Interswitch, anÂ e-Â payment and switching company, has deployed Gemaltoâ€™s Dexxis Instant Issuance solutionÂ toÂ to accelerateÂ banksâ€™Â migration toÂ its chip and PIN Verve paymnet card.
Since last year when Central Bank of Nigeria (CBN) directed banks to migrate from magnetic strip payment cards to Chip and PIN cards and gave them till April 30th this year to stop issuing magnetic stripe cards.
The imply that Interswitch members banks have toÂ replace 30 million magnetic stripe cards with Verve chip and PIN card .Gemalto is the world leader in digital security.Â and itsÂ solution would enables Interswitch member banks to carry outon-the-spot personalization and delivery of chip cards to theircustomers, directly at their branches.
With Dexxis Instant Issuance,banking customers leave the branch with their cards in hand and startusing it immediately, compared to an average two weeks timeline withconventional issuance.
This means that all the cards delivered areactually used, making the investment fully productive for allstakeholders.As part of the contract, Gemalto supplies the software that allowsInterswitch to offer the instant issuance service to its members. Italso enables Interswitch to provide its member banks with a turnkeysolution to perform instant issuance themselves.
Managing Director/CEO, Mr. Mitchell Elegbe said, â€œWe are very pleasedwith the continued business partnership we have established withGemalto. Gemalto has been assisting us in our transition tochip-and-PIN cards right from the start and Dexxis Instant Issuancewill be a valuable asset to boost our migration project.â€ This is Gemaltoâ€™s 100th installation of a Dexxis personalization solution.
â€œWe are proud to achieve this milestone with Interswitchâ€, Mr.Philippe Cambriel, Executive Vice-President of the Secure TransactionsBusiness Unit at Gemalto said, adding that, â€œBolstered by ourexperience in personalization solutions across the world, we have beenable to install and qualify the entire solution in just two months,enabling Interswitch to offer the instant issuance service to itsmember banks in record time.
Instant issuance, close to consumers inthe regions, will clearly contribute to speeding up chip migrationin.â€