Wednesday, October 22, 2008

eTranzact to launch mobile cardless, tackles e-scam with ESA

FOREMOST operational multi-application and channel electronic transaction operator, e-Tranzact, has concluded plans to launch its innovative eTranzact Automated Teller Machine (ATM) CardlexCash, as the firm tackles electronic scam with e-Tranzact Strong Authentication (ESA) security solution for both banking institutions and end users.

Chief Executive Officer, e-Tranzact Limited, Mr. Valentine Obi, said that the ATM CardlexCash leverages on subscriber’s mobile phone, eTranzact platform and ATM processor of over 21 partnering banks to make funds transfer and collection convenient for the numerous unbanked persons in the country and beyond as well as the existing over 40 million mobile phone subscribers.

Obi told newsmen that eTranzact ATM CardlexCash is a product designed for the eTranzact global payment network that provides a solution which allows a transferor to transfer funds from his mobile phone to the mobile phone of the transferee, who then collects the funds at any ATM without the use of cards.

“eTranzact’s ATM CardlexCash which has been patented in Nigerian, and in Africa, US, UK and Asia is a revolutionary product which leverages on a subscriber’s mobile phone, the eTranzact platform, and ATM processors of partners to make funds transfer and collection convenient for the end users,” he said.

This, he said, would bring smiles to the faces of the numerous unbanked persons in the country and beyond.

“e-Tranzact ATM CardlexCash proposes a faster and convenient process of money transfer that eliminates going to a bank or using an ATM card,” he said.

Mr. Obi also said plans have been finalized to make the product available in all its countries of operation including Ghana, Cote d’Ivoire, Zimbabwe, UK and the United States.

He also said that the product, which provides seamless transfer of funds across borders, will require the sender to transfer money using his phone to any cell phone.

“And on the receiving the text the recipient will be given details which he enters on any enabled ATM machine and withdraws cash as preferred by him,” he said.

On ESA, Mr. Obi said that it offers solution to the insecurity problem of chip-based cards and offers a harmonization of cards of various banks via a single mobile phone.

“ESA allows a subscriber to withdraw cash from any ATM through a proxy. This is done by generating a one time pass code (OTPK), to which the cash withdrawal value is tied for a one-off ATM transaction. With the eTranzact ESA, should a customer fall victim of scam or cloned website and give away both user name and password, a third party can never defraud the customer due to lack of the dynamic PIN residual on the mobile phone,” he explained.

Obi further said, ESA is a product of numerous research and findings, considering that utilization of static PIN as the singular parameter for electronic transactions has become increasingly fraud-prone and its first fully operational multi-application and multi-channel electronic transaction switching and payment processing platform has come up with a product aimed at tackling the challenges besetting all chip-based and non-chip based cards.

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