Aconite, a leading provider of EMV (Europay, Mastercard and Visa) and smartcard software solutions, is today announcing the global availability of EMV Risk Manager (Release 3).
The first of its kind, this easy-to-manage multiple-script management solution allows banks to automatically process card-holder change requests and unlimited parameter changes from risk, fraud and card management systems at the same time. As a result, this enables banks to increase control of credit and debit card-related risk.
Recently deployed by Aconite customers in the UK, Middle East and Europe, Release 3 was launched in response to a global customer assessment of current and future EMV requirements. Conducted over nine-months, the research revealed a clear business need for simple, consolidated EMV processes and back-end solutions to streamline and improve dynamic card control, reduce fraud and increase customer loyalty and profitability.
Previously, cost and complexity have been barriers to EMV adoption, however a recent report from Research and Markets says revenue losses through card fraud and customer churn now outweigh EMV investment. In the UK alone, banks are losing £400 million per year through card fraud and up to £1 billion per year through "interest rate wars" and retail transaction fees.
Aconite is responding to the highly competitive needs of its customers by providing a multi-pronged risk management solution, allowing banks to maximise credit lines by dynamically controlling cards and their behaviour after they have been issued. Built upon an existing solution, Release 3 provides a complete end-to-end EMV system that links card, risk and fraud management systems, back-office help desks and in branch service desks to deliver:
Enhanced performance – supporting high Transaction Per Second (TPS)requirementsAutomated script management that seamlessly supports all back office systemsMultiple script trigger managementUncomplicated design that enables easy implementation and add-on enhancement
Mike Woods, CEO at Aconite says: "More and more of our customers are recognising the need to monitor transactions through a multi-faceted EMV system, but at the same time, they want an affordable framework that delivers real return on investment.
"Aconite's new version of EMV Risk Manager affords a unique dimension for both credit and debit card issuers to better manage and control risk, providing an unprecedented level of control to fine-tune and manipulate card behaviour.
"In addition to initiating account management actions and making authorisation decisions, banks can enhance competitiveness by reducing the cost of referrals, collections and write-offs. Through risk control, credit lines can be increased and bad debt reduced, resulting in dramatic cost and revenue improvements for issuers."
Mike concludes: "Cards can also be issued to new higher risk customers, who can create new revenue potential."