Thales Offers End-To-End EMV Solution In Collaboration With Verisoft
2004-07-14: Thales, the international electronics and systems group, today announced the introduction of a world leading end-to-end EMV solution through the integration of its P3 smart card preparation and personalization process and Verisoft's PowerEMV, a network oriented EMV platform smart card personalization system. This integration will provide card issuers with an off-the-shelf solution that is smart card platform independent, eliminating the need for card printer replacement during a bank's EMV migration.
Thales' e-security activities address the business, government and finance industries' need for cryptographic security products and solutions. Over half of the world's banks, together with the majority of the busiest exchanges, currently use Thales technology. Verisoft is a software company specialising in electronic payment systems, smartcards, EMV and loyalty solutions. Verisoft serves finance, insurance and loyalty markets for many leading companies and banks.
EMV (Europay, Mastercard, VISA) and is the acronym given to the process banks are going through to make themselves compliant in time for changes to liability laws that come into force in January 2005. After January 2005, banks will become liable for any fraudulent transactions made on their bank cards. EMV is the general term that is applied to the various standards and processes for improved transaction security have been put in place to meet these requirements.
The first customer to use this solution is BAMCARD, the card processing and switching centre for 20 banks in Bosnia Herzegovina. BAMCARD is using the Thales/Verisoft solution for issuing the first Visa VSDC cards in Bosnia Herzegovina, which are being personalized using CIM embossers. (Embossers are card printers that emboss/personalise the cards.)
Thales expects the integration with Verisoft's PowerEMV solution to be of particular significance to regions that are at the beginning of the EMV migration - such as the Middle East, Eastern Europe and Asia-Pacific. Previously, card issuers had to select components from individual suppliers and then face the complexity of integrating these various technologies together. The successful completion of the integration between P3 and PowerEMV means that a single solution is available to provide a complete EMV card issuing capability. This will dramatically reduce both the costs and complexity of migrating from magnetic stripe to smart card issuance.
As the solution is platform independent, card issuers need not replace card printing hardware to become EMV compliant. This will help produce rapid Return-on-Investment and allow card issuers to be far more flexible with regards to the card platforms they can use.
Paul Meadowcroft, head of transaction security, e-security business, Thales, said: "In regions such as the Middle East and Eastern Europe, the journey towards EMV migration is just beginning. Since Western Europe embarked on this conversion a lot has changed and been learnt. The combination of Thales' industry leading P3 suite and Verisoft's PowerEMV epitomises industry cooperation creating integrated solutions that will bring added benefit, reduced costs and ease of implementation for banks migrating to EMV."
Onur Alver, Managing Director at Verisoft, said: "Verisoft's PowerEMV system is the perfect complement to Thales P3. The strength of this offering can be seen through the fact that Thales and Verisoft are already at the advanced stages of negotiations with several Middle Eastern banks and have already seen its implementation in Bosnia Herzegovina. We expect the solution's core benefits, such as platform independence, to make this the leading end-to-end EMV suite in the world."