International smart card solutions provider, Aconite, today announced its strategic partnership with the world's leading provider of enhanced payment software, Welcome.
The partnership will enable both Aconite and Welcome to deliver value added payment solutions to banks, financial institutions and merchants across the globe.
Welcome's "XLS" software enhances the EMV payment function with customer-centric features, such as instant delivery of surprise offers and welcome gifts, immediate calculation of points or cash back, and easy redemption of rewards at the point of sale. Welcome's XLS was recently awarded "ROI of the Year" by THE BANKER, the first time an EMV application has won formal recognition of its role in reducing costs, increasing revenues and improving competitiveness.
Aconite's EMV transaction authorization and dynamic risk management solutions are designed to be integrated into a bank's existing card management and transaction processing systems, at a much lower cost and faster time to market than traditional solutions. Aconite's advanced risk management technology enables issuers to protect profit as well as maximizing credit card revenues.
Combining Welcome's XLS and Aconite's EMV solutions, together with Aconite's EMV consulting experience, the partnership offers banks a one-stop solution for a fast and cost effective EMV migration.
"EMV means great changes in the way we use payment cards", said Mike Woods, CEO Aconite. "Whilst many of the benefits favour the banks and merchants - reducing fraud and increasing revenues - cardholders will see an upside too with integrated card services which complement credit or debit applications. The rollout of smart cards helps to pave the way for exciting new lifestyle and reward applications. We're all going to see a lot more of smart cards - EMV is just the beginning".
"Our belief is that the Aconite and Welcome partnership will provide solutions at the forefront of this migration", Woods continued.
"Banks across the world are turning the EMV liability shift into an opportunity to create new payment products which significantly increase revenues and market share, boost non-interest income and help reduce the cost of acquiring new cardholders and merchants," said Aneace Haddad, Chairman, Welcome. "This alliance helps banks get much more out of EMV, at a marginal cost."