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VeriFone and ITS Bring Latest Payment Solutions to Saudi Arabia

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Original Press Release

VeriFone and ITS Bring Latest Payment Solutions to Saudi Arabia

Press release date: June 17, 2014

Countertop VX 520 and portable VX 675 certified by Saudi Arabian Monetary Agency (SAMA)

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San Jose, Calif. – VeriFone Systems, Inc. (NYSE: PAY) announced today the introduction of two EMV-ready payment terminals from VX Evolution—its latest line of portable and countertop terminals—to the Kingdom of Saudi Arabia market with its partner, International Turnkey Systems Group (ITS), an integrated IT solutions and software services provider.

The Saudi Arabian Monetary Agency (SAMA), the central bank of the Kingdom of Saudi Arabia, has certified VeriFone's VX 520, the most advanced countertop payment system, and the VX 675, the world's smallest, full-function, wireless handheld payment device. SAMA oversees the Saudi Payments Network (SPAN), the payment system in the Kingdom of Saudi Arabia that connects all ATM and point of sale (POS) terminals.

"VeriFone is committed to providing leading edge, certified terminal solutions to meet the needs of our clients in key markets," said Bulent Ozayaz, president of Southern Europe, Russia, Middle East and Africa for VeriFone. "Working in partnership with ITS, we are able to continue to extend our global payments industry leadership into the Kingdom and ultimately throughout the region."

ITS is a leader in software services and solutions with decades of experience in the Gulf region and hundreds of leading banks and financial institutions as clients. ITS assisted in developing SAMA's high-level information security system, the Saudi Arabian Riyal Interbank Express (SARIE), which provides the mechanism for all Saudi commercial banks to make and settle payments in Saudi Riyals (SAR).

"VeriFone's advanced payment terminals provide the latest capabilities and most robust security to meet the needs of banks and merchants throughout the Kingdom," said Mohamed Nigm, Sector Service Manager of Saudi Arabia for ITS, which will provide local distribution and support. "VeriFone solutions provide a wide range of communications options that meet the needs of virtually any merchant in the Saudi market."

VeriFone's payment devices are compact, easy to install and easy for both merchant and customer to use. They accommodate a wide variety of card payment options including NFC, mobile wallets, EMV, and contactless payments.

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