724 Solutions Teams With International Turnkey Systems to Expand Into the Middle East.Business Editors & High-Tech Writers TORONTO & AUSTIN, Texas--(BUSINESS WIRE)--April 25, 2001 Qatar Islamic Bank, the Bank of Kuwait & Middle East and Doha Bank-Qatar Launch Mobile Internet Refers to gaining access to the Internet using a lightweight, handheld device. See Mobile IP, PDA, smartphone and mobile TV. Banking Services 724 Solutions (Nasdaq:SVNX) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :SVN SVN Subversion (version control system) SVN Slovenia (international traffic code) SVN Social Venture Network SVN South Vietnam SVN Secure Virtual Network SVN Supervised Visitation Network ), in an agreement with International Turnkey Systems (ITS), will enable mobile banking services for three of the leading banks in the Middle East. This mobile banking service represents the first of its kind in the region and is an important step towards advancing the mobile revolution in the Middle East. Qatar Islamic Bank launched its wireless Internet banking capabilities in the State of Qatar last January and The Bank of Kuwait & Middle East and Doha Bank-Qatar plan to launch by summer 2001. With the selection of the Wireless Internet Platform, these three Middle Eastern banks join a growing list of mobile banking providers around the globe who utilize 724 Solutions' expertise in providing and integrating mobile Internet infrastructure software into the customer's hardware. The 724 Solutions' Wireless Internet Platform will allow the banks to provide their customers with banking services through a wide range of leading mobile devices and networks. Whether making transfers or simply checking a balance, customers can now enjoy the convenience of mobile financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . "We selected 724 Solutions as our mobile banking solution provider because of its global reputation and the open structure of its Wireless Internet Platform, allowing us to integrate the systems quickly and efficiently," commented Khalifa Al Soulah, Deputy Managing Director, ITS. "The solution had to be global and the service fast - these factors were a given with 724 Solutions. Most importantly Adv. 1. most importantly - above and beyond all other consideration; "above all, you must be independent" above all, most especially , and perhaps the deciding factor in our choice to work with 724 Solutions, was that the solution was highly scalable and reliable." The Wireless Internet Platform consists of adaptors, gateways, core engine services and an application framework for powering highly scalable, secure mobile transactions on different devices, networks and protocols. The award-winning platform has successfully completed performance testing Performance Testing covers a broad range of engineering or functional evaluations where a material, product, or system is not specified by detailed material or component specifications: Rather, emphasis is on the final measurable performance characteristics. confirming its capacity to support a financial institution with 10 million customers and handle the demands of 100,000 concurrent users executing 10,000 transactions per second In a very generic sense, the term Transactions Per Second refers to the number of atomic actions performed by certain entity per second. In a more restrictied view, the term is usually used by DBMS vendor and user community to refer to the number of database transactions performed . "Our knowledge of the mobile market and the technology needed to unlock it has enabled companies like International Turnkey Systems to break into new markets, maximizing the opportunity that the mobile Internet offers," remarked Roger Bellass, General Manager, EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. , 724 Solutions. "This new relationship confirms the global appeal and demand for the mobile Internet and, in particular mobile banking." International Turnkey Systems and 724 Solutions are working together to integrate 724 Solutions' Wireless Internet Platform into the respective banks' existing electronic banking infrastructures. International Turnkey Systems has already provided the Qatar Islamic Bank's host systems and the delivery systems of The Bank of Kuwait and Middle East. According to a new study released by The Strategis Group, cellular and third generation (3G) technology subscribers in the Middle East and Africa will increase from 15 million in 1999 to 65 million in 2007. The study "Middle East and Africa Cellular Markets" further projects that by 2007, 2.5/3G subscribers will make up 22 percent of the total subscriber base in countries where the next generation is deployed. GSM mobile penetration is now eclipsing wireline in many world markets, and in the Middle East GSM penetration is already leading current PC-based Internet penetration. About 724 Solutions 724 Solutions Inc. is a leading global provider of Internet infrastructure software that enables the delivery of secure mobile transaction solutions across a wide range of Internet-enabled devices. The 724 Solutions suite of products and services enables companies to realize value through the exploitation of the mobile Internet by building, deploying and integrating personalized and secure mobile commerce and lifestyle applications. 724 Solutions' customers include leading financial institutions such as Credit Suisse, SEBanken, JP Morgan Chase & Company, Citigroup, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). . With dual headquarters in Toronto, Canada, and Austin, Texas, the company has development and sales offices around the world. 724 Solutions' common shares are listed on the NASDAQ National Market (SVNX) and The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (SVN). For additional information visit www.724.com. About International Turnkey Systems ITS has been a major supplier of products and solutions to the banking and financial industries in the Middle East for the past 20 years, with over 600 employees and 11 offices in eight countries. ITS is strategically positioned to offer a quick and efficient response to its customers' requirements. ITS has focused on complementing its total banking solution to serve banks' business visions and directives; and adopting superior products which meet the in-depth business requirements of various units of each bank or financial institution. ITS is proud to currently serve more than 50 banks in the Middle East. For additional information visit www.itsq8.com This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements include the statements herein regarding the services and features that will be offered by International Turnkey Systems and the time at which these services will be introduced, the benefits that customers and consumers will obtain through these services, and future demand for these services. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that 724 Solutions and International Turnkey Systems will be unable to deploy services based on the Wireless Internet Platform, the risk that demand for mobile financial services and for mobile transactions will not increase as anticipated, and other risks described in 724 Solutions' SEC filings, including its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. . These risks are also described in 724 Solutions' filings with the Canadian Securities Administrators Canadian Securities Administrators(CSA) is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets. , including its prospectuses, material change reports, Annual Information Form and Management Information Circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible . 724 Solutions does not undertake any obligation to update this forward-looking information, except as required under applicable law. |
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