IBM in $1.1-Million Services, Technology Deal for Creditz Digital Currency System
Digital currency company CEO America, Inc. (PINKSHEETS: CEOA) and CEO Creditz Inc. (PINKSHEETS: CEOX) have signed a $1.1-million agreement with IBM (NYSE: IBM) for software, servers and hosting services for its global loyalty and micro-payment service.
Creditz signed a five-year, $600,000 managed services contract this month to have their digital currency system hosted at IBM’s Toronto Global Services Data Centre. In late 2006, Creditz signed a $500,000 agreement with IBM to purchase System i servers, DB2 database software and WebSphere middleware for the project.
The Creditz service gives consumers a digital currency card that allows consumers to make payments for anything from a postage stamp to a luxury car. With each payment, users earn Creditz that can be spent on whatever consumers want. For those who collect frequent flyer and retail buyer points, Creditz allows them to aggregate and exchange points for everyday shopping, dining, paying bills, retirement funds or making donations to nonprofit organizations.
Many retailers cannot easily add the technology required for loyalty programs because of high startup costs. Creditz eliminates this barrier by obtaining the required IT infrastructure from IBM and supplying it as needed so merchants can use the Creditz System on a pay-per-use basis. Creditz also provides merchants with analysis of buying patterns and market intelligence, no matter the size of the retailer.
“IBM is providing the scalability, reliability and security Creditz requires to deliver our on-demand 21st-century payment solution,” said David Vaters, Creditz Chairman and President. “Creditz will deliver to retailers, manufacturers and service providers a revolutionary cost-effective business tool unavailable until now.”
Providing consumers and retailers with a universal currency that has the privacy of cash, and the convenience and scalability of credit and debit cards required a secure and robust infrastructure for Creditz to house its data. IBM is building a data centre for Creditz that will support these initiatives in multiple time zones.
“Creditz wants to expand throughout Canada, USA, UK and Russia, and into emerging markets,” said IBM Global Services Server, Storage and Services Executive Don Blue. “IBM’s flexible capacity and secure systems will allow them to grow as they go global.”
CEO America, Inc., Las Vegas, is the exclusive master licensee for the United States of the Creditz System and CEO Creditz Inc., Toronto, is the exclusive master licensee for Canada. The Creditz System is a revolutionary business model that is partnering with the payment industry. Creditz’ digitalized money is capable of transparently circulating throughout the world markets, in both developed and emerging economies, as part of the evolving global payment system. The Creditz System provides enhanced payment, business intelligence and marketing solutions to retailers, e-tailers, manufacturers, loyalty and gift card programs, and all the participants in the payment industry, including point-of-sale and payment terminal manufacturers, merchant services, independent sales organizations (ISOs), transaction processors, credit, debit and stored value card issuers. For more information, please visit www.creditz.com or www.ceoacreditz.com.
For information on IBM, visit www.ibm.com/services.
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