FREESTAR TECHNOLOGY CORP
     FREESTAR TECHNOLOGY CORP ("FSRT-L")
- Rahaxi Processing Enters Agreement With Natixis PaiementsFreeStar Technology Corp., an international card payments processor and
technology company, announced that its Finnish-based, wholly-owned
subsidiary, Rahaxi Processing Oy has entered into an agreement with Natixis
Paiements (KN.PA) to become the card processor of choice for China Unionpay
(CUP) transactions.Rahaxi Processing Oy platform provides an on-line real-time local
connection point for Acquiring Banks onto the China Unionpay network
benefiting from China's growing prosperity. China Unionpay (CUP) is one of
the world's largest payment schemes, whose members issued millions of
debit/credit cards to enable Chinese travellers to make purchase or cash
withdrawal when travelling in Europe. There are over 1.5 billion CUP cards
in circulation and around 700 thousand Chinese people visited France last
year.
     Natixis Paiements have chosen the Rahaxi Managed Network option, which
allows the merchant an automated secure key exchange protocol for message
and PIN encryption. The Rahaxi Managed Network performs fraud checks and
rejects cards with invalid or expired details, or cards involved in
suspicious activity. A significant investment in engineering and resources,
Rahaxi Processing has put together a system that is extremely flexible and
exposes a reliable and comprehensive interface to the acquiring community.
This lowers their barrier of entry to accept CUP cardholders at their
merchant locations and provides a low-cost solution with fast time to
market to guarantee an excellent return on investment.
     Managing Director of Rahaxi Processing Oy, Dr. Jose Enrique Perez said,
"When you factor in that Rahaxi is the only vendor in Finland having the
highest security standards for Visa and MasterCard coupled with providing
transactions for China Unionpay, you can see that we are aggressively
moving our business plan forward to take advantage of market
opportunities."
     Rahaxi Chairman Paul Egan said, "We have been committed to growing our
revenue through strategic partnerships and with more than 1.5 billion CUP
cards in circulation, we look forward to increased revenue through
transaction processing in the years ahead. This is clear evidence of Rahaxi
spreading its wings across Europe with secure and trusted platform leaders
in EMV and PCI, which is attracting new card channels and large banking
institutions."
     About Rahaxi Processing Oy
     Rahaxi Processing Oy provides mission-critical solutions to the
financial industry worldwide. Working with merchants and acquirers in more
than twenty countries, its product suite has empowered partners to focus on
their core competencies, while its innovative driven approach has enabled
them to benefit from first to market advantage and realize their true
potential. Rahaxi Processing Oy has adopted a partnership strategy for
growth. Its partners are market leaders in their respective industries.
These include IKEA, Finnair and Stockmann. Its subsidiaries, FreeStar
Technologies Ireland, Ltd., and FreeStar Dominicana S.A. Dominican
Republic, continue to develop and implement first class products and
solutions that enhance the service level its partners can offer their
customers. For more information, please visit http://www.rahaxi.com
     ABOUT China UnionPay
     Based in Shanghai, China UnionPay, also known as UnionPay, or by its
abbreviation, CUP, is the only credit card organization in the People's
Republic of China (PRC). Founded in 2002, China UnionPay is an association
for China's banking card industry. It is the only interbank network in
China, excluding Hong Kong and Macau, linking the ATMs of fourteen major
banks and many smaller banks throughout mainland China. CUP has been
established as the predominant domestic card acceptance brand in the
People's Republic of China, and is seeking to expand its acceptance and
cash access network internationally. More than 1.2 Billion CUP cards are in
circulation. As the only national card brand in China, the world's fastest
growing economy with a population of more than 1.3 billion, CUP is
anticipating exponential growth in demand for its card services both at
home and abroad. CUP has embarked on aggressive expansion plans to develop
a worldwide acceptance network. The need for a reliable, secure and dynamic
networking solution across a unified multi-country platform is of paramount
importance. http://en.chinaunionpay.com/
     ABOUT Natixis Paiements
     Natixis Paiements is a partnership between two French cooperative
banking groups, Groupe Banque Populaire and Groupe Caisse d'Epargne, to
offer a single entity for their respective corporate banking services.
Natixis is a key player in the banking sector in France and Europe,
offering services centered around five core businesses: corporate and
investment banking, asset management, private equity and private banking,
services and receivables management. Natixis operates in 68 countries with
over 120 branches worldwide, and supports the development of large
businesses, SMEs and institutions. It generates net banking income of euro
7,322 million and net income (Group share) of euro 2,158 million.
http://www.natixis.fr
     ____________________________________________________________
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