Cubic Transportation Systems (CTS) and John Laing reached financial close and executed an agreement with the Massachusetts Bay Transportation Authority (MBTA). The Public Private Partnership includes the implementation and operation of a new fare payment system.
“This financial closure is the first major step for the MBTA AFC 2.0 project and we look forward to an ongoing successful partnership and implementation. It is an honor for our company to be part of such a monumental partnership and we’re confident that our advanced fare payment technology will improve the MBTA rider’s experience for decades to come,” said Bradley H. Feldmann, chairman, president and chief executive officer of Cubic Corporation.
Last November, the MTBA selected the Cubic – John Laing Consortium to design, build, operate and maintain a next-generation fare payment system, including account-based ticketing using mobile and contactless bankcard options for the region’s multi-modal transit system. The financial details of the P3 include a base contract award of $699.19 million for implementation with ten years of operations and maintenance in addition to two five-year extension options.
The new system will allow passengers to create personalized transit accounts to see ride history, check balances, add value as well as report lost or stolen cards to protect their funds. Mobile phones can also be used like ticket vending machines to check account balances and recharge fare accounts anywhere. As a result, passengers will experience greater convenience and shorter lines, allowing them to move faster through the transit system.