11th Oct 2006 14:00
NETeller PLC11 October 2006 Lloyds TSB chooses NETELLER's NetBanx as Preferred Payment Service Provider NetBanx, a division of the NETELLER Plc Group, has today been named as thepreferred Payment Service Provider (PSP) for Lloyds TSB Cardnet's medium to highnet worth corporate clients. Established in 1996, NetBanx is one of the oldest and respected generallyavailable payment solutions in the UK. NetBanx is often described as the onlineequivalent of the card swipe machines used by retailers when processing paymentby credit or debit cards. Rather than develop their own online payments technology, many companies preferto use the specialist services of PSPs - such as NetBanx. With more and morecompanies looking to transact with their customers online, Lloyds TSB Cardnetdecided to review the PSP marketplace and create a selected panel of preferredsuppliers, in order to be able to provide a recommended payment partner to itscustomers. Kevin Coles, Head of Business Enterprise at Lloyds TSB Cardnet, commented: "Weare pleased to announce NetBanx as the preferred PSP supplier to our medium tohigh net worth clients. NetBanx has demonstrated that it has the ability toprovide our mid-market customers with a most secure and cost effective onlinepayment solution which meets their individual requirements." Ron Martin, President and CEO of NETELLER Plc commented: "We are delighted tohave such a strong endorsement for our NetBanx subsidiary from a major UK HighStreet bank. We understand the needs of organisations wanting to outsource theironline payments to a trusted third party expert and look forward to helpingLloyds TSB customers expand their online businesses." As part of NETELLER's ongoing diversification strategy, Netbanx was acquired bythe Company in October 2005. NetBanx has relationships with all of the major UKacquiring banks, to process MasterCard, Visa, American Express, Diners Club andJCB and they have recently signed two major European banks to extend themerchant acquiring offering. This latest relationship is only one of a number of significant steps NETELLERhas taken with the NetBanx division since the acquisition: The core business hasbeen expanded, there has been significant investment into the NetBanx productplatform and integration with the NETELLER e-wallet, and a move of thedivisional head-office to a new much larger facility in Cambridge, UK. Enquiries: Citigate Dewe Rogerson +44 (0) 207 638 9571Sarah Gestetner/Sebastian Hoyle Notes to Editors The NETELLER Group With over 3 million customers in 160 countries, 3,500 merchants, and over $7billion in annual transactions, the NETELLER Group operates the largestindependent online money transfer business in the world. The Group specializesin providing innovative and instant payment services where money transfer isdifficult or risky due to identity, trust, currency exchange, or distance. Beingindependent has allowed the Group to support thousands of retailers andmerchants in many geographies and across multiple industries. The Group is quoted on the London Stock Exchange's AIM market, with a tickersymbol of NLR. NETELLER UK Limited is authorised by the Financial ServicesAuthority (FSA) to operate as a regulated e-money issuer. For more informationabout the Group visit www.netellerplc.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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