"The new platform provides the contactless smart card interface and transit fare processing engine that enable transit operators to give travelers the convenience of using an account to pay for travel or using open payment fare media, such as contactless bank-issued credit, debit and prepaid contactless smart cards, as well as transit-issued smart cards, as their ticket," said the San Diego-based company.

"The transit industry is on the verge of a transformation," said Matt Cole, Cubic's senior vice president of Strategy and Business Development," and Nextaccount creates the ability for transit agencies to continue to reduce their cost of fare collection while improving the traveler and customer experience."