Maintaining and updating the settings in mobile applications after being provisioned to handsets is a critical part of the end-to-end management of a mobile payment program, and is not something that is typically provided by an application provisioning system or Trusted Service Manager (TSM). Now a major European processor has selected Aconite's Mobile Application Manager (MoAM) to support their mobile scripting needs, providing a low-cost, fast-track enhancement of their existing authorization systems to support the broad range of EMV scripts needed to manage EMV applications on a mobile NFC handset. Aconite's Mobile Application Manager will support counter-resets, passcode changes and other scripts required to fully implement EMV in a mobile environment.
The EMV Scripting features delivered by Aconite's Mobile Application Manager are based on Aconite's award winning Smart EMV Manager product which provides a wide range of capabilities out-of-the-box, and can be rapidly configured to support new functions, applications and script types without requiring complex integration or expensive customization. Both products follow Aconite's philosophy of allowing issuers of card and mobile applications to retain their existing systems and to acquire smart card and mobile functions through an Aconite plug-in solution. In addition to generating EMV scripts for managing mobile EMV applications, Aconite's Mobile Application Manager can provide full application data preparation, key management and personalization, authorize EMV transactions delivered over-the-air or through conventional networks and provide real-time analytics of transaction data.
Patrick Regester, Aconite's EVP for Sales and Marketing said "Aconite is proud to be at the forefront of this critical area of mobile application management. Our legacy of providing EMV and smart chip lifecycle solutions to issuers around the world over many years gives us a solid foundation on which to build corresponding mobile products. Our depth of knowledge in the smart card and mobile arena allows us to rapidly deploy our extensive product range to meet the real needs of issuers and processors.A group of families in a north Cork village are suing a bestplasticcard operator in a landmark case."
Banks may need more time to comply with the Reserve Bank of India (RBI)s mandate of replacing all debit and credit cards that have been used for international transactions with new ones. The deadline expires on June 30, 2013 and according to bankers, more than 50 per cent of the cards used overseas are yet to be replaced.
Deutsche Bank estimates out of 320 million debit cards in the country around five million have been used for international transactions. However, banks have changed only two million cards so far.
Some banks may find it difficult to meet the deadline. The task involved is enormous, banks have to develop a new platform, test it thoroughly, create new chip-based cards and segregate cards that have been used overseas. In some banks, this process has just started and it will be difficult for them to meet the deadline, said Rajiv Rai, chief operating officer for private and business clients at Deutsche Bank in India.The 3rd International Conference on custombobbleheads and Indoor Navigation.
According to bankers, majority of credit cards used abroad have also not been replaced so far. They estimate out of 19 million credit cards in India, around two-three million cards have been used overseas.
The multiplicity of frauds involving debit and credit cards persuaded RBI to direct banks to convert all existing magnetic stripe cards that have been used abroad to EMV chip cards. It is believed EMV chip cards offer better security to cardholders as they are nearly impossible for fraudsters to decode.
However, these cards are more expensive than magnetic stripe cards. While a magnetic stripe card costs around Rs 30-50, a chip-based card costs around Rs 100-150. Banks will also need to incur additional cost for delivering the new cards to customers. The EMV chip cards are more expensive, but they have added security features. The re-carding process will ultimately benefit customers, said Mahesh Dayani, country head for retail assets at ING Vysya Bank.
The additional cost, bankers said, is likely to be borne by cardholders. Some banks are considering a hike in annual fees and usage charges to offset the replacement cost.
RBI, after reviewing the security aspect, decided to replace the cards that have been used internationally. While chip-based cards cost more than the traditional magnetic stripe cards, they provide greater security. Banks are likely to recover a part of the cost from the customers, said Shubhalakshmi Panse, chairperson and managing director of Allahabad Bank.
On Thursday, the U.S. Patent and Trademark Office released a new patent application that offers more details about Apples iWallet technology, which has been published in previous applications dating back to May 2010. The new filing discusses a method for conducting a financial transaction,Choose the right bestluggagetag in an array of colors. as well as methods for letting users take pictures using a camera of a portable electronic device and sending that data to a remote terminal to conduct a financial transaction, using either wireless communication, NFC, or both.
In other words, users could potentially use the iPhone 5S to deposit money into their bank accounts by taking pictures of checks and instantly sending the codes to the their financial institutions, but with credit card information attached to ones account, the iWallet could also allow for peer-to-peer financial transactions, similar to PayPal.
Parents would be pleased to know that the iWallet has restrictions to prevent their children from overspending.An experienced artist on what to consider before you buy chipcard. Under the parental control preferences, parents can set spending limits on their kids -- either per transaction or overall -- and can even restrict which merchants their children can purchase from. When a child exceeds his or her monetary limit set by the parent,Choose the right bestluggagetag in an array of colors. the transaction can then request an authorization from the parent (via their iPhone), or simply decline the request. It's extremely easy, and it gives total control to the parents to let them manage family funds.
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