SAN FRANCISCO, CALIFORNIA and TORONTO, ONTARIO and LONDON, UNITED KINGDOM--(Marketwire - Dec. 10, 2012) - Admeris, Inc., (www.admeris.com) today announced that it has changed its name to SALT Technology, Inc. (www.salt.com); under which it will bring the industry's most complete, cloud-based mobile payments platform. The SALT mobile payments solution comprises a brandable, consumer-friendly mobile wallet application, and cloud-based, mobile payment infrastructure. SALT simplifies the adoption and integration of both near field communication (NFC) and cloud-based mobile payments via any payment type or mobile device. The company also announced that it has moved its global headquarters to San Francisco, California, where its research and development, marketing, sales and executive leadership are based. The company is housed in a newly renovated office located at 89 De Boom Street, in the city's technology corridor "South of Market". SALT Technology, Inc. will continue to operate certain functions out of its Toronto, Canada and London, U.K. offices.
"Analysts estimate that mobile transactions will reach $617 billion worldwide by 2016, up from $105.9 billion in 2011* - growth that will fundamentally challenge financial institutions, carriers, and merchants as they rush to implement mobile payment strategies to capture new service revenues and meet the competitive threats of emerging payment paradigms which are encroaching on their traditional consumer relationships and market," said Brian A. Bogosian, Chairman, President & CEO of SALT Technology, Inc. "We are working to remove the costly technical and integration barriers that impede the broad adoption of mobile payments. Our innovative platform simplifies mobile payments for consumers, and makes implementing banded mobile payment services practical and profitable for MNOs, banks, merchants and others."
SALT Technology, Inc., named after the first currency used to conduct commerce, and around which civilizations were built, provides secure, simple contactless payment solutions that accelerate the adoption of mobile payments for mobile, online, or "tap-to-pay" transactions. With SALT, banks, merchants and MNOs are able to deliver mobile commerce services to consumers on any device, using any mobile operating system. More importantly, mobile payment alternatives such as NFC, cloud-based or even remote QR code-based payment services can be brought to market within a fraction of the cost and time required by existing approaches. SALT eliminates the need for banks to integrate with individual Trusted Service Manager (TSM) and Over the Air (OTA) provisioning requirements for each MNO, dramatically reducing the time and investment needed to bring a mobile payment service to market.
While industry experts agree that widespread use of mobile payments is inevitable, broad consumer adoption continues to be hampered by the inability for consumers to load all of their bank, credit, loyalty and merchant cards into a convenient mobile wallet that can be used for both online and offline transactions. The SALT solution directly addresses these requirements. SALT is built to accommodate consumers' natural purchasing behavior with convenient, frictionless, secure payment options at their fingertips, on their mobile device. For consumers, SALT is as easy to use as a physical wallet, with the added benefits of extreme security and constant tracking of account balances, transaction receipts, and loyalty points.
"Every member of the transaction value chain is rushing to find a way to leverage mobile payments while avoiding the massive time and expense overhead associated with integrating mobile payment infrastructure with existing payment processing systems; dealing with regulatory issues; or providing ironclad security for sensitive consumer data," added Bryan Rutberg, Chief Executive Officer of Rutberg & Company and SALT Technology board member. "SALT Technology has architected a unique approach and a powerful platform that will streamline the creation and launch of mobile payment services for a variety of organizations. We look forward to seeing these solutions accelerate the adoption of mobile payments across the global market."
In addition to the SALT Payment Platform, the company offers a patent-pending solution for a single, secure, universal payment credential for consumers. This credential, called the SALT Personal Payment Profile™, represents a variety of payment types, including credit and debit cards, loyalty points and even tickets or transit tokens in a secure mobile "wallet" application. The mobile wallet is powered by SALT, but branded by the MNO, financial institution or merchant. SALT is payment factor agnostic and allows consumers to purchase goods and services on their mobile device using NFC, online, or via any other payment factor such as QR codes.
Bogosian concluded: "Only SALT provides a solution that stretches from the consumer, through the entire payment value chain. Our approach puts mobile payments within reach for leading MNOs, banks, merchants and others while controlling costs and overhead. We look forward to a future where mobile payments are universal, and profitable for organizations that offer them, as well as simple, secure and valuable for the consumers who use them. We intend for SALT Technology to be fundamental to this eventuality."
About SALT Technology, Inc.
SALT Technology, Inc. is based in San Francisco, with offices in Toronto and London. The company was founded in Toronto, Canada by Founder Simon Law in 2008, and has been financed to date by insiders and an impressive list of private investors formerly from organizations including Apple and PayPal. SALT Technology, Inc. owns several patented and patent-pending technology innovations that comprise the foundation of the company's end-to-end payment platform. SALT provides an elegantly simple payment infrastructure that allows financial institutions, merchants and MNOs to bring branded mobile wallets to market quickly, on any device, and with any payment type. The SALT mobile wallet application establishes a highly secure SALT Personal Payment Profile™ for each consumer, and can contain any credit, debit, gift, loyalty card, transit token or ticket. SALT supports consumers' evolving digital lifestyles with simple, secure, convenient payment options for consumers, and provides new revenue opportunities for the companies who serve them. To learn more about SALT Technology, Inc., please visit http://www.salt.com.
*Research firm Gartner Inc. May 2012
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