NEW YORK, NY--(Marketwire - April 19, 2010) - RTGV (OTCBB: RTGV): RTG Ventures has announced a joint venture (JV) with London-based International Financial Systems Limited (IFS) that will develop and roll out the iPayu mobile payments technology. The joint venture will officially launch on May 31st and will combine the technical, banking and payments expertise of IFS with the sales, marketing and operations muscle of RTG Ventures.
IFS invented the iPayu platform and RTG Ventures had an existing agreement to license the technology to roll out and embed into its portfolio of products. This agreement sees both sides making a larger commitment to support continuing development of the intellectual property rights and enables the new joint venture to exploit opportunities faster.
Dominic Hawes-Fairley, President of RTG Ventures, said: "This is a really important development and will ensure that we can bring much more competitive and robust products to market. While we would have been able to operate just fine under the old licensing agreement, we were really keen to tie in the visionary technical and professional ability of the team at International Financial Systems and there's no better way of doing that than working on it as a joint project. This deal expands our capability and really adds weight to our ability to deliver.
"We have a clear road map for rolling out the technology and we've got a strategy that sees the JV earning revenues as fast as possible. We believe this technology has the power to change the way that many people exchange value and now that we're developing the solution in tandem with the inventors, we can ensure that our products are that much more compelling."
International Financial Systems was formed in 1979 and for more than two decades has specialized in providing software solutions, services and equipment to Wholesale Banks, Retail Banks, Internet Banks, Community Banks, Credit Unions and financial institutions of all types worldwide. With a customer list of over 100 banks ranging from the very largest to the very smallest, its modern banking software reflects the diversity of its customer base and is available in a range of configurations to suit the needs of customers of all sizes. IFS provide Core Banking, Internet banking, Mobile Phone Banking and Compliance solutions.
RTG Ventures is pleased to introduce the key executives at IFS who will be driving the iPayu JV.
Terry DayTerry has over 40 years of experience working exclusively in banking and banking applications software. Terry started his career as a computer programmer with Hill Samuel in 1967 and subsequently has worked both for banks and software houses providing solutions into this market place. Terry was heavily involved in the creation of the MBS package (sold by Arthur Andersen). Before forming International Financial Systems, Terry spent eight years working for a leading European bank where he was Head of International IT responsible for all branches outside of the home country.
Matthew DayMatthew has almost 20 years of knowledge and experience of selling and working in the financial sector having originally started his career as an FX trader in the City of London. Matthew has an in depth knowledge of the IFS product range with a particular emphasis on compliance. He also has as an unbridled enthusiasm for new customer delivery channels such as iPayu.
Hawes-Fairley concluded: "Joint ventures are a highly attractive way for RTG Ventures to address certain markets and technologies. They allow us to strike markets with maximum speed, with expert resource and with a predefined amount of capital investment. For months now, we've been talking about operating a lean and flexible model and this kind of agreement illustrates exactly how we're going to achieve that."
About RTG Ventures Inc.
RTG Ventures Inc., is an online media and electronic payment systems provider with an aggressive business model to grow unique and highly profitable consumer and business services both by organic growth of current assets and by acquisition. RTGV is targeting niche markets in the areas of Web-TV with embedded internet and mobile payment solutions. World-leading exclusive multicasting technology underpins RTGV's broadcast platforms making them very scalable for Video on Demand (VOD), linear broadcasting and live broadcasts. Two media platforms are being developed, while payment systems divisions will provide cutting-edge credit, debit, and e-cash payment services to e-commerce and mobile commerce merchants offering significant savings over current payment methods. Through embedding its payment solutions seamlessly into its online media broadcasting platforms will create a clear differentiation and advantage for our Company over other broadcast platforms, allowing its customer to monetize digital assets with no further integration of financial systems. Furthermore, through its retail sales channel, BMC, RTGV will be able to brand and productize its media offerings for sale through traditional retail outlets. RTGV's strategy for each initiative is to maximize ROI for all stakeholders. For RTGV's available Due Diligence, visit our website at:
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