Elan, Sapphire Mobile Systems Partner For Mobile Banking and Payments

The Phire network utilizes simple text messaging or SMS (Short Message Service) to function and does not require new hardware or software upgrades for customers. SMS is available on virtually any mobile handset, regardless of phone type or carrier affiliation. This initial pilot allows Elan PayCard customers to conduct balance inquiries, make person-to-person payments, and card transfers from the convenience of their mobile phone. These transactions are referred to as Phire transactions and act together as a mobile debit network to perform monetary transactions in real time. The pilot will be available to select Elan PayCard customers beginning this month and is currently on display at the Sapphire Mobile System’s booth at the 2007 Prepaid Card Forum and Expo in Las Vegas February 27 and 28, 2007.

“We have worked closely with the Sapphire team for more than six months to assist them in bringing their new service to market and to enable the Phire transactions for an Elan pilot. We are excited about the continued evolution of the payments industry and find this solution unique in that no new hardware or software is required on the handset and because the transactions are secured through a variety of sophisticated measures that are easy for the consumer to use. We are pleased to be piloting this SMS based solution,” said Dominic Venturo, senior vice president, Elan Financial Services.

“The Phire Mobile Debit Network provides Elan PayCard customers with a unique, secure and easy to use alternative for their banking needs,” said Richard A, Rasansky, CEO of Sapphire Mobile Systems. “This pilot with Elan is an incredible opportunity to work closely with one of the leading financial institutions committed to next generation payment technologies. We are thrilled that Phire’s patent-pending, bank-friendly open-loop approach to mobile banking and payments is being piloted by Elan. Adding real value and convenience to the customer experience in banking and payments is what Phire is all about.”