IFS International, Inc.

Company Profile
IFS International Inc., incorporating the IFS International and NCI divisions, develops, markets and supports software solutions for financial transaction processing, serving domestic and international customers in banking, finance and electronic commerce.

TPII is IFS International’s family of open architecture software products for payment card ATM/EFTPOS terminal management, payment card authorization, domestic and international transaction switching and management information. The product also supports Stored Value Card (Chip card) reloads and was heavily influenced by IFS’s large customer base and RDBMS technology with the aim of meeting customers’ business requirements into the 21st Century.

The Twin Safe Server combines an innovative software server and teller application to support the ASCOM Twin Safe cash recycling device in retail banking environments world wide.

Business Center™ is NCI’s browser-based, networked system that meets financial institutions business requirements of delivery channel management, including teller, marketing, call center, platform and virtual banking plus management information, by bringing together state-of the-art network and database technology.

As the financial industry migrates from older "legacy" technologies to the new technologies of the products detailed above, IFS International also provides a selection of 4700 banking terminal conversion and migration products that are being used as "stepping stone" solutions by major banking corporations around the world.

TP-CMS is IFS International’s newest addition to the Company’s product portfolio. TP-CMS is currently in closed release and is due for global release during the second half of 1999. The product is an open architecture payment card management solution for credit, debit, electronic purse and biometric cards. Incorporating the latest technologies available for information management, TP-CMS enables IFS to provide a complete migration of a banks payment card systems to start-of-the-art solutions.

As open architecture systems, the IFS products are certified with the Oracle RDBMS and all the industry standard hardware systems including: IBM AIX, Tandem UX, Digital Alpha, HP-UX, Sequent, Unisys, NCR, Sco UNIX and Microsoft Windows NT.

IFS parent company is headquartered in Troy, New York, and has subsidiary offices in North Carolina, Singapore, United Kingdom, Germany and Australia.

IFS has customers in over 35 countries and include:

Allied Irish Bank, Ireland Moscow Savings Bank, Russia
American Savings Bank, USA Nakornthon Bank, Thailand
Baltic Card Center, Latvia National City Corporation, USA
Bank of Kuwait & Middle East, Kuwait Pankade Kaardikeskus, Estonia
Bank Handlowy, Poland Sampath bank, Sri Lanka
BancPost, Romania Siam City Bank, Thailand
Budapest Bank, Hungary St. George Bank, Australia
Czech Savings Bank, Czech Republic Toronto Dominion Bank, Canada
Capital Federal Savings, USA Trustees Savings Bank, Ireland
ETN, Bangladesh Transilvania Banca, Romania
Gazprom, Russia TuranAlem Bank, Kazakhstam
GAD, Germany VISA Citibank, USA
Komercnijalna, Macedonia VISA International, Japan & UK
KredytBank PBI, Poland

Milestones and Key Developments
7/99 - IFS plan to launch new payment card management product, TP-CMS.

6/99 - IFS announces provision of Visa Cash Smart Card System for major Japanese program.

5/99 - IFS announces expansion of Asian and Australian operations. IFS takes equity position and licenses TPII products to major Bangladesh transaction processing switch.

4/99 - IFS appoints DMS as distributor in Sri Lanka and licenses TPII to Sampath Bank in Sri Lanka.

3/99 - IFS agrees to assist Visa International in implementation of Common Electronic Purse specifications (CEPS). Gaylon Howe, Senior Vice President, Chip Products at Visa stated, "IFS will play an important role in providing support for Visa members as they start to implement Visa Cash electronic purse programs based on CEPS. By working with us on Visa’s implementation of the CEPS specifications IFS is helping to maximize the potential of this new technology and to encourage growth around the world."

2/99 - IFS upgrades Russian distributor to partner status; announces a TPII upgrade in Kazakhstan and a new TPII license to Alfa Bank.

1/99 - IFS initiates marketing campaign in South America.

12/98 - IFS unveils and demonstrates a comprehensive home banking system through the first public live demonstration of the TPII and Business Center™ products at the BAI Retail Delivery Conference in Las Vegas, Nevada.

Market Growth
Pennsylvania Merchant Group, an investment banking company from West Conshohocken, PA states, "We believe major currents in the global banking industry, such as multinational consolidation and direct banking enabled by the Internet, are spurring the needs for an alternative to the unwieldy legacy banking systems in place today."

The majority of large financial institutions around the world still tend to rely on legacy technologies to process their transactions. Legacy systems were clearly the most appropriate solution to banking solutions 20, 15, even ten years ago. However, as the business requirements of financial organizations have changed, so to has the technology become available.

Financial institutions now require a proactive approach to their strategic planning and a reactive approach to daily operations, requiring not just access to information, but the interpretation of this information in real time to allow appropriate timely business decisions to be made. IFS’ TPII family of EFT products provides this processing and real time management information through the integral incorporation of the Oracle Relational Database and presents this powerful functionality to the business executives of financial organizations through an industry standard "point and click" operational interface. The days of information requests and report variations being sent to an operations department for processing and taking weeks or months are over. IFS’ customers are using TPII to identify and implement strategic initiatives to attract new customers while others are still wondering how to get the information to begin planning.

As bank branches become more like retail stores, with the mass removal of bars at the teller windows, new solutions had to be found for secure cash management in the branches. The NCI Twin Safe Servers, together with cash recycling machines, are being implemented to provide an appropriate solution that does not require a complete overhaul of all the banks systems.

As the international payment card brand organizations, i.e Visa, Mastercard, American Express, aggressively move the payment card market towards the secure, value-added electronic purse (smart card) card, once again it is IFS’ products that are driving this technology with systems in the Visa International processing centers in the USA, UK and Japan.

As banks grapple with the need to re-engineer their infrastructure systems and look to platform products, it is the Business Center™ products of NCI that provide the solution for the new delivery channels that are being implemented such as call centers, home banking and virtual banking.

Through the delivery of products that utilize state of the art technology, incorporate appropriate functionality, information interpretation and management and a simple-to-use graphical user interface all delivered as a reliable, secure product solution, it is the products of IFS International that the financial institutions are migrating to as they move from the “unwieldy legacy banking systems in place today" to the next generation of banking systems.

Investment Highlights

  • IFS International have firmly established themselves as one of the market leaders in payment card processing systems. Initial marketing focus on the emerging markets, such as Central and Eastern Europe led to rapid growth and has been followed by successful sales and marketing expansion world-wide. The TPII family of EFT products is now gaining new "blue chip" customers such as CitiBank, Sampath Bank, Trustees Savings Bank and Visa International world wide as these organizations move from the older legacy systems to the new technologies of IFS’s products.

  • NCI legacy migration products have been providing the appropriate solution at the appropriate time to organizations grappling with the need to sustain existing systems while moving to the new technologies such as those offered by IFS International. Organizations such as National City Corporation, who have taken the NCI products to enhance and standardize teller functions in 1,300 bank branches in six USA states, remain a market focus area for NCI.

  • Both the IFS and NCI subsidiaries of IFS International are successfully delivering new product sets, namely TP-CMS and Business Center™ this year, to complement the Company’s existing product line.

  • Technological superiority of IFS International products have led to rapid sales team growth with the Company’s offices being expanded in Europe and Asia. Marketing campaigns have been initiated for the first time in Africa, India and South America with inaugural customers for the Company recently being signed in each of these markets.

  • In the last couple of months, IFS have taken an equity stake in a major national payment transaction processing center, in Bangladesh, and is looking to replicate this scenario in other countries. The equity stake in lieu of license fees for use of the TPII product, allows IFS to now receive a fee for every transaction processed through this national system. In the UK, IFS’ subsidiary, NCI Ltd, has recently taken over the facilities management of a settlement system for the money brokering community.

  • Through a structured campaign of customer understanding, customer care and customer management, IFS International has seen its recurring maintenance fees for product support increase dramatically in the past year. Furthermore, over 90% of maintenance-paying TPII customers have purchased additional products and services from IFS International within the last 12 months.

Peer Comparison
IFS International’s publicly-held competitors includes Transaction System Architects Inc. (Nasdaq: TSAI) and SLM Software (TSE: ESP).


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IFS International Licenses TPII to Australian Switching Organization

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Market Makers
Briarwood Investments
D.L. Cromwell Investments Inc.
Ernst & Company
Hertzog, Heine, Geduld, Inc
Josephthal & Company
Knight Securities
MDB Capital Group, LLC
NAIB Trading Corporation
Sherwood Securities Corporation
Speer Leeds Kellogg & Company
Wall Street Equities

Independent Auditors
Urbach Kahhn & Werlin PC

Corporate Offices
Rensselaer Technology Park
300 Jordan Road
Troy, NY 12180

Corporate Website

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This publication is an advertisement on behalf of IFS INTERNATIONAL, INC. and may not be construed as investment advice. This advertisement does not provide an analysis of the Company’s financial position and is not a solicitation to purchase or sell securities of the Company. Readers should consult with their own independent tax, business and financial advisors with respect to any investment, including any contemplated investment in the advertised Company. All information contained in this advertisement should be independently verified with the advertised Company and by an independent financial analyst. The Publisher, its affiliates, officers, directors, subsidiaries and agents (collectively, "the Publisher") of this advertisement has been compensated by the Company. Compensation includes seven thousand five hundred dollars cash payable monthly for the term of the agreement with first payment of seven thousand five hundred dollars due upon execution of this agreement and subsequent payments of seven thousand five hundred dollars due the first of each month. CCEC shall be entitled to receive an option or warrant to purchase up to two hundred thousand common shares of the Company’s stock, with the following exercise prices: thirty-five thousand shares at three dollars and fifty cents; forty-five thousand shares at four dollars and fifty cents; fifty-five thousand shares at five dollars and fifty cents; sixty-five thousand shares at six dollars and fifty cents. In preparing this advertisement, the Publisher has relied upon information received from the Company, which, although believed to be reliable, cannot be guaranteed. This advertisement is not an endorsement of the Company by the Publisher. The Publisher is not responsible for any claims made by the Company. You should independently investigate and fully understand all risks before investing. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this advertisement are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company’s filings with the Securities and Exchange Commission.