Oberthur Technologies acquires service center in Colombia to expand EMV delivery into Latin America
Date: Mon, 01/25/2010 - 20:20
Oberthur Technologies, the world's second largest provider of smart card based solutions, has acquired the payment card personalization assets of Dyetron S.A., a provider of smart card-based technology solutions for the transportation, communications, government and financial sectors
Oberthur Technologies and Dyetron formed a partnership in June of 2009, utilizing Dyetron's local presence and Oberthur's end-to-end common personalization system, to create a service center that could assist with Colombia's migration to EMV- which was scheduled to start at the first of this year. Oberthur is now leasing the Bogota-based, MasterCard and Visa certified service center. The service center, which will operate under the name Oberthur Technologies Ltda., offers seamless migration for local banks and easy EMV deployment for international banks with customers in Colombia.
"As a global provider of payment solutions, Oberthur Technologies is committed to the Colombian and South American payment markets," said Martin Ferenczi, Managing Director, Americas, Card Systems Division of Oberthur Technologies. "By leveraging our expertise in providing over 200 EMV migrations worldwide, we see this acquisition as a focused solution to meet the needs of our banking customers in Latin America."
Colombia's Superintendencia Financiera imposed a January 1, 2010 deadline for issuers and merchants to migrate to EMV- the global electronic transaction specification that outlines interaction between chip (smart) cards and merchant terminals to ensure worldwide inter-operability. EMV reduces fraud that can occur on standard magnetic stripe debit cards. After this deadline, the liability over fraudulent transaction rests solely on the party that hasn't upgraded to EMV- whether the issuer or the merchant.
Arturo Sesana, General Manager for Dyetron, has agreed to assist Oberthur Technologies during Colombia's EMV migration. "Oberthur Technologies will make the migration to EMV for local banks and credit unions an easy and painless one," Sesana said, adding "Oberthur Technologies is one of the first international companies investing in the future of Colombian payments market. Their experience will significantly help in EMV migration."