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