GTBank commenced the issuance and acquiring of MasterCardâ€™s EMV compliant payment cards on the InterswitchÂ transaction switching platform.
The EMV cards introduced by GT Bank includes four MasterCard variants; MasterCard Naira Debit, Dollar Debit, CreditÂ and Prepaid Card. GT Bank is the first bank to issue dual currency EMV card with four variants on the MasterCardÂ platform in Nigeria.
GT Bank has since commenced the migration of all its existing customers on the magnetic stripe platform to theÂ MasterCard platform. It would be recalled that in September 2008, Interswitch was licensed as a MasterCard ThirdÂ Party Processor (TTP), and has since achieved full MasterCard, EMV certification of its network for issuing andÂ acquiring local and international transactions. With this development, Interswitch now processes two EMV cardÂ initiatives, namely, Verve Card and MasterCard.
Gemalto, the leading manufacturer of EMV cards worldwide and the manufacturer of the Verve Chip and PIN card,Â manufactures the EMV MasterCard variants. Bothccards have all the EMV features that guarantee the detect fraudulentÂ cards.
To support Verve and MasterCard, InterSwitch has also deployed the Enterprise Monitoring Solution (EMS), this aÂ highly intelligent and used by MasterCard in its global fraud detection and prevention strategies.Â On thisÂ development, GTBank Assistance General Manager, e-Business, Mrs. Ronke Kuye said, â€œWe chose Interswitch as our ThirdÂ Party Processor because of the excellent work the company has been doing, the professionalism of the team and theÂ expertise that they have shown since inception. With InterSwitch, we are guaranteed that we will be successful bothÂ with the technology and the business.â€
Interswitchâ€™s Chief Technology and Operations Officer, Mr. Akeem Lawal explained that his companyâ€™s relationshipÂ with MasterCard and GTB is a strategic one that allows Interswitch to continue to remain at the forefront of paymentÂ systems technology and innovation.