Credomatic International Wins Mondex Central American Franchises.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , COSTA RICA Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. & LONDON--(BUSINESS WIRE)--June 11, 1997-- Mondex International Limited grants Credomatic International rights to develop Mondex electronic cash in seven Central American Central America A region of southern North America extending from the southern border of Mexico to the northern border of Colombia. It separates the Caribbean Sea from the Pacific Ocean and is linked to South America by the Isthmus of Panama. countries as first foray into Verb 1. foray into - enter someone else's territory and take spoils; "The pirates raided the coastal villages regularly" raid encroach upon, intrude on, obtrude upon, invade - to intrude upon, infringe, encroach on, violate; "This new colleague invades my Latin American markets Credomatic International Corporation, the major issuer, acquirer and processing agent of credit and debit cards in Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. , today announced franchise rights for Mondex electronic cash in seven Central American countries Noun 1. Central American country - any one of the countries occupying Central America; these countries (except for Belize and Costa Rica) are characterized by low per capita income and unstable governments Central American nation . The deal gives Credomatic International exclusive rights to commercially develop Mondex electronic cash in seven countries including: Costa Rica, Guatemala, Nicaragua, Panama, Honduras, El Salvador El Salvador (ĕl sälväthōr`), officially Republic of El Salvador, republic (2005 est. pop. 6,705,000), 8,260 sq mi (21,393 sq km), Central America. and Belize, which collectively represent a marketplace of over 30 million people. Credomatic has not purchased an equity stake in Mondex International. Credomatic International Corporation is the first institution outside the shareholding banks of Mondex International to purchase a franchise and signals a growing interest in Mondex technology in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Ernesto Castegnaro, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Credomatic International Corporation, said, "As a leader in the payments business, we have looked very closely at the next wave of payment technologies and believe that Mondex is the best solution and clearly ahead of the competition. Additionally, we admire the 'partnership approach' of Mondex International and MasterCard and are very pleased to be working with both organizations to help shape the future of money in Central America." The first commercial development of Mondex in the region will be in the form of a pilot which will take place in Costa Rica in the near future. Mondex is a new payment smart card which brings together the advantages of paying by cash with the convenience f paying by card. Mondex is being introduced by leading banks and retailers throughout the world. Mondex is considered the most cash-like of the various electronic smart card products in use or being tested in pilots around the world. Mondex International Limited is an independent payments company owned by MasterCard International and twenty-four major organizations across four continents (Europe, North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Asia and Australasia). Headquartered in London, Mondex International is responsible for managing the development of the Mondex technology and the brand. Tim Stewart, executive vice president Americas Region of Mondex International, said, "We are particularly pleased to make this announcement with Credomatic, the leader of the payments business in Central America. This is the first Mondex ordinary franchise sale and is a testament to the long term payment strategy of Credomatic and the underlying strength of the technology." "Today's announcement represents the first seven building blocks for Mondex in Latin America and is an indication of the commitment we have made to the region. The seven countries in the region will be very well served by the partnership which has been established between Credomatic, MasterCard and Mondex and we look forward to working together to bring the benefits of our technology to a wide range of customers throughout Central America." "We are delighted to be a part of this milestone in smart card history," says Richard Child, president of MasterCard for Latin America and the Caribbean. "By implementing and developing Mondex's superior technology platform in the region, Credomatic, Mondex and MasterCard are pleased to make a significant contribution to the development of a brighter economic future in Central America, and a whole new dimension to the payments industry." CONTACT: Takako Yamakura (212) 420-8100, ext. 207 email: tyamakura@shandwick |
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