Thames Technology, a leading provider of cutting-edge payment solutions, has announced a strategic partnership with Ellipse World, Inc. (Ellipse), a Los Angeles based innovative FinTech company, to offer an additional layer of advanced protection for its banking cards.
The collaboration enables Thames Technology to integrate Ellipse’s EVC® battery-free dynamic security code technology into its payment cards offerings. These cards incorporate the EVC All-In-One™, the newest generation EMV micromodule (commonly referred to as a card chip) with a built-in screen displaying dynamic security codes (also known as dynamic CVV, CVV2, CVC, or CSC) for state-of-the-art banking security.
By integrating Ellipse's dynamic security code solution (EVC), the risk of fraudulent transactions is virtually eliminated.
Ellipse’s eco-friendly battery-free EMV module with mini-digital CVV display on the back of the card, provides a new security code for each card-present transaction. Additionally, the cardholder can initiate the code change on demand through a mobile app as needed.
The technology ensures that if the card details and CVV were fraudulently copied, the security code will have changed by the time someone tries to make transaction. This practically eliminates card-not-present (CNP) fraud and false declines while offering a frictionless experience. As a result, cards using the EVC chip are positioned as the most trusted and secure option for security conscious banking customers.
Encompassing dynamic CVV codes which change after every EMV transaction not only provides additional peace of mind, but also creates a wow-factor, which will help Thames Technology’s banking customers set themselves apart from the competition.
At the same time, it makes cards using the innovate chip the most trusted and secure option for cardholders which is likely to increase both in-store and online transaction volumes.
Commenting on the partnership, Che Colford, General Manager at Thames Technology stated:
"We are excited about our collaboration with Ellipse, a partnership that underscores our dedication to staying at the forefront of security innovation. By offering EVC dynamic card security technology, we equip banks and other financial institutions with a powerful tool that sets them apart from the competition, assisting their customers in protecting their financial transactions. This is sure to offer customers extra peace of mind and deliver a wow-factor, ensuring that the card becomes top of wallet for all payment transactions. "
Echoing the sentiment, Arnaud Jullien, EVP of Strategy & Sales EMEA & APAC at Ellipse, said:
“Ellipse is proud to partner with Thames to propel advancements in the payment industry. EVC technology is shifting the future of payment card use, and our mission is to help Thames Technology in delivering optimal services to its clients. By providing financial institutions with EVC cards, Thames is leading the way into a future where payments are universally seamless, simple, and secure.”
In an era where cyber threats are ever evolving, the need for robust security solutions is paramount. This partnership reinforces Thames Technology's position as a leader in the payment solutions industry and highlights its ongoing commitment to prioritising customer security.