ROSH PINNA, Israel, Aug. 7, 2018 /PRNewswire/ -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV), a global provider of near field communications (NFC) and cashless payment solutions, has announced their partner, Apriva, a technology company providing an adaptive platform for omnichannel payments and secure mobile communications, has published a white paper titled, "OTI Brings Diverse Cashless Payment Solutions," which affirms the ongoing partnership for deploying next-generation self-serve and vending technologies.
Apriva enables broad acceptance for attended and unattended payments, including off-the-shelf EMV solutions. OTI's continued collaboration with Apriva facilitates the production of an adaptive platform for omni-channel payments and secure mobile communications. This pre-integrated payment solution services the ever-growing unattended payments kiosk market. According to a recent white paper by Frank Meyer titled, "The Present-Day Kiosk and Its Benefit to Today's Consumer," the self-serve kiosk industry grew over 17% in 2017 and generated over $7.8 billion in annual sales.
"The OTI and Apriva cashless payments solution was the perfect choice for us," said Renee Smith, President and CTO of Parking BOXX. "The flexibility to manage both our EASE and CloudEASE portfolios with the same SDK, combined with the efficiency of an off-the-shelf, pre-certified EMV solution not only gave Parking BOXX a time-to-market advantage but also saved us the cost of months of integration and certification."
The OTI/Apriva payment solution supports magnetic stripe reader (MSR) transactions, as well as EMV contact and contactless transactions with Elavon as the processing platform. This allows secure real-time, end-to-end data encryption and uses the industry standard, derived unique key per transaction (DUKPT) encryption method, without the cardholder's card data stored. The Interactive Self-Service OTIKiosk Payment solution is available in the U.S. through the Las Vegas-based distributor, Unattended Card Payments Inc.
"OTI's best in its class payment solution, combined with Apriva's adaptive payment platform, brings our customers unmatched value, flexibility and ease of integration, saving thousands of dollars and many months in development time and certification costs," said Bill Gostowski, Vice President of Business Development at OTI America Inc. (a wholly owned subsidiary of OTI).
Formed in 2003, Apriva is a technology company providing an adaptive platform for secure mobile communications and omnichannel payments. The company's mobile-first technologies meet the exacting security and reliability requirements of financial services providers, commercial enterprises, government entities, public service sectors, and independent sales organizations. Through its two operating groups, Apriva Payments and Apriva Mobile Security, the company offers fully-managed, end-to-end security solutions supporting commerce and communications. For more information, please visit www.Apriva.com.
On Track Innovations (OTI) is a global leader in the design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology with an extensive patent and IP portfolio. OTI's field-proven innovations have been deployed around the world to address cashless payment and management requirements for the Internet of Payment Things (IoPT), wearables, automated retail and petroleum markets. OTI distributes and supports its solutions through a global network of regional offices and alliances. OTI is the proud recipient of the 2017 AI Award for Best Cashless Payment Solutions Provider – Israel. For more information, visit www.otiglobal.com.
Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as "expect," "anticipate," "intend," "plan," "estimate," "predict," "likely," "should," "could," "may," "will," "future" or similar expressions, we are making forward-looking statements. For example, we are using forward-looking statements when we discuss our expectations regarding our growth or profitability, continued collaboration with Apriva facilitates the production of an adaptive platform for omni-channel payments and secure mobile communications, reduction of costs and expenses, expected divestitures, plans for our existing and new products and services, penetration of new markets and securing new customers, expectations regarding certain markets growth, and deliver long-term shareholder value. Because such statements deal with future events and are based on OTI's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. Forward-looking statements could be impacted by the effects of the protracted evaluation and validation periods in the U.S. and other markets for contactless payment cards, or new and existing products and our ability to execute production on orders, as well as other risks and uncertainties, including those discussed in the "Risk Factors" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, and in subsequent filings with the Securities and Exchange Commission. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise. The reader is cautioned not to place undue reliance on forward-looking statements.
Michael Jones - Apriva
MZ North America
SOURCE On Track Innovations Ltd. (OTI)