| Keycorp teams with Symstream to offer eftpos via GSM |
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| by Stuart Corner | |
| Thursday, 20 April 2006 | |
  
The alliance will focus on opportunities in emerging markets which have extensive GSM voice networks but limited data networks: specifically Indonesia, India and other parts of South-East Asia. Symstream is already working with Excelcomindo, Indonesia's largest privately-owned mobile telephone service provider to connect automatic teller machines and eftpos devices to banking networks. Keycorp is one of the largest suppliers of eftpos terminals for Indonesia's banking system. The system will be based on the Symstream II wireless technology and Keycorp's managed payments services, including Keycorp desktop terminals, and will allow merchants to send transactions to their banks without needing to connect to a fixed line communications network. Keycorp managing director, Bruce Thompson, said the alliance reflected Keycorp's strategy of developing end-to-end payment solutions rather than selling stand-alone products. "With this particular solution we have found a partner with ground-breaking technology that integrates with our products and allows us to offer added value by bundling the offering with our managed payment services. "In doing so, we can provide an innovative solution to a problem that is confronting merchants throughout the fast growing world of emerging markets." |
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