The joint venture, which will be called Phoenix Managed Networks, will equip payment processors, banks and retailers worldwide with data communications services for transaction-based applications. Phoenix Managed Networks will acquire and operate Hypercom’s HBNet transaction transport business. John (Jack) McDonnell will serve as CEO of the venture.
Phoenix Managed Networks will implement Hypercom’s HBNet network to speed the authorization and processing of electronic transactions for retail point-of-sale, financial, government, health care and other customers in dial, wireless and IP POS markets. The venture will also use Hypercom’s SmartPay gateway technology to support wireless and IP-initiated transactions. HBNet supports all POS terminal protocols, provides uninterrupted service with no single point of failure, load balancing, web-based reporting and all-inclusive pricing.
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