IFS International Holdings, Inc. (Nasdaq:IFSH), a leading provider of software products for the electronic financial market, today announced it has developed a strategic partnership with Go2pay.com, a provider of Internet infrastructure payment processing created by IFS' co-founder, Frank Pascuito.
Mr. Pascuito has left the employment of IFS International to focus his efforts on Go2pay but remains on the IFS International Board of Directors. The Companies will jointly form a payment-processing center that will manage Internet based e-commerce transactions and will utilize IFS' field-proven TPII product as its authorization engine. At the partnership's inception, IFS will become a minority partner, owning 30 percent of Go2pay.com's assets in exchange for a TPII license.
Go2pay.com plans to target and improve upon the following areas:
-- Creating a Web-based payment authorization center that processes Internet credit, debit, EBT and smart card payment transactions for web merchants.
-- Developing a payment authorization center to reload and process payment for smart cards over the Internet. (Go2pay will take advantage of recent announcements to standardize smart card processing.)
Frank Pascuito, one of the original founders of IFS International Inc., will lead the new company as Chairman and CEO and will primarily focus on creating innovative payment processing solutions for the Internet. Mr. Pascuito has previously and successfully raised startup capital and is well known in the local technology community. He plans to seek out local financing and technology partnerships immediately.
Mr. Pascuito stated, "TPII is currently installed in various environments that are providing authorization for millions of financial transactions per day. We will utilize TPII' s field-proven technologies to successfully provide state of the art electronic payment processing."
Dave Hodge, President of IFS International Holdings added, "The IFS investment in Go2pay represents an additional strategic opportunity for IFS to participate in the exploding Internet payment processing market. The combination of Frank Pascuito's leadership, local funding and advisory support, and the superior technology of IFS will contribute to the success of Go2pay. IFS is proud to be an integral part of this exciting new business initiative."
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