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Wednesday, November 24, 2010

eTranzact partners 4 banks on ATM CardlexCash

Electronic payment solution provider in the country, eTranzact International plc is partnering four top- rated banks in the country for the deployment of Automated Teller Machines (ATM) enabled CardlexCash solution.

Some of the partnering banks comprised of First Bank plc, Skye Bank plc, United Bank for Africa (UBA) and Wema Bank Plc.

Making this disclosure in Lagos, weekend, the Business Development Manager, eTranzact, Mrs. Abimbola Reis, said that the eTranzact ATM CardlexCash is a solution intended to revolutionize the process of money transfer and ATM cash withdrawals.

She stressed that the solution facilitates the transfer of funds to the mobile phone and the funds could be withdrawn from the ATM without the use of a physical card.

“The ATMCardlexCash proposes a secure, faster and convenient process of ATM cash withdrawal and money transfer than going to a bank branch. With the eTranzact
ATMCardlexCash the recipient does not need to have a bank account, all he/she needs is to have a mobile phone,” Mrs. Reis said.

She noted that eTranzact was granted a patent to deploy the ATM CardlexCash solution by the patent office of the Republic of South Africa under the number 2009/00824.

As said by her, the eTranzact ATM CardlexCash is secure, simple, robust, cost effective, and user friendly.

She explained that on an ATM machine, a customer would usually insert his or her ATM card physically and enter relevant personal identification number (PIN) to complete transactions, but with the eTranzact ATM CardlexCash it gives the opportunity of cashing out money from the ATM without a card.

“With this innovative product, we are able to bridge the gap between the banked and the unbanked to ensure services that are secure, convenient and cost effective,” concluded Mrs.Reis.

Equally speaking, Head, e-Business at Wema Bank plc, Mr. Dele Adeyinka, described it as an innovative product that offer convenient, thus trailblazing with full potentials to deliver customer needs.

“It takes banking beyond borders. I cannot wait for over 80 million mobile users to catch the bug and start doing transactions without cards,” he said.

In a related development, the Managing Director, eTranzact International Plc, Mr. Valentine Obi, recently outlined some benefits of eTranzact’s Chip and Personal Identification Number (PIN) cards, known as Genesis, saying that the underlining essence is to protect the cardholders.

This, he also said, would engender a better service, thereby providing convenience to the customers, especially on the Genesis Chip & PIN cards.

“The Genesis Chip & Pin cards guarantees cardholders better security and convenience. Genesis is structured for the end users having security in place while being given good quality service,” he said.

Speaking in Lagos, Obi said that Genesis Chip & PIN cards, which are already in the Nigerian market is Europay, MasterCard, and Visa (EMV) compliant. He explained that Genesis Card produced by eTranzact under the directive of the Central Bank of Nigeria (CBN) instructing all Nigerian banks and switches to replace the traditional magnetic stripe equipment with smartcard technology.

“The Chip and PIN is a two-match system whereby the Chip is accessed by a swipe-card reader to verify authenticity and the PIN is inputted to complete the transaction,” he said.

Obi stressed that Genesis card has a unique attribute solely for the safety of the customers and carriers of the Genesis card called the eTranzact Strong Authentication (ESA).

He reiterated that the Genesis card is made up of three ranges, namely the Premier, Advantage and Credit cards respectively.

He elucidated that Genesis Premier card is a Debit card tied to the customer bank account, while the Genesis Advantage is a prepaid which could be loaded or recharged through the branches of any of the 22 commercial banks connected to the eTranzact platform.

The Advantage Card, Obi said, is useful for other value added schemes such as Loyalty scheme and Discount scheme and Credit cards.

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