's clients in the Finnish market.

BasWare Corporation is a world leader in providing purchase-to-pay and financial management solutions for large enterprises. Its software products are used by enterprises to automate back-office financial operations to enhance efficiency, gain process control and transparency, and meet compliance requirements. BasWare's products are also widely used in shared service centers. BasWare has eight subsidiaries in Europe and more than 450,000 end-users in more than 20 countries. In Finland alone, BasWare has approximately 4,000 clients that generate a combined 9 million transactions annually.

Under the terms of the agreement, BasWare's Cashier Desk-solution will be migrated to meet the requirements of the EMV and PCI-standards in Finland using Rahaxi-OTI card payments processing software and Hypercom Optimum Point-of Sale products. Moreover, Rahaxi Processing will enable all BasWare Point-of-Sale merchant clients to be EMV compliant before the summer of 2007.

Paul Egan, chief executive officer of FreeStar Technology, said, "We are delighted to announce that coincident with the agreement signing, the first of the Point-of-Sale equipment deliveries are already installed and working in the field. BasWare's standing as a software provider to major corporations confers prime status to Rahaxi Processing's technology."

BasWare Program Manager Vesa Sarvala said, "We are looking forward to a fruitful, long-term relationship with Rahaxi Processing. We are impressed with its positive approach to new ideas both in customer relations management and technological development. The world of card payments processing evolves constantly and close co-operation with the world-class professionals at Rahaxi Processing will benefit BasWare greatly, resulting in the best possible products and service for our existing and new merchant clients."

Jyrki Matikainen, sales director of Rahaxi Processing, said, "It is a great turning point for Rahaxi to get a highly professional and major player like BasWare as a distributor of our EMV-solution. Rahaxi Processing has developed its device ordering system, contract handling and highly professional services to enable larger scale deliveries. Also, BasWare has given us valuable input and full co-operation."

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