Oklahoma Turnpike Authority Selects Conduent Transportation to Support PlatePay Cashless Tolling Operations
Conduent, a global provider of smart mobility technology solutions and a business unit of Conduent Incorporated (Nasdaq: CNDT), has been chosen by the Oklahoma Turnpike Authority (OTA) to provide technologies and services to support the state’s PlatePay cashless tolling system. The solutions will accurately and securely retrieve registration ownership data for vehicles, enabling invoices to be sent to motorists who travel through tolls without a PIKEPASS transponder. This new contract builds on Conduent’s current OTA relationship identifying license plate information for processing. The OTA plans to convert its entire system to cashless by the end of 2024, allowing for greater convenience and improved fuel efficiency for drivers while reducing emissions and congestion.
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Conduent's selection by the OTA to provide technologies and services for the PlatePay cashless tolling system demonstrates the expansion of its Road Usage Charging business, further solidifying its position as a leading provider of streamlined, high-volume mobility services and solutions.
The contract with the OTA reflects Conduent's proven experience and expertise in supporting high-volume transactional toll collection systems and service center operations, having provided these services for three decades.
Conduent's involvement in modernizing and maintaining toll collection systems in various states, including Ohio, and its selection by the Virginia Department of Transportation to design, implement, and operate express tolling lanes in the Hampton Roads region, further showcases its leadership in the transportation solutions industry.
The announcement of Conduent's new contract with the Oklahoma Turnpike Authority (OTA) to provide technologies for the PlatePay cashless tolling system represents a strategic expansion in the company's service offerings. This development is significant for investors as it reflects Conduent's growing footprint in the road usage charging sector, which is a key area of growth within the smart mobility industry. The transition to cashless systems is a trend being observed globally, driven by the demand for increased efficiency and the reduction of traffic congestion.
Investors should note that Conduent's experience in managing high-volume transactional toll collection systems can provide a competitive advantage in winning similar contracts in the future. The company's involvement in six of the 10 largest U.S. toll systems underscores its market presence and expertise in this niche. Additionally, the environmental benefits of cashless tolling, such as reduced emissions and congestion, align with increasing regulatory and consumer interest in sustainable practices, potentially opening up more opportunities for Conduent.
The environmental implications of OTA's shift to a fully cashless tolling system, facilitated by Conduent's technology, are noteworthy. The move aligns with broader environmental goals of reducing vehicular emissions by eliminating the need for vehicles to stop at toll plazas, which can contribute to idling and traffic congestion. This system promotes more fluid traffic patterns and can lead to improved fuel efficiency for motorists.
As environmental regulations become more stringent and public awareness around environmental issues grows, technologies that support eco-friendly transportation infrastructure are likely to see increased demand. Conduent's involvement in such initiatives may enhance its brand reputation and can be seen as a proactive step in adapting to the evolving regulatory landscape focused on sustainability.
The financial impact of the contract between Conduent and OTA may be substantial given the scale of the project. Converting an entire state's tolling system to cashless operations is a large-scale endeavor that could result in significant revenue for Conduent over the duration of the contract. Investors should monitor the company's financial reports for increases in revenue attributed to this and similar contracts.
It is also important to consider the potential cost savings for Conduent in the long term, as electronic toll collection can be more cost-effective than traditional tolling methods. However, initial investments in technology and infrastructure may be required, which could affect short-term financials. The success of this project could serve as a model for future contracts and potentially lead to increased market share for Conduent in the tolling services market.
01/25/2024 - 08:43 AM
Conduent chosen to provide technologies and services to retrieve motor vehicle registration ownership data, building on current OTA relationship reviewing license plate images
Solutions will support OTA’s plan to convert its entire tolling system to cashless, benefiting motorists and the environment
FLORHAM PARK, N.J., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Conduent Transportation, a global provider of smart mobility technology solutions and business unit of Conduent Incorporated PlatePay cashless tolling system
The solutions support the OTA’s move to all-electronic, cashless tolling operations on its turnpikes, eliminating the need for vehicles to slow or stop at toll plazas. By the end of 2024, the OTA plans to convert its entire system to cashless, allowing for greater convenience and improved fuel efficiency for drivers while reducing emissions and congestion.
“We’re honored to be selected by the OTA for this important cashless tolling program benefiting motorists and the environment,” said Adam Appleby, President, Transportation Solutions at Conduent. “As an industry leader who’s provided these services for three decades, we have the proven experience and expertise to support high-volume transactional toll collection systems and service center operations.”
Conduent Transportation New York California Ohio Turnpike Virginia Department of Transportation
About Conduent 43% of nutrition assistance payments in the U.S., enabling 1.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 12 million tolling transactions every day. Learn more at www.conduent.com
Media Contact: neil.franz@conduent.com
Investor Relations Contact: ir@conduent.com
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Trademarks
What is the ticker symbol for Conduent?
The ticker symbol for Conduent is CNDT.
What services will Conduent provide to the Oklahoma Turnpike Authority (OTA)?
Conduent will provide technologies and services to support the state’s PlatePay cashless tolling system, accurately and securely retrieving registration ownership data for vehicles.
What is the OTA's plan regarding cashless tolling operations?
The OTA plans to convert its entire system to cashless by the end of 2024, allowing for greater convenience and improved fuel efficiency for drivers while reducing emissions and congestion.
In which states does Conduent operate some of the largest U.S. toll systems?
Conduent operates six of the 10 largest U.S. toll systems, including Florida, New Jersey, New York, and California.
What is Conduent's involvement with the Ohio Turnpike and the Virginia Department of Transportation?
Conduent is modernizing and maintaining the toll collection system on the Ohio Turnpike, and it was selected by the Virginia Department of Transportation to design, implement, and operate express tolling lanes in the Hampton Roads region.
