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Irv Set To Acquire Scarab Systems
Source:www.cards-worldwide.com, Source date:
The Board of Directors made the announcement yesterday. Scarab Systems, a privately held Nevada corporation is engaged in the distribution and sale of smart card payment systems for applications in e-commerce, banking, telecommunications, security and personal data transfer. The acquisition is subject to completion of specific terms and conditions yet to be released.
Scarab Systems, Inc. has a license to provide rechargeable stored value smart cards for private label applications that the cardholder can load from a designated banking account via the Internet or via designated Automated Banking Machines (ABM).
The funds can be withdrawn from most ATMs worldwide, or the stored value can be used to purchase goods and services anywhere that VISA is accepted, whether online or in brick and mortar businesses. Scarab's payment solutions operate on existing network infrastructures. Unlike many other smart card systems, Scarab's program uses existing processing and billing platforms and encryption technology, which work with existing POS and ATM systems. This technology helps eliminate the usual cost-prohibitive infrastructure required to set up a smart card program.
"Scarab Systems licensed technology provides exciting prospects for innovative payment solutions that we feel represent a valuable contribution in iRV's strategy of expanding its technological asset base. The acquisition of Scarab represents a critical step in the process of implementing technologies that deliver recurring revenue," stated Clifford C. Thygesen, President of iRV, Inc.
