Product Designed to Help Credit Card Manufacturers Provide a Cost-Effective, High-Quality System for American Banks
Solution Approved/Certified by MasterCard PayPass and Visa
TOKYO, Japan and FORT LEE, N.J. - October 13, 2008 - Renesas Technology Corp., a leading semiconductor system solutions provider for mobile, automotive and PC/AV (audio visual) markets, and On Track Innovations Ltd (OTI) (NASDAQ GM: OTIV), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced that they have developed a secure contactless microcontroller solution geared toward the US contactless payments market. The new secure payment solution has been certified by MasterCard PayPass for their 3.3 specifications and Visa 2.0.2 A&C V3.0 specifications to comply with contactless card standards. The solution is available to US banks and banks around the world who issue industry standard contactless cards.
Renesas Technology supplies the contactless microcontroller based on its AE-series smart card controller technology and OTI provides the operating system and application, and the contactless card technology including the inlay technology.The combination of Renesas' secured contactless AE41R microcontroller and OTI's Hercules operating system bundled in OTI's contactless products and technology enables the development of a robust solution that meets the stringent security requirements of the payments industry, while also supporting the speed and convenience that is essential in contactless transactions.
The solution was developed to support the large volume orders expected for the US contactless payments market: Renesas is one of the largest contactless chip providers in the world and it iswidely recognized by card manufacturers for superior quality, yield, time-to-market and packaging. OTI has almost two decades of experience providing secure contactless solutions for multiple markets, and is providing solutions to support contactless cards, key fobs, smart stickers and more unique contactless products.
"Renesas is committed to providing the banking industry with a highly secure, high performance quality contactless payment solution built with its advanced security microcontroller technology, world-class manufacturing capabilities and technical competence gained over the years of experience in the security market," said Kenichi Ishibashi, general manager of secure MCU business unit Renesas Technology Corp. "By combining our chip technology and OTI's operating system and an antenna module, we can simplify the design process for card manufacturers and help accelerate the adoption of more secure contactless payment methods among many banks around the world."
"Our contactless solution provides issuers and card manufacturers with a cost-effective, reliable and secure way to implement contactless cards. We are geared up to support contactless payment programs with our proven solution of both cards and readers," said Oded Bashan, Chairman and CEO of OTI.
Established in 1990, OTI (NASDAQ- GM: OTIV) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, payments, mass transit ticketing, parking, loyalty programs and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 and 2006 Company of the Year Award in the field of smart cards.
For more information on OTI, visit www.otiglobal.com, the content of which is not part of this press release.
About Renesas Technology Corp.
Renesas Technology Corp. is one of the world's leading semiconductor system solutions providers for mobile, automotive and PC/AV (Audio Visual) markets and the world's No.1 supplier of microcontrollers. It is also a leading provider of LCD Driver ICs, Smart Card microcontrollers, RF-ICs, High Power Amplifiers, Mixed Signal ICs, System-on-Chip (SoC) devices, System-in-Package (SiP) products and more. Established in 2003 as a joint venture between Hitachi, Ltd. (TSE:6501, NYSE:HIT) and Mitsubishi Electric Corporation (TSE:6503), Renesas Technology achieved consolidated revenue of 951 billion JPY in FY2007 (end of March 2008). Renesas Technology is based in Tokyo, Japan and has a global network of manufacturing, design and sales operations in around 20 countries with about 26,800 employees worldwide. For further information, please visit www.renesas.com
Other product names, company names, or brands mentioned are the property of their respective owners.