Rahaxi Processing Enters Agreement With Natixis Paiements to Process China Unionpay...

Rahaxi Processing Enters Agreement With Natixis Paiements to Process China
Unionpay Transactions
Over 1.5 billion China Unionpay (CUP) cards in circulation. Around 700
thousand Chinese visitors to France last year

HELSINKI, Finland, July 23 /PRNewswire-FirstCall/ -- FreeStar Technology
Corp. (OTC Bulletin Board: FSRT), an international card payments processor and
technology company, today announced that its Finnish-based, wholly-owned
subsidiary, Rahaxi Processing Oy has entered into an agreement with Natixis
Paiements (KN.PA) to become the card processor of choice for China Unionpay
(CUP) transactions.
Rahaxi Processing Oy platform provides an on-line real-time local
connection point for Acquiring Banks onto the China Unionpay network
benefiting from China's growing prosperity. China Unionpay (CUP) is one of the
world's largest payment schemes, whose members issued millions of debit/credit
cards to enable Chinese travellers to make purchase or cash withdrawal when
travelling in Europe. There are over 1.5 billion CUP cards in circulation and
around 700 thousand Chinese people visited France last year.
Natixis Paiements have chosen the Rahaxi Managed Network option, which
allows the merchant an automated secure key exchange protocol for message and
PIN encryption. The Rahaxi Managed Network performs fraud checks and rejects
cards with invalid or expired details, or cards involved in suspicious
activity. A significant investment in engineering and resources, Rahaxi
Processing has put together a system that is extremely flexible and exposes a
reliable and comprehensive interface to the acquiring community. This lowers
their barrier of entry to accept CUP cardholders at their merchant locations
and provides a low-cost solution with fast time to market to guarantee an
excellent return on investment.
Managing Director of Rahaxi Processing Oy, Dr. Jose Enrique Perez said,
"When you factor in that Rahaxi is the only vendor in Finland having the
highest security standards for Visa and MasterCard coupled with providing
transactions for China Unionpay, you can see that we are aggressively moving
our business plan forward to take advantage of market opportunities."
Rahaxi Chairman Paul Egan said, "We have been committed to growing our
revenue through strategic partnerships and with more than 1.5 billion CUP
cards in circulation, we look forward to increased revenue through transaction
processing in the years ahead. This is clear evidence of Rahaxi spreading its
wings across Europe with secure and trusted platform leaders in EMV and PCI,
which is attracting new card channels and large banking institutions."
About Rahaxi Processing Oy
Rahaxi Processing Oy provides mission-critical solutions to the financial
industry worldwide. Working with merchants and acquirers in more than twenty
countries, its product suite has empowered partners to focus on their core
competencies, while its innovative driven approach has enabled them to benefit
from first to market advantage and realize their true potential. Rahaxi
Processing Oy has adopted a partnership strategy for growth. Its partners are
market leaders in their respective industries. These include IKEA, Finnair
and Stockmann. Its subsidiaries, FreeStar Technologies Ireland, Ltd., and
FreeStar Dominicana S.A. Dominican Republic, continue to develop and implement
first class products and solutions that enhance the service level its partners
can offer their customers. For more information, please visit
http://www.rahaxi.com
ABOUT China UnionPay
Based in Shanghai, China UnionPay, also known as UnionPay, or by its
abbreviation, CUP, is the only credit card organization in the People's
Republic of China (PRC). Founded in 2002, China UnionPay is an association
for China's banking card industry. It is the only interbank network in China,
excluding Hong Kong and Macau, linking the ATMs of fourteen major banks and
many smaller banks throughout mainland China. CUP has been established as the
predominant domestic card acceptance brand in the People's Republic of China,
and is seeking to expand its acceptance and cash access network
internationally. More than 1.2 Billion CUP cards are in circulation. As the
only national card brand in China, the world's fastest growing economy with a
population of more than 1.3 billion, CUP is anticipating exponential growth in
demand for its card services both at home and abroad. CUP has embarked on
aggressive expansion plans to develop a worldwide acceptance network. The
need for a reliable, secure and dynamic networking solution across a unified
multi-country platform is of paramount importance.
http://en.chinaunionpay.com/
ABOUT Natixis Paiements
Natixis Paiements is a partnership between two French cooperative banking
groups, Groupe Banque Populaire and Groupe Caisse d'Epargne, to offer a single
entity for their respective corporate banking services. Natixis is a key
player in the banking sector in France and Europe, offering services centered
around five core businesses: corporate and investment banking, asset
management, private equity and private banking, services and receivables
management. Natixis operates in 68 countries with over 120 branches
worldwide, and supports the development of large businesses, SMEs and
institutions. It generates net banking income of euro 7,322 million and net
income (Group share) of euro 2,158 million. http://www.natixis.fr
For more information, please contact:

At FreeStar Technology Corporation,
Paul Warren
European Sales Director
Direct :+44 (0) 1484 532 544

FreeStar Technology Corporation:
Mr. Paul Egan
President & CEO
Tel: +1-809-547-2248
pegan@freestartech.com

SOURCE FreeStar Technology Corp.

Paul Warren, European Sales Director, +44 0 1484 532 544, or Mr. Paul Egan,
President & CEO, +1-809-547-2248, pegan@freestartech.com, both of FreeStar
Technology Corporation