VANCOUVER, Feb. 21, 2013 /CNW/ - TIO Networks Corp., (TSX-V: TNC) ("TIO"), North America's leading bill pay technology
provider, and VendTek Systems Inc. (TSX-V: VSI) ("VendTek"), a global transaction processing company,
are pleased to announce a commercial partnership between the
companies. This agreement will enable TIO to rapidly expand its walk
up bill pay presence into Canada as Canadian consumers will be able to
conveniently pay bills at any of VendTek's 15,000 retail locations
across the country.
It will provide VendTek with a new product line, which will enhance its
competitive position in Canada. It also allows the company to
recapture a segment of the market that had moved away from the
traditional pre-paid business in favour of subscription products
offered by the new wireless entrants.
"We're excited about this opportunity to partner with VendTek, an
established Canadian electronic transaction processing leader to offer
more convenient bill-paying services to customers in Canada," said
Hamed Shahbazi, Chairman and CEO of TIO Networks. "Canadians will now
have the option to pay their bills around the clock at thousands of
additional retail locations across the country, all with the option of
Founded in 1988, VendTek is a leading transaction-processing software
company, with deep, long-standing relationships with key retailers in
Canada. Both TIO Networks and VendTek are committed to meeting the
needs of their growing customer bases by leveraging each company's
strengths in payments and retail point of sale solutions.
"By adding more bill payment capabilities to our Canadian product
portfolio, we are giving pre-paid customers another reason to process
their transactions through e-fresh, our state of the art software,"
said Doug Buchanan, CEO of VendTek. "Whether customers choose to buy a
pre-paid product through one of our merchants or elect for a monthly
billing option with their service provider, VendTek can process their
transaction. It increases the Canadian market size for the company."
VendTek has built its international success through alliances with key
partners like TIO Networks, pairing the flexibility, scalability and
reliability of its technology with its collaborative approach from
beginning to end. This relationship with TIO gives Vendtek an immediate
product advantage in the Canadian marketplace.
TIO Networks has already seen great success extending its bill-payment
processing capabilities in other North America markets through
relationships with U.S. partners such Moneygram International and ACE
Cash Express. TIO now has the opportunity to repeat this success in
Canada with VendTek and its significant retail portfolio.
To learn more visit: www.tionetworks.com or vendteksystems.com. You can also join the conversation www.twitter.com/tiowallet or Facebook.com/tiowallet or www.facebook.com/VendTekSystems.
About TIO Networks
TIO is a cloud-based bill payment processor serving the largest telecom,
wireless, cable and utility bill issuers in North America. With more
than 55,000 endpoints, TIO symbolizes fast, convenient and secure bill
paying. Visit: www.TIOnetworks.com. Join the conversation on www.twitter/tionetworks or like us on http://www.facebook.com/tionetworks.
VendTek develops and licenses automated transaction system software and
supporting technologies. VendTek's customers, subsidiaries and its Now
Prepay division use e-Fresh™ software to build electronic, prepaid
services networks that enable consumers to purchase prepaid products
and services via POS and self-serve terminals connected to a central
server. This system creates significant value through improved
efficiencies compared to a traditional distribution model. e-Fresh™
reduces shrinkage and inventory requirements for vendors while
improving consumer access to prepaid products and services by
completely eliminating physical cards and vouchers. VendTek has
deployed its software around the world including Canada, United States,
Asia, the Middle East and Africa. For further information please visit
the Company's websites www.vendteksystems.com and www.nowprepay.com.
SOURCE: TIO Networks Corp.
For further information:
Brett Mass, Hayden IR
John Lewis, Business Development - TIO Networks
Jennifer Maloney, Media Relations - Yulu Public Relations