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Magex to Add Stored-value Card Processing Business

Monday 13 September 2004 00:40 CET | News

Magex Holdings has acquired Open Payment Technologies (OPT) and would immediately begin distributing OPTs stored-value card processing, loyalty programs, and transaction services to merchants, value-added resellers, and financial services institutions throughout Europe.

Magex is immediately integrating the OPT product line and will retain the Opticard brand name. Dave Ingwersen, President of OPT, will become President of Magexs Card Services Division with global oversight of the Card Services business worldwide. For more than nine years, Open Payment Technologies has been a leader in North America providing stored-value products and electronic payment processing to vertical markets, including retail, hospitality, restaurants and supermarkets. The Opticard® Platform provides retailers with a total electronic stored-value processing solution. Program types include electronic gift, retail merchandise credit, promotional, and loyalty all on a single private label card. OPT also provides customers with efficient front-end services for processing check, debit, credit, ACH, and Electronic Benefits Transfer (EBT) authorization services. OPTs applications support over 17,000 POS terminals throughout the US and Canada, and serve leading retailers such as Claim Jumper Restaurants, Barbeques Galore, and Books-A-Million.


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Categories: Payments & Commerce | Payments General
Countries: World
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