IFS International, Inc. (Nasdaq: IFSH) rose 3 1/4 to 7 5/8 Tuesday after the company, which makes software to process electronic transactions, announced a contract with Visa International to develop and test new systems based on CEPS technology in the United States, Spain and Latin America. The agreement will allow Visa’s 21,000 member banks to issue “smart cards” for multiple applications, IFS said.
“IFS will be playing a crucial role in helping Visa and its member banks migrate existing Visa Cash programs to CEPS, as well as implementing new VCEPS programs,” said Georgann Scally, vice president of Visa’s Electronic Purse division.
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