Radiant Systems Streamlines Gift Card Funds Transfer for Restaurant Operators
Leading technology innovator delivers Automated Clearing House solution for gift cards
ATLANTA (October 20, 2006) — Radiant Systems, Inc. (NASDAQ: RADS), a leading provider of innovative technology to the retail and hospitality industries, announces the immediate availability of the Aloha eCard Automated Clearing House (ACH) solution for restaurants and other hospitality operators. Used in conjunction with the Aloha eCard gift card application, Aloha eCard ACH automatically processes funds transfers between the banks of stores selling and redeeming gift cards under a corporate-branded gift card program. Radiant partnered with Atlanta-based electronic payments processor, RBS Lynk, to develop the solution.
“Franchise operators participating in corporate-sponsored gift card programs have long-struggled with managing funds transfers associated with card sales and redemptions that involved multiple franchisees,” said Jeff Hughes, vice president of product development for Radiant’s hospitality division. “Aloha eCard ACH resolves these challenges by automating a time- and labor-intensive process, speeding dollar transfer between banks and reducing the risk of an operator not being reimbursed when a card redemption is made.”
A key element of Aloha eCard ACH is the centralized funds pool, which is a separate bank account established by the corporate brand. When gift cards are sold at any franchise or corporately owned restaurant, funds are transferred to the central pool for holding. As gift cards are redeemed, funds are transferred from the central pool account to the redeeming store’s bank account. All transfers are initiated and completed without any action required by the restaurant operator.
To help ensure timely, accurate and secure funds transfer for every gift card transaction, Radiant has partnered with RBS Lynk, one of the world’s largest electronic payments processors. With the help of Radiant, RBS Lynk submits all transfer requests related to gift card transactions to the Federal Reserve Bank for processing. During processing each affected bank account – the seller’s, redeemer’s and the centralized funds pool – is adjusted for the correct dollar amount, typically within two business days.
“When dealing with important financial transactions, businesses today demand dependable, worry-free service from their transaction processors,” said Nerino Mayer, vice president of indirect sales at RBS Lynk. “RBS Lynk is recognized for outstanding quality of service and we look forward to working with Radiant to help its customers streamline a critical business process and get more value from their gift card programs.”
About Radiant Systems, Inc.
Radiant Systems, Inc. (www.radiantsystems.com) is a leader in providing innovative technology to the hospitality and retail industries. Offering unmatched reliability and ease of use, Radiant's hardware and software products have been deployed in over 60,000 sites across more than 100 countries. Radiant has approximately 1000 employees worldwide, 325 certified sales and service partners and over 1800 field service representatives. Founded in 1985, the company is headquartered in Atlanta with regional offices throughout the United States as well as in Europe, Asia and Australia.
About RBS Lynk
RBS Lynk is a leading, single-source provider of electronic payment processing services - including credit, debit, EBT, checks, gift cards, e-commerce, customer loyalty cards, fleet cards, prepaid cards, ATM processing and cash management services. The US payment processing division of the Royal Bank of Scotland Group (the third-largest transaction acquirer in the world), RBS Lynk is a non-bank subsidiary of Citizens Financial Group. For more information, please visit www.rbslynk.com.
Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company’s financing plans; (ii) trends affecting the Company’s financial condition or results of operations; including the ability to integrate the operations of acquired businesses; (iii) the Company’s growth strategy and operating strategy; (iv) the Company’s new or future product offerings, and (v) the declaration and payment of dividends. The words “may,” “would,” “could,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “intend,” “plans,” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are the Company’s reliance on a small number of customers for a larger portion of its revenues, fluctuations in its quarterly results, ability to continue and manage its growth, liquidity and other capital resources issues, competition and the other factors discussed in detail in the Company’s filings with the Securities and Exchange Commission.
