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PayNet News
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Banca Italo Romena issues cards with embedded chip
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February 24 - Banca Italo Romena joins banks that issue cards with embedded chip, thus providing customers more secure payment tools compared to traditional magnetic stripe cards. The entire portfolio of debit and credit cards held by the bank, representing both new cards issued and the renewed, will benefit by the new chip technology.
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Another novelty is that using debit cards holders can access anytime their cash balances in current accounts opened in USD, and in EUR. Also, to limit the risks of fraud, were designed for each type of card in hand, three packages of maximum daily and monthly transaction limits at ATM, POS and the Internet, the customers being able to choose any of these packages.
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"We have always sought to provide our clients with quality products and services. Thus, by the new chip technology embedded cards that makes it more difficult to reproduce and use the data contained therein, we offer convenient and flexible tools for cash withdrawal and payment, aligned to the highest standards of security, through which customers can make operations worldwide in maximum security. " - explained Antonio Bianchini, CEO of Banca Italo Romena.
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About Banca Italo Romena
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Banca Italo Romena was founded in 1980 as a prime example of a joint venture between Italy and Romania in the banking sector. Since 2000 is part of the Veneto Banca group that was among the top 15 financial and banking institutions in Italy. Since 2001 Banca Italo Romena has gradually developed territorial network and customer portfolio consists of Italian investors and a growing number of Romanian companies, opening also to the retail segment.
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Banca Italo Romena headquarters is in Treviso (Italy), operating in Romania in Bucharest Branch whose network includes 5 agencies in Bucharest and 16 located in major cities.
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EMV Certification
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By continuing the tradition as pioneer in implementing the high technology projects, Italo Romena Bank and PayNet have signed a contract in order to start off the projects for chip card issuing, both for Visa and MasterCard. After the EMV Acquiring and Merchant EMV Acquiring projects, successfully implemented together, starting off this new project represents the natural step that both Italo Romena Bank and PayNet have understood to make in order to support their cardholders.
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Romania belongs to the countries where the implementation of Sepa plan takes place. The purpose of founding a unique zone for payments in euro - Single Euro Payments Area - SEPA is to create an European economy more competitive and more transparent, to realize an European integration more powerful, by insuring a competitive market for payments in euro of smaller value, that will bring a better quality of services, more efficient products and cheaper alternatives for making payments.
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From the technological point of view the EMV (chip card) standard becomes mandatory starting with year 2010. The cardholders that own cards without chip (magnetic stripe cards) will be in the situation of not being able to use their cards any longer in the SEPA area. (The transactions based on magnetic stripe will not be allowed).
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In the same time, other partners (clients) who understood the major importance of this certification are in the process of starting off the EMV chip issuing projects. PayNet is prepared in all respects to ensure you all the necessary support for the implementation of these projects.
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Volksbank, PayNet's partner, receives Award at the No-Cash Gala
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Interview with PayNet President
of The Board Mr. Simos Simoudis
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PayNet presents new products
at Cards Forum
EZ-BUY™ CARD = B2B Payment System |
WHAT IS IT ??
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It is a product designed to provide credit facilities to SME customers / Merchants which have limited access to credit
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…Although, from a risk point of view, should not !!
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HOW DOES IT WORK ?
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Credit Card for SMEs (cardholders)
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Can be issued by co-operating banks
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Supports multiple credit limits
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Each limit is linked to a Vendor selling products to SMEs (cardholders)
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Purchases by cardholders will be checked against the limit linked to this particular Vendor
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Either EFT/POS or Virtual POS can be used to obtain payment authorization.
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Location of POS:
- At the SME (programmed to support multiple vendors)
- At the vendor premises (programmed to support MOTO - "card not present" purchases)
- On delivery vehicles
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When a sale is effected by a cooperating vendor to a cardholder then the vendor's account is credited on line real time and the credit card limit for this particular vendor is reduced accordingly.
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Value date and funds availability date is subject to an agreement between the issuing bank and the merchant
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Payment terms by the SME to the issuing bank for purchases done from a particular vendor is subject to an agreement between the issuing bank and the cardholder. Grace periods could apply depending on agreement with Vendor
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