Citibank and VeriFone Launch New Era in Consumer Banking; VeriFone's Personal ATM and VeriSmart to be Introduced in New York Smart Card Effort.REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--April 16, 1997--Citibank and VeriFone announced an agreement today under which Citibank will implement VeriFone's VeriSmart system and distribute its Personal ATM devices that will allow customers to download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. electronic cash to smart cards Example of widely used contactless smart cards are Hong Kong's Octopus card, Paris' Calypso/Navigo card and Lisbon' LisboaViva card, which predate the ISO/IEC 14443 standard. The following tables list smart cards used for public transportation and other electronic purse applications. securely and conveniently in the privacy of their home or office. Selected Citibank customers taking part in an upcoming smart card pilot in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of later this year, will receive a VeriFone Personal ATM device, a hand-held smart card reader that will let them connect, via any telephone line, directly to their bank account and download electronic cash onto their stored-value smart card. The pilot will help Citibank to estimate demand for specific services among various customer segments and plan broad scale implementation. "Two decades ago, Citibank revolutionized retail banking by broadly introducing Citicard Banking Centers, our unique multi- functional ATMs," said Henry Lichstein, Citibank vice president responsible for smart card development. "They allowed consumers, for the first time, to do their banking and get cash around the clock at any branch. Now we're introducing an ATM our customers can use, in conjunction with a smart card, in the comfort of their home or office or virtually anywhere else," Lichstein continued. "If they can get to a phone line, they can get cash with a Citibank smart card and VeriFone Personal ATM." Smart cards are the same size as conventional credit or debit cards debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. , but contain an embedded microprocessor Embedded microprocessors are essentially microprocessors that are used in everyday electronic devices, such as cellular telephones, household appliances, automobiles, or virtually any electronic device you could think of. chip. Smart cards are already used widely in Europe and Asia, where an estimated 645 million are in use for small cash purchases, pay telephones, rapid transit rapid transit, transportation system designed to allow passenger travel within or throughout an urban area, usually employing surface, elevated, or underground railway systems or some combination of these. , healthcare information, and government benefits. Until now, smart cards could only be loaded with cash at specially outfitted ATMs or other machines at bank branches or other public locations. "Continuing its history of introducing innovative products and services, Citibank is taking the lead in offering customers a bank at home solution that extends the power of the ATM into the home," said Thomas Kilcoyne, vice president and general manager, VeriFone Consumer Systems. "The next step in this evolution is to bring the bank even closer to the customer by way of the Personal ATM device, and make it easy for them to access their bank without having to leave home." VeriFone's VeriSmart client/server system provides the direct connection between the Personal ATM device and Citibank's centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. customer computer server. The VeriSmart system allows consumers to use a range of devices such as the Personal ATM to download `cash' from their bank accounts. The digital money can then be spent at any establishment that has a smart card reader, a device similar to the credit and debit card readers found in most stores and businesses today. The Company VeriFone, Inc. (http://www.verifone.com), the leading global provider of secure payment solutions, delivers electronic payment systems to financial institutions, merchants and consumers, as well as government agencies, healthcare providers and benefits recipients. The Company's more than 30 facilities, including regional offices, development centers, manufacturing, and distribution centers, are located throughout North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Europe, Asia, Africa, Australia and the Pacific. VeriFone has shipped more than five million Transaction Automation systems, which have been installed in over 100 countries. The Company's 1996 net revenues totaled $472.5 million. -0- Note to Editors: VeriFone is a registered trademark of VeriFone, Inc. VeriSmart and Personal ATM are trademarks of VeriFone, Inc. All other company names or products may be trademarks or registered trademarks of their respective companies. CONTACT: COPITHORNE & BELLOWS bellows, expansible, gas-tight chamber used to pump or store a gas. One of the simplest and most familiar types of bellows is the manual one used for providing a forced draft to a fire. The expansible chamber consists of a leather bag with pleated sides. (for VeriFone) Helen Stefan, 415/975-2282 helen.stefan@cbpr.com or CITIBANK John Skelly Skel´ly v. i. 1. To squint. n. 1. A squint. , 310/302-3253 john.skelly@citicorp.com |
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