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	August 05, 2010 InterSwitch Drives PoS, Internet e-Payment Transactions with Verve National Consumer Promo. July 29, 2010 Interswitch Rolls Out Quickteller Services on Payment Channels. July 21, 2010 Interswitch Attains Payment Card Data Security Standard Certification (PCI DSS).

BANK PHB LAUNCHES HIGH SECURITY CHIP ENABLED CARDS.

The Central Bank of Nigeria’s (CBN) drive to migrate the country’s payment system from magnetic stripe to chip and PIN has received a boost as GTBank commenced the issuance and acquiring of MasterCard’s EMV compliant payment cards on InterSwitch transaction switching platform. The EMV cards introduced by GT Bank includes four MasterCard variants; MasterCard Naira Debit, Dollar Debit, Credit and Prepaid Card. GT Bank is the first bank to issue dual currency EMV card with four variants on the MasterCard platform in Nigeria.

GT Bank has since commenced the migration of all its existing customers on the magnetic stripe platform to the MasterCard platform. It would be recalled that in September 2008, InterSwitch was licensed as a MasterCard Third Party Processor (TTP), and has since achieved full MasterCard, EMV certification of its network for issuing and acquiring local and international transactions. With this development, Interswitch now processes two EMV card initiatives, namely, Verve Card and MasterCard.

Gemalto, the leading manufacturer of EMV cards worldwide and the manufacturer of the Verve Chip and PIN card, manufactures the EMV MasterCard variants. Both cards have all the EMV features that guarantee the security and safety of customers’ fund. Specifically, both cards employ EMV chip technology to eliminate card cloning, CVV 1 and 2 and iCVV to eliminate phishing and card counterfeiting, the hologram and other security features on it will also help cardholders and merchants detect fraudulent cards.

To support Verve and MasterCard, InterSwitch has also deployed the Enterprise Monitoring Solution (EMS), this a highly intelligent and effective fraud detection and prevention system which is used to combat money laundering and fraudulent card use, a key requirement in the new Central Bank of Nigeria’s (CBN) guidelines. The system is the same one used by MasterCard in its global fraud detection and prevention strategies. On this development, GTBank Assistance General Manager, e-Business, Mrs. Ronke Kuye said, “We chose Interswitch as our Third Party Processor because of the excellent work the company has been doing, the professionalism of the team and the expertise that they have shown since inception. With InterSwitch, we are guaranteed that we will be successful both with the technology and the business.” Interswitch’s Chief Technology and Operations Officer, Mr. Akeem Lawal explained that his company’s relationship with MasterCard and GTB is a strategic one that allows Interswitch to continue to remain at the forefront of payment systems technology and innovation. “With the Verve and MasterCard processing and the Enterprise Monitoring Solution, we are now able to offer our partner banks more choice in the issuance of payment cards and products across global and local markets, and also provide them with the best monitoring solution to protect cardholders locally and internationally.
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