December 13, 2006, Dublin, Ireland
It Is Only the Second Finnish Company to Achieve Certification
DUBLIN, Ireland, Dec. 13 /PRNewswire-FirstCall/ -- FreeStar Technology Corp. (OTC Bulletin Board: FSRT - News) an international card payments processor and technology company, today announced that its wholly owned subsidiary, Rahaxi Processing Oy., is now listed on Visa's website, along with such companies as First Data International, as having been awarded Payment Card Industry Data Security Standards (PCI DSS) compliance accreditation to provide payment solutions in Europe. It is the second Finnish payments solution provider to receive certification.
PCI DSS is a set of industry-wide requirements and processes (instituted by Visa, MasterCard, Diners, AMEX, JCB and Discover) that ensure the security of valuable cardholder account data. PCI DSS includes requirements for security management, policies, procedures, network architecture, software design and other critical protective measures.
This comprehensive standard is intended to proactively protect consumer data for organizations that store, transmit or process cardholder account and transaction data, including merchants, acquiring banks and related service providers.
Paul Egan, chief executive officer of FreeStar Technology, said, "We are delighted to announce our certification for the PCI DSS compliance. This is an important milestone for the company, one that should attract significant new business. We are pleased to have met Visa's rigorous standards and make it to Visa's current list of 100 companies considering that there are several thousand competitors in the industry."
"Enforcement of the new standard is increasingly more vigilant with increased financial penalties for noncompliance and the real threat of acceptance privileges being suspended or revoked for organizations that do not demonstrate compliance with the standard," he added.
Sysnet Ltd., an official Visa Qualified Security Assessor (QSA) in assessing onsite compliance to PCI Standards, carried out the certification process. The certification indicates that Rahaxi Processing has been assessed against the objectives of the Visa Account Information Security (AIS), using the PCI DSS validation methods and was found to be compliant to PCI DSS.
Vivian Duff, business manager of Sysnet said, "Having worked closely with Rahaxi Processing during the last 12 months, it was a rewarding experience to see how the PCI DSS has helped validate the high level of information security management that has been developed to protect the business interests of its clients."
Duff added, "I congratulate Rahaxi Processing on achieving this certification and demonstrating its commitment to deliver secure services to its clients in Europe."
Jyrki Matikainen, sales director of Rahaxi Processing, said, "After working hard for more than a year on the PCI project, we are happy to receive the Visa approval. By combining PCI security with Rahaxi Processing's existing services and our several EMV certifications we provide our customers with a trustworthy, accessible and a secure turnkey solution. As the payment industry gets more diversified, the biggest merchants and the POS vendors are starting to look for dedicated payment specialists. Rahaxi Processing is now in a very promising position to fulfill this need. As sales director, I believe, the certification will have a positive impact on our revenue."
ABOUT SYSNET LTD.
Sysnet Ltd helps organizations to meet today's challenges by providing a full range of services for assessing and assuring PCI DSS compliance. Our services include PCI DSS Assessments, Audits, Vulnerability Scanning, Penetration Testing and Payment Application Best Practice Assessments.
For more information visit our website www.sysnet.ie or email info@sysnet.ie
ABOUT FREESTAR TECHNOLOGY CORPORATION
FreeStar Technology Corporation provides mission critical solutions to the financial industry worldwide. Working with merchants and acquires in over twenty countries, our product suite has empowered partners to focus on their core competencies, while our innovative driven approach has allowed them to benefit from first to market advantage and realize their true potential. FreeStar Technology Corporation has adopted a partnership strategy for growth. Our partners are market leaders in their respective industries. These include IKEA, Finnair and Stockmann. Our Subsidiaries Rahaxi Processing Oy Finland, FreeStar Technologies Ireland Limited and FreeStar Dominicana S.A. Dominican Republic, continue to develop and implement first class products and solutions that enhance the service level our partners can offer customers.
For further information, please visit our website at www.sysnetglobalsolutions.com SOURCE: FreeStar Technology Corporation.
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