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.
The Central Bank of Nigeria, since last year, directed banks to migrate from magnetic stripe payment cards to chip and PIN cards and gave them till April 30th 2009 to stop issuing magnetic stripe cards.
This implies that Inter-switch members banks have toÂ replace 30 million magnetic stripe cards with Verve chip and PIN card.
Gemalto is the world leader in digital security and itsÂ solution would enables Interswitch member banks to carry out on-the-spot personalization and delivery of chip cards to their customers directly at their branches.
With Dexxis Instant Issuance, banking customers leave the branch with their cards in hand and start using it immediately, compared to an average two weeks timeline with conventional issuance.
This means that all the cards delivered are actually used, making the investment fully productive for all stakeholders.
As part of the contract, Gemalto supplies the software that allows Interswitch to offer the instant issuance service to its members. It also enables Interswitch to provide its member banks with a turn key solution to perform instant issuance themselves.
Managing Director/CEO, Interswitch, Mr. Mitchell Elegbe, said â€œWe are very pleased with the continued business partnership we have established with Gemalto. Gemalto has been assisting us in our transition to chip-and-PIN cards right from the start and Dexxis Instant Issuance will 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 Transactions Business Unit at Gemalto said, adding that, â€œBolstered by our experience in personalization solutions across the world, we have been able to install and qualify the entire solution in just two months, enabling Interswitch to offer the instant issuance service to its member banks in record time.
Instant issuance, close to consumers in the regions, will clearly contribute to speeding up chip migration.â€