omniture

Freestar Technology Corp.'S Rahaxi Processing Oy Achieves Visa and Mastercard PCI DSS Qualification as a European Certified Payments Solutions Provider

FreeStar Technology Corp.
2006-12-20 20:23 2368

It is Only the Second Finnish Company to Achieve Certification

SHANGHAI, China, Dec. 20 /Xinhua-PRNewswire/-- FreeStar Technology Corp.

(OTC Bulletin Board: FSRT) an international card payments processor and

technology company, announced that its wholly owned subsidiary, Rahaxi

Processing Oy., is now listed on Visa's website, along with such companies

as First Data International, as having been awarded Payment Card Industry

Data Security Standards (PCI DSS) compliance accreditation to provide

payment solutions in Europe. It is the second Finnish payments solution

provider to receive certification.

PCI DSS is a set of industry-wide requirements and processes (instituted

by Visa, MasterCard, Diners, AMEX, JCB and Discover) that ensure the

security of valuable cardholder account data. PCI DSS includes requirements

for security management, policies, procedures, network architecture,

software design and other critical protective measures.

This comprehensive standard is intended to proactievly protect consumer

data for organiztions that store, transmit or process cardholder account and

transaction data, including merchants, acquiring banks and related service

providers.

Paul Egan, chief executive officer of FreeStar Technology, said, "We are

delighted to announce our certification for the PCI DSS compliance. This is

an important milestone for the company, one that should attract significant

new business. We are pleased to have met Visa's rigorous standards and

make it to Visa's final list of 100 companies considering that there are

several thousand competitors in the industry."

"Enforcement of the new standard is increasingly more vigilant with

increased financial penalties for non-compliance and the real threat of

acceptance privileges being suspended or revoked for organizations that do

not demonstrate compliance with the standard," he added.

Sysnet Ltd., an official Visa Qualified Security Assessor (QSA) in

assessing onsite compliance to PCI Standards, carried out the certification

process. The certification indicates that Rahaxi Processing has been

assessed against the objectives of the Visa Account Information Security

(AIS), using the PCI DSS validation methods and was found to be compliant to

PCI DSS.

Vivian Duff, business manager of Sysnet said, "Having worked closely

with Rahaxi Processing during the last 12 months, it was a rewarding

experience to see how the PCI DSS has helped validate the high level of

information security management that has been developed to protect the

business interests of its clients."

Duff added, "I congratulate Rahaxi Processing on achieving this

certification and demonstrating its commitment to deliver secure services to

its clients in Europe."

Jyrki Matikainen, sales director of Rahaxi Processing, said, "After

working hard for more than a year on the PCI project, we are happy to

receive the Visa approval. By combining PCI security with Rahaxi

Processing's existing services and our several EMV certifications we provide

our customers with a trustworthy, accessible and a secure turnkey solution.

As the payment industry gets more diversified, the biggest merchants and the

POS vendors are starting to look for dedicated payment specialists. Rahaxi

Processing is now in a very promising position to fulfil this need. As sales

director, I believe, the certification will have a positive impact on our

revenue."

About FreeStar Technology Corporation

FreeStar Technology Corporation provides mission critical solutions to the

financial industry worldwide. Working with merchants and acquires in over

twenty countries, our product suite has empowered partners to focus on their

core competencies, while our innovative driven approach has allowed them to

benefit from first to market advantage and realise their true potential.

FreeStar Technology Corporation has adopted a partnership strategy for

growth. Our partners are market leaders in their respective industries.

These include IKEA, Finnair and Stockmann. Our Subsidiaries Rahaxi

Processing Oy Finland, FreeStar Technologies Ireland Limited and FreeStar

Dominicana S.A. Dominican Republic, continue to develop and implement first

class products and solutions that enhance the service level our partners can

offer customers. For more information, please visit

http://www.freestartech.com or http://www.rahaxi.com .

About Sysnet Ltd.

Sysnet Ltd helps organizations to meet today's challenges by providing a

full range of services for assessing and assuring PCI DSS compliance. Our

services include PCI DSS Assessments, Audits, Vulnerability Scanning,

Penetration Testing and Payment Application Best Practice Assessments. For

more information visit our website www.sysnet.ie or email info@sysnet.ie

Forward-looking statements

Certain statements in this news release may contain forward-looking

information within the meaning of Rule 175 under the Securities Act of 1933

and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to

the safe harbor created by those rules. When used in this press release, the

words "expects," "anticipates," "believes," "plans," "will" and similar

expressions are intended to identify forward-looking statements. These are

statements that relate to future periods and include, but are not limited

to, statements regarding our adequacy of cash, expectations regarding net

losses and cash flow, statements regarding our growth, our need for future

financing, our dependence on personnel, and our operating expenses. All

statements, other than statements of fact, included in this release,

including, without limitation, statements regarding potential future plans

and objectives of the companies, are forward-looking statements that involve

risks and uncertainties. Forward-looking statements are subject to certain

risks and uncertainties that could cause actual results to differ materially

from those projected. These risks and uncertainties include, but are not

limited to, those discussed above as well as risks set forth above

under "Factors That May Affect Our Results." These forward-looking

statements speak only as of the date hereof. There can be no assurance that

such statements will prove to be accurate and actual results and future

events could differ materially from those anticipated in such statements.

Technical complications that may arise could prevent the prompt

implementation of any strategically significant plan(s) outlined above. The

companies caution that these forward-looking statements are further

qualified by other factors including, but not limited to, those set forth in

FreeStar's Form 10-KSB filing and other filings with the U.S. Securities and

Exchange Commission (available at www.sec.gov). FreeStar undertakes no

obligation to publicly update or revise any statements in this release,

whether as a result of new information, future events, or otherwise.

For more information, please contact:

At Rahaxi Processing Oy

Mr. Jyrki Matikainen

Sales Director

Tel. +350-40-5133-304

Email: j.matikainen@rahaxi.com

At FreeStar Technology Corp.

Paul Egan

CEO

Tel: +1-809-368-2001

Email: pegan@freestartech.com

Investor Relations

Arun Chakraborty

Stern & Co.

Tel: +1-212-888-0044

Email: achakrab@sternco.com

AGORACOM Investor Relations

Website: www.agoracom.com/IR/Freestar

Email: FSRT@agoracom.com

Source: FreeStar Technology Corp.
Keywords: Food/Beverages
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