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Euronet, Jakarta FI partner on EMV initiative

Euronet and its Indonesian partner, PT Sigma Cipta Caraka, will help the bank to implement system modifications needed to support chip card-based debit card transactions.

August 7, 2015

The Jakarta branch of the Bank of Tokyo-Mitsubishi UFJ Ltd. has contracted with Euronet Software Solutions, a division of e-payments provider Euronet Worldwide Inc., to upgrade the FI's card issuing and card processing systems.

According to a press release, Euronet and its Indonesian partner, PT Sigma Cipta Caraka, will help the bank to implement system modifications needed to support chip card-based debit card transactions and achieve National Standard Indonesia Chip Card Specification Issuer certification.

Additionally, an interface to the local interbank network will be established allowing the bank to process domestic card transactions locally improving operational efficiency, the release said.

Indonesia, the fourth most populous country in the world, at 260 million-plus inhabitants, has seen an increase in the use of debit cards for purchases and ATM withdrawals in recent years. To ensure transaction security, he Bank of Indonesia has mandated that all banks complete the NSICCS certification by Jan. 1.