TORONTO - Gemalto announced in a news release that it is the first smart-card provider to to achieve smart-banking card certification from Interac, Canada's debit and ATM (ABM) network. Gemalto is working to help Canadian financial institutions convert converting approximately 100 million magnetic-stripe cards to microprocessor-based smart cards.
Gemalto can now provide FIs smart cards that can used with Interac's Shared Services, including Direct Payment, Canada's national debit-card service, and shared cash dispensing, for cash withdrawals at ATMs. Interac says its Shared Services are expected to be ready to use chip cards this year; by 2015, mag-stripe cards will no longer be accepted within the network.
"This certification allows us to work with Interac and its members to ensure that the transition to smart-card-based payment cards in Canada is smooth and successful, and that cardholders are able to experience the security and privacy that these cards provide," said Jack Jania, vice president and general manager of financial services for Gemalto North America. "We look forward to our continuing role in helping financial institutions meet Interac deadlines with ease."
