MIAMI and DNIPROPETROVSK, Ukraine, Nov. 12, 2013 (GLOBE NEWSWIRE) -- Net Element International (Nasdaq:NETE), a technology-driven group specializing in mobile payments and value-added transactional services in emerging countries and in the United States of America, is pleased to announce today that its subsidiary TOT Group Ukraine has entered into a partnership agreement with PrivatBank ("Privat"), Ukraine's largest commercial bank. The partnership combines Privat's leadership position and payments knowledge in Ukraine with TOT Group's transactional expertise and mobile payments capabilities.
This partnership will allow TOT Group to deliver its client-based innovative solutions in mobile payments and transactional services to clients in the Ukraine and Russia. The goal is for merchants to benefit from a preferred cost structure for cards issued by PrivatBank when the transaction is processed through TOT Platform. The companies also have agreed to work collaboratively to identify additional mutually beneficial opportunities including the development and implementation of innovative, value-added payment solutions using TOT Platform.
TOT Group is a multinational mobile payments and transaction processing holding company that provides a vast range of flexible online and offline payment solutions. Clients include wireless carriers, content providers and merchants. TOT Group creates and delivers innovative, end-to-end payment solutions to enable commerce around the world with a focus on emerging markets. TOT Group and its subsidiaries offer innovative technologies which allow merchants to streamline their payments resources including processing of electronic payments at the point-of-sale ("POS"), processing mobile commerce transactions, managing merchant terminals and providing information management services."We are continuing our pursuit of high-tech applications and implementations in Russia and Commonwealth Independent State ("CIS") countries and today's agreement with PrivatBank, the largest bank in Ukraine, continues our momentum in aligning TOT with premier partners," said Oleg Firer, CEO of Net Element. Adding, "We continue to push the technology envelope seeking new ways to monetize the Company's growing transaction infrastructure while creating value-add solutions."