Wifi Revolution

ERF Wireless (News - Alert) Inc. has snapped up a contract from Texas-based Classic Bank of Cameron to extend its wireless broadband system for their financial services sector called -BankNet.

 

Under the contract, League City-based ERF has to provide the encrypted data transmission system to allow Classic to access the Federal Reserve and other outside networks for electronic transactions such as check image transfers.

 

ERF Wireless signed its first customer contract for US-BankNet in 2007 with First Federal Bank of Louisiana.

 

A few years ago, Classic signed up for ERF’s US-BranchNet network system and enabled its branch offices to share data among each other.

 

ERF says the contract with Classic Bank is first in a series of bank contracts that, it hopes, will generate $125 million in US-BankNet revenues over the next 10 years.

 

ERF Wireless hopes to expand its offering to include WiNet systems that would allow BranchNet financial institutions to provide wireless broadband services to commercial and retail customers.

ERF says it will contact all 1300 financial institutions based in the State of Texas to realize its revenue target of $125 million.

The seven-year US-BankNet contract with Classic Bank provides for the delivery of encrypted digital services, including fast access to key banking service providers.

 

“The seven-year Classic Bank contract, along with multiple renewal provisions to extend it up to 25 years, continues to validate the company’s business model that targets a very lucrative market for providing encrypted high-speed communications to regulated industries in general, and the Banking Industry in particular,” said Dr. H. Dean Cubley, Chairman and CEO of ERF Wireless, in a press release.

 

 

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