SOURCE: Ixaris Systems

Ixaris Systems

September 29, 2010 08:30 ET

Ixaris Expands in US to Enable Financial Institutions and Developers to Profit From the Payment Solution Revolution

Ixaris to Unveil New Payment Solutions Platform at FinovateFall 2010

SEATTLE, WA--(Marketwire - September 29, 2010) -  Ixaris, an innovator in global electronic payments, today announced that it has expanded its presence in the United States to enable financial institutions and developers to leverage and profit from the 'open payments' revolution. Extending Ixaris' record as Europe's most successful virtual card program, Ixaris has set up an office in Seattle, Washington and appointed Mike Anderson as Director for North America. With a long history of partnering with leading global payment networks such as Visa, MasterCard and Swift, Ixaris will unveil an open loop payment platform at FinovateFall 2010 that will allow financial institutions to compete with proprietary networks.

According to recent estimates by McKinsey, payment services generate worldwide revenues of more than $900 billion each year. Representing 25 to 30 percent of total bank revenues, payment services provide a steady income stream for financial institutions even in these challenging economic times. With the rise of alternative payment solutions from companies like PayPal, IP Commerce and Amazon, mainstream financial services providers, hampered by legacy systems as well as operational and regulatory challenges, are facing increased pressure to bring new products to market. The development community on the other hand is demanding flexible payment systems that give developers the ability to integrate payments into their applications.

"Ixaris' expansion into North America presents a tremendous opportunity for both financial institutions and the development community," said Alex Mifsud, Ixaris CEO. "Built on a proven platform that combines our technology, operating expertise and integrated banking relationships, the Ixaris solution provides all the necessary services to enable financial institutions to reach out to businesses, developers and entrepreneurs who have transformed their respective sectors."

The Ixaris payment platform, Ixaris Opn (pronounced 'open'), debuting at FinovateFall 2010, opens the door to new payment services and revenue streams by greatly reducing the cost, complexity and time needed to bring new payment applications to market. Financial institutions are provided a publicly-accessible application development and operating platform, avoiding cumbersome integration with their own IT systems, and thereby freeing them to bring new payment services to market. The development community benefits from an application platform that enables businesses and entrepreneurs to innovate in the same way the iPhone AppStore opened up 3G networks to developers.

"We believe Mike Anderson will be a strong addition to the Ixaris team," stated Alex Mifsud, Ixaris CEO. "Mike's banking and technology industry expertise will enable us to further tap into the payment needs of the North American market, and then meet those needs with the innovative new products and services it demands."

Ixaris at FinovateFall
On October 5, Ixaris will take the stage at FinovateFall 2010 to launch Ixaris Opn alongside established leaders and emerging companies at the preeminent event for showcasing the latest financial and banking technology innovation. The event is being held at the Metropolitan Pavilion on 125 West 18th Street in New York City.

About Ixaris
Ixaris specializes in developing innovative global applications based on open-loop (Visa and MasterCard) prepaid card schemes.

Ixaris' consumer payment service, under the EntroPay brand, currently manages financial transactions exceeding US$15 million per month. With more than 100 clients, Ixaris offers a range of co-branded payment applications that enable enterprises within the healthcare, travel, affiliate marketing and financial services industry to capitalize on the growing market for prepaid payment solutions through cost-effective, easy to access global payment networks including Visa, MasterCard and SWIFT.

Ixaris has offices in London, Seattle and Malta, which provides operational, customer service and fraud management. It is recognized by Visa and MasterCard as an Independent Sales Organization. Ixaris is also certified by the UK Financial Services Authority to issue e-Money and is registered in the UK as a Money Service Business. Ixaris' financial service partners include Royal Bank of Scotland, BarclayCard, Transact Network and Bank of Valletta.

Ixaris is a privately-held company funded by leading UK institutional investors. Its corporate headquarters are in London. http://www.ixaris.com/.

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