Cash Star ATM selects iCash as vendor in New Zealand
Cash Star Limited (Cash Star) is pleased to announce that it has selected the Neotech ATM from iCash Payment Systems Limited (iCash), as its exclusive ATM terminal for the deployment of nonbank ATMs in New Zealand. Cash Star is an ATM Independent Sales Organisations (ISO) in the emerging New Zealand convenience ATM market.
Paul Ryan, Director of Cash Star said "We searched for the best ATM for this market and selected the Neotech ATM based on functionality, performance and fit for purpose. Having met with iCash in June 2007, we have worked with their team to determine the best ATM terminal for our needs". "New Zealand's non-bank ATM market is soon to open up. While there has been commentary that the market is open to entrants, two of the major banks have not yet approved the provision of non-bank ATMs and therefore some 50% of the cards on issue cannot be processed yet. However we are continuing our discussions with these banks and we are confident of a deployment starting in late 2008."
James Manny of iCash said “we are encouraged by Cash Star's market position in New Zealand. Having visited New Zealand to ascertain the status of the market, we have determined that while the market is still in its infancy, we expect it to mature rapidly. Cash Star is well positioned to take advantage of this expected growth." “We chose Cash Star because they have years of experience in this field. They have selected and made arrangements with some of the best channels to market, including select Digital Mobile franchises who are a Vodafone reseller.”
“This is a statement of confidence in the Neotech terminal' says Mr. Manny. “Cash Star had a choice as to who would provide the technology to the New Zealand market and having conducted an exhaustive due diligence on various partners and terminals, they chose iCash/Neotech. This puts us in very good standing for the Australasian market as Cash Star has forward commitments for a considerable number of ATM terminals from their customers'.
Paul Ryan says that, “Cash Star, unlike some market entrants, have not been hasty in promising delivery to the market. We consider claims by other providers concerning access to sell and deploy ATMs in New Zealand right now as being overly optimistic.” Paul added, “Compliance of the terminals will be underway imminently and Cash Star has retained transparent communication with the issuing banks in New Zealand as to their plans. Naturally, compliance of the terminal is a key step but in the absence of firm compliance guidelines until now, we have waited until the standards had been fully defined. The Neotech ATM has everything needed to comply and we expect cryptography testing in the laboratory to start next week.” Cash Star Limited was established to be a leading provider of non-bank ATMs and associated services in New Zealand.
The Company was founded by Paul Ryan who has been at the vanguard of the non-bank ATM business in New Zealand as well as having 15 years experience in the IT and payments industries. Cash Star is privately funded and is considered an Independent Sales Organisation in industry parlance. It has key relationships with a well established distribution channel, including select Digital Mobile franchises and the leading gaming technology provider in New Zealand. iCash is a vertically integrated payments and ATM company, listed on the Australian Stock Exchange; stock code ICP. iCash has operations in Korea, China, Australia and the United States.
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