Skip navigation
Skip navigation
You are using an outdated browser. Please upgrade your browser.

The Board of DataCash Group Plc, the AIM listed payments service provider, announces that it is working with computer giant IBM as part of a team to help mid-tier retailers implement a new credit and debit card fraud system being introduced in January 2005. Known as 'Chip and PIN', the system's specifications have been established by Europay, MasterCard and Visa (EMV).

This is a significant breakthrough into the high street 'cardholder present' market for DataCash which up until now has focused on processing 'cardholder not present' online transactions. The high street market represents the overwhelming majority of card transactions.

Chip and PIN is designed to prevent fraud by obliging consumers to use a secret PIN when they use their credit cards to purchase goods in the high street. Many of the country's big retailers, such as the supermarkets, are already installing the technology but there is strong evidence that smaller, mid-tier, traders are finding the cost of upgrading legacy software systems and hardware too expensive.

The initial team, led by The Triangle Group (an IBM Premier Business Partner), addresses the concerns of the mid-tier retail sector by offering a complete solution for a low fixed monthly charge of around £25 per terminal. The solution consists of consultancy, hardware, software, implementation and payment processing. The team has identified a target market of mid-tier retailers which may be attracted by the package.

Initially DataCash will contribute its outsourced payment processing and fraud management capabilities to the team. These skills have been built up around the mission critical requirements of its existing online client base that already includes some blue-chip names including B&Q, Boots, Mothercare and Early Learning Centre. Once deployed, retailers will also be able to benefit from additional value added services delivered through DataCash's outsourced payment processing platform including Dynamic Currency Conversion, stored value, gift card and mobile top-up. It is anticipated these value added services will provide mid-tier retailers with further support for the business case to deploy Chip and PIN through the team.

DataCash Chairman David Bailey said: "Whilst online retailing is growing at a tremendous rate this agreement is great news for us as it takes us into the cardholder present market which represents significant scope for growth. We are delighted that our skills and processing abilities developed through the internet, can now be applied to the high street market and that IBM has chosen us to support this exciting venture."

The new legislation covering credit card fraud comes into effect from January 1, 2005. Any retailers who do not install EMV-compliant Chip and PIN solutions by then will become liable for any fraud losses which would otherwise be passed to the card issuers.

Other partners in the team, in addition to The Triangle Group, are Ingenico (hardware suppliers) and Kilrush Consultancy.



* * ENDS * *


For further information please contact:

David Bailey - DataCash Tel: 0870 7274760

For further press information, please contact:

Glen Goldsmith/Katie King
2thefore
Tel: 01483 811234 / 0208 360 2442
Mob: 07812 766338 / 07974 161179
Email: glen@2thefore.co.uk / katie@2thefore.co.uk

Note to editors:

DataCash provides the electronic services, by which merchants can accept, authorise and settle transactions made by a variety of financial instruments such as cards and direct debits.

The Company has been listed on AIM since 1996 and last June changed its name from Auxinet plc to DataCash Group plc to reflect the fact that it is now purely focused on payments processing.

What is EMV?

EMV is the standard devised by Europay, Mastercard and Visa (EMVco) for
smartcard-based credit and debit cards, to replace existing magnetic stripe cards. The EMV standards were drafted with the aim of ensuring global interoperability of smart chip based credit/debit cards and their terminals/readers. The prime driver for the migration to EMV payment cards in the UK is the reduction of card fraud.

EMV migration is effectively mandatory and the timetable is short. A key component of the EMV chip migration plan is the shift of liability for fraudulent transactions. Visa EU has mandated that from January 2005 liability will automatically shift to any non-EMV compliant party involved in a fraudulent transaction.

Ends



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