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DataCash, the UK’s largest bank-independent processor of cardholder not present transactions, has extended the functionality of its outsourced payment gateway to support new Chip and PIN cardholder present transaction standards. It means that DataCash can now offer services to high street “bricks and mortar” retailers for the first time.


The Chip and PIN initiative, introduced by the banking industry earlier this year, requires card users to enter a four-digit Personal Identification Number (PIN) instead of signing a paper receipt at the checkout. Figures released by APACS (Association of Payment and Clearing Services) show that card fraud losses are growing at about 30 per cent per annum, a cost of £411 million in 2001. Forecasts show UK losses would be in the region of £800 million by 2005. It is expected that chip and PIN will reduce credit card fraud by half.


“Banks, retailers and payment processor companies such as DataCash have it in their sights to beat the fraudsters at every turn,” said Gavin Breeze, Business Development Director of DataCash. “By implementing the right technologies now we will begin to see a major reduction in credit card fraud in all areas. DataCash is now working closely with systems integrator partners, retailers and Point of Sale (POS) software suppliers to roll out our outsourced managed Electronic Funds Transfer solution for chip and PIN.”


To combat card fraud, two facts need to be established at the time of the transaction: that the card is the genuine item and the person using it is the true owner. To achieve the first of these, UK banks are already issuing chip cards that hold the card data so securely that they cannot feasibly be copied or altered, unlike a magnetic stripe.


To achieve the second, by 1st January 2005 all terminals in the UK need to be Chip and PIN compliant allowing a cardholder present transaction to be completed by the customer keying in a Personal Identification Number (PIN). DataCash has extended its functionality to support both standalone terminals and terminals integrated into POS systems.


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Notes to Editors:


About DataCash


http://www.datacash.com


DataCash is the only quoted payment solution provider in Europe. DataCash processes over 2.5m transactions a month for its clients with a value of over £300m per month.


DataCash provides outsourced solutions for the authorisation, settlement and fraud management of credit and debit cards as well as direct debits, direct credits and cheques. All transactions are accessible to merchants through a real-time MIS Reporting Suite.


DataCash's fraud management solutions support industry initiatives such as AVS/CV2 and 3-D Secure's Verified by Visa and MasterCard SecureCode as well as traditional rules-based fraud screening.


DataCash's solutions are suitable for merchants selling through any channel including Point of sale, the Web, Interactive TV, Kiosk, Call Centre and Interactive Voice Response ('IVR').


For further information about DataCash, please contact:


DataCash

Sarah Goode

Sarah.Goode@DataCash.com

0870 72 74 761


For further press information, please contact:


Glen Goldsmith

Director

2thefore

Tel: 01483 811234

Mob: 07812 766338

Email: glen@2thefore.co.uk



This press release was distributed by ResponseSource Press Release Wire on behalf of 2thefore in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.