Prism`s latest EFT technology improves efficiencies for Makro

Issued by Citigate PR for Prism Holdings Limited
Johannesburg, 27 Jul 2005

JSE-listed trusted transactions company, Prism Holdings, has once again demonstrated its ability to fast-track large-scale technology implementations. Working in close partnership with First National Bank (FNB), Makro`s acquirer, Prism successfully completed the roll-out of an integrated EFT (electronic funds transfer) solution for one of SA`s leading mega-retailers in just six months.

The project, which involved the purchase of over 600 VeriFone SC5000 PINpad devices by FNB for installation at 12 Makro stores throughout Gauteng, KZN and the Western Cape, kicked off in April 2004 and was wrapped up before Makro`s birthday celebrations.

Andrew Turpin, Director of Prism Payment Solutions Business Unit, states that this project is distinctive as it was completed in record time and made use of Prism`s latest EFT technology. To accelerate the integration effort, the standardised Prism interface was re-used on the PINpads.

"Makro is the first major retailer to utilise the state of the art 3DES *DUKPT (Derived Unique Key Per Transaction) method of debit card PIN encryption in an integrated environment. This method conforms to Visa, MasterCard and Europay standards and complements EMV," he says.

Makro`s Woodmead store in Sandton was the first to implement the SC5000 devices. Now every Makro store is running SC5000s and is able to accept both debit and credit card payments at till points.

According to Turpin, the fully integrated EFT solution will improve efficiencies for Makro and offers additional security over and above what is required to accept credit and debit card payments.

He adds that there are advantages for Makro customers as well.

"Prior to the installation of the Prism EFT solution, Makro could only accept credit card payments at till points and had to use non-integrated stand alone terminals for debit cards payments. This often meant longer waiting periods for customers wanting to pay for their purchases using a debit card. "The speed and convenience in having an accessible PIN entry device for debit card transactions, combined with the benefits associated with debit cards, such as security and the ability to transact directly from a transmission account, is advantageous for customers," he explains.

Turpin believes the project`s success bodes well for future projects with FNB.

"The next steps at Makro will be to complete the migration to EMV. We look forward to working with Makro and FNB in the future," he concludes.

Prism Holdings

JSE-listed Prism Holdings Limited is a leader in the field of secure electronic transaction technologies and services. The group has a strong presence in SA and an established and expanding footprint across Africa and South-East Asia. Prism`s head office is located in Johannesburg, SA and has a regional office in Kuala Lumpur, Malaysia.

Prism has a proven track record in the delivery of trusted transaction technologies and end-to-end solutions for the retail, utilities, banking, cellular and petroleum industries. The group has developed and implemented innovative transaction and payment-centric intellectual property that bridges the following technologies: * Chip cards including SIM cards, financial smart cards and prepaid telephone cards * Point-of-sale frameworks, applications and devices * OEM transaction modules including PINpads, card readers and outside payment terminals * Transaction security modules and servers and trusted centre solutions * In-store and forecourt payment servers, wireless application messaging gateways and value-added-services gateways * End-to-end secure electronic payment architectures for wired and wireless networks

VeriFone, Inc (www.verifone.com)

VeriFone, Inc, a global leader in secure electronic payment technologies, provides expertise, solutions and services for today with a migration strategy for tomorrow. VeriFone delivers solutions that add value to the point of sale, resulting in improved merchant retention and the generation of new sources of revenue for its partners and customers. VeriFone solutions are specifically designed to meet the needs of vertical markets including financial, retail, petroleum, government and healthcare. VeriFone has shipped over 11 million electronic payment systems since inception in 1981.

DUKPT (definition)

In cryptography, a key management technique that uses a unique key for each separate transaction to prevent the disclosure of any past key used by the transaction-originating, tamper-resistant security mode. The unique transaction keys are derived from a base derivation key using only non-secret data transmitted as part of each transaction.

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