Fibank Implements the Second Technology Wave With Mea Token Platform

STOCKHOLM, Nov. 24, 2017 /PRNewswire/ -- MeaWallet A/S ("MeaWallet"), part of Seamless Distribution AB ("Seamless"), has signed an agreement with First Investment Bank AD in Bulgaria for delivery of the Mea Token Platform.

In the spring of 2016, First Investment Bank AD was the first Bulgarian bank to launch a mobile HCE payment solution using the MeaWallet Cloud-Based Payments Platform. The bank has now decided to replace this solution with the newer and more versatile Mea Token Platform, bringing its existing banking customers even more value.

The order value of the contract is 300,000 Euro over a five-year period.

Mea Token Platform aims to be one of the most versatile platforms for mobile payments, by offering banks and other issuers a single point of integration towards multiple payment schemes (Mastercard, Visa and American Express). At the front-end the SDK can enable mobile payments in the bank's banking application, mobile wallet or other wallets like OEM Pay such as Android Pay, Samsung Pay and Apple Pay.

Lars Sandtorv, Head of MeaWallet is both grateful and humbled as he states: "When customers return and decide to embark on another journey with us, this shows a genuine brand and product trust in addition to confidence in MeaWallet".

The Mea Token Platform provides a single API-based connection to network token service providers (such as MDES from Mastercard and VTS from Visa), and an easy-to implement mobile SDK. Mastercard has certified the MeaWallet product suite to gold level, a certification level awarded to only fifteen other companies world-wide.

This single integration point enables in-store, in-app and eCommerce payments with a smartphone, and will reduce the total cost of ownership for maintenance.

"For Fibank a versatile and open solution with which we can grow and continuously add additional functionallities for our customers is of great value. We are implementing the new product, Mea Token Platform for MDES from Mastercard and VTS from Visa, but can at a later stage expand to other areas as well. The single integration point can allow connection to areas like Masterpass for eCommerce, OEM pay and the use of wearables for payments may also be interesting possibilities in the future," says Svetoslav Moldovansky, Executive Director at Fibank.  

First Investment Bank (Fibank) is one of the largest banks in Bulgaria, developing and strengthening its position as a financial group. Carrying out its main business in the Republic of Bulgaria and with regional presence through foreign operations in Cyprus and Albania. Fibank is an innovative and customer-oriented credit institution, offering a diverse range of products and services for individual and corporate clients. First Investment Bank is among the leading institutions in the Bulgaria in card business and international payments. The Bank offers its customers advanced solutions and modern banking (www.fibank.bg).

For more information, please contact: 

Martin Schedin
CFO
[email protected]
+46-8-564-878 00 

Lars Sandtorv
Head of MeaWallet
[email protected]
+47-909-55-111

This information is information that Seamless Distribution AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 8:50 a.m. CET on November 24, 2017.

About Seamless
Since 2001 Seamless has been providing its proprietary solutions and systems for mobile phone transactions. Seamless operates in two main business areas; mobile phone payment solutions, provided through the brand MeaWallet™, and distribution of e-products. www.seamless.se  

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