10 May AppZone partners prime factors USA on smart card solution
To enhance its Flagship card issuance platform,Â AppZone Africa; a leading provider of home grown integrated banking and payment software solutions, is partnering with Prime Factors USA; a company that develops and markets enterprise encryption and centralized cryptographic key management platforms for integration into financial applications.
According to AppZone, the card Issuance module will take card issuance to a whole new level by enabling the entire spectrum of card production and personalization activities to be automated and occur instantly upon customer requests in Bank branches.
In the course of this partnership, Prime factors USA will provide AppZone with a core component used for the creation and management of cryptographic elements required during the secure personalization of integrated chips found on modern payment cards. With this development, banks on the platform can instantly issue fully functional cards to requesting customers in branches instead of having same customers wait for days or weeks to collect their requested cards.
This is in stark contrast to the traditional card issuance operation which is highly dependent on manual processes that must be dully followed from the branches to the head office and vice versa.
The introduction of AppZoneâ€™s Instant personalization solution eliminates all the manual processes involved during card issuance and replaces them with complete automation.
AppZone says the partnership is aimed at moving away from the existing card issuance operations whereby potentially functional cards that are not yet linked to customer accounts are transported between personalization companies, bank HQs and bank branches.
This, they say, exposes banks to huge risks as each of those cards is a potential fraud tool that can be used to obtain unauthorized access to customersâ€™ accounts. With the new system, a functional card is only created at the point when a customer has requested for it in a branch thereby closing the loop-hole for fraudulent activities.
â€œTraditional card issuance requires customers to visit branches twice to get a card i.e. to make card request and to collect the card a few days or weeks later as instructed by the bank. However, most people donâ€™t go back to take the cards when they are ready for collection thereby leaving active cards to sit uncollected at bank branches. AppZoneâ€™s card issuance platform automates relevant card operations thereby reducing the need for Banks to develop or outsource expertise required to manage EMV data preparation and card personalization. Key features of our instant in-branch card personalization solution include generation of Magnetic stripe and EMV chip data, instant personalization of physical cards, instant PIN selection and instant linking of cards to customer accounts. There is also support for card blocking requests initiated at branchesâ€.
AppZone limited is a Nigerian software company that was established in 2008 and has grown to become Africaâ€™s No. 1 provider of home-grown software solutions for the financial services industry. Â AppZone creates disruptive solutions that expand the scope and competitiveness of institutions in the financial services industry and then delivers these solutions using agile technology and global best practices. AppZone is an Affiliate of South Africaâ€™s foremost IT services group; Telkom, with Telkom holding a minority equity stake in AppZone which was acquired through its wholly owned subsidiary; Business Connexion in June 2014.