Westpac Leads Chip Card Security Implementation7 April 2006
Westpac Leads Chip Card Security Implementation in NewZealand
Westpac has paved the way for enhanced levelsof security in electronic payments with New Zealand s firstend-to-end chip card transaction.
The recent nation-wideupgrade of merchant payment terminals has provided Westpacwith the means to process transactions made withchip-enabled cards.
The move is particularly important asit is the first successful implementation of chip technologythrough all phases of the electronic transaction process inAustralasia.
Westpac New Zealand s achievement in leadingthe change, that is set to revolutionise security in cardtransactions, was recognised with an award from MasterCardInternational earlier this year.
The Paymark EFTPOSnetwork will be responsible for processing the merchanttransactions which will then be settled by Westpac.
Westpac s Head of Cards Business, Ross Jackson, said:"Westpac is committed to ensuring high-level paymentsecurity for all its customers. The new chip-enabledterminals, combined with this new technology processingcapability, will provide Westpac customers with enhancedsecurity and will significantly reduce the risk andinconvenience of fraud on card transactions."
Paymarkspokesman Darryl Roots said, "Paymark had ensured the EFTPOSnetwork capability is upgraded to enable banks to introducethe new chip card transaction technology. Westpac s leadingdeployment of the EMV technology is validation for increasedroll- out of the capability by other banks. It is expectedthe certification to process chip transactions will beachieved by other banks as soon as possible.
"Up until thelaunch of Westpac s new capability, all chip cards presentedby international visitors to New Zealand have had to beprocessed using the magnetic stripe back-up -- some 3.5million transactions between March 2005 and January 2006,"Roots said.
Shuan Ghaidan Senior Vice president, Productand Delivery, MasterCard International, said; "thecompletion of the first chip-enabled transaction by Westpacmarks a new phase for card payments in New Zealand."
"Thenew processing system is part of a global interoperablepayment standard, known as EMV. To be first in Australasiato successfully implement the full chip card processingcapability is a great achievement. With this, we lookforward to supporting our customer financial institutions inNew Zealand as they work towards taking full advantage ofthe value proposition offered by chip cards," added Ghadian.
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