March Networks Extends Market Leadership Position in Colombian Banking Sector
Source: Mara Meroni
OTTAWA, ONTARIO, November 18, 2009 –– March Networks? (TSX: MN), a global provider of intelligent IP video solutions, announced today that a seventh financial institution in Colombia has standardized on the company’s networked video management systems for enhanced security and loss prevention.
Banco Caja Social y Colmena (BCSC) is deploying the March Networks solution to support 2,800 cameras installed across its 280 banking branches and 450 automated teller machines (ATMs) nationwide. Serving more than 4.1 million customers annually, the bank will use the hybrid recording systems and Financial Transaction Investigation software to speed fraud investigations and quickly access high-quality video evidence following incidents.
“After evaluating a number of competitive offerings, it was clear that the March Networks solution delivers the reliability and robust video management we require to more effectively protect our operations,” said Jairo González, Director of Security, BCSC. “In addition, we expect to reduce losses significantly using March Networks’ integrated video and ATM transaction data application.”
Since entering the Colombian market three years ago, March Networks has quickly emerged as the country’s preferred provider of financial surveillance solutions based on the strength of its enterprise-class products and industry-specific applications. Recognized for their proven reliability and scalability, the company’s networked video management systems are currently used by many of Latin America’s largest financial institutions, including top banks such as HSBC Mexico, Scotiabank Inverlat, Banorte, Banco de Chile and recently announced Banco de Occidente.
“Our extensive experience working with financial institutions worldwide has allowed us to evolve our IP video portfolio to address the specific requirements of this industry,” said Peter Strom, President and CEO, March Networks. “ATM skimming alone, which costs banks billions of dollars each year, can be reduced significantly using our integrated video and data analytics. In addition, our VideoSphere? solutions allow customers to deploy our high-definition IP cameras and video analytics immediately as part of a strategic and cost-effective migration to advanced IP video networking.”
This release contains certain forward-looking information, including expectations of future business. This information is based on the Company’s current expectations and assumptions that are subject to a variety of risks and uncertainties that are difficult to predict and that may be beyond March Networks’ control. Actual results could differ materially from those expressed in any forward-looking statements due to factors such as customer demand and timing of purchasing decisions, increased levels of competition, technological changes and the successful development of new products, dependence on third-party manufacturers, risks relating to intellectual property infringement claims, and other risks and factors identified in March Networks’ public filings with regulatory authorities in Canada. March Networks assumes no obligation to － these forward-looking statements as a result of new information or future events.
*MARCH NETWORKS, VideoSphere and the MARCH NETWORKS logo are registered trademarks of March Networks Corporation. All other trademarks are the property of their respective owners.
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