DIGIPASS 837, Vasco's first Acoustic Smart Card Reader

The top 4 points about Acoustic Smart Cards are : -

1. Acoustic Smart Cards are based on authentication via Sound.

2. The technology is standardized as per ISO 7816 acoustic smart cards specifications.

3. There are few authentication companies which manufacture Acoustic Smart Cards.

4. The smart-card features reader-less interface based on sound waves and an online security model based on dynamic security.

The top 11 nuggets of DIGIPASS 837 are

1. Vasco's DIGIPASS 837 is simple to use, due its innovative acoustic feature that facilitates data transfer from the computer to the reader in an instant.

2. DIGIPASS 837 has been launched at this year’s CeBIT expo in Hannover, Germany.

3. DIGIPASS 837 reader combines the benefits of one-time password and electronic signature to thwart man-in-the-middle attacks by using EMV infrastructure.

4. DIGIPASS 837 receives sonic signals from a sonic signals from a PC, smart phone or tablet that’s held in the vicinity of the reader’s speakers. Then the reader converts them into the transaction information displayed on the DIGIPASS 837 screen. Finally the end-users can verify the data on the screen before signing for the transaction.

5. This is based on the 'what-you-see-is-what-you-sign' (WYSIWYS) concept, which allows end-users to verify the data of the transaction before signing it.

6. Another user-friendly feature, is that DIGIPASS 837 can function through high levels of background noise and works with a variety of speaker types, smart phones and tablet PCs. No special software is required for functionality

7. The complete transaction cycle is completed in a matter of seconds, making it easier for easy adaptability by the end-user's

8. The acoustic e-signature device just has to be held in the vicinity of the speakers in order to complete data transaction and should not be held at a specific tilt angle as is the case with optical devices. This is important as otherwise the user will spend considerable time, trying to hold the instrument at a specific tilt, thereby increasing the frustration levels.

9. DIGIPASS 837, does not require any software or driver to be installed as the communication is established through the speakers of the end-user's PC/Smartphone/Tablet PC and the acoustic sensors of DIGIPASS 837

10. A demo can be viewed at  www.vasco.com/digipass837demo

11. The signal played to the Digipass 837, sounds like an old dial-up modem, triggering old memories for users.

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Discover Cards and Diner Club International Cards part of India's RuPay Network.

Today, i.e March 07, 2012 a new chapter in the Indian Payments has begun.

A strategic alliance between Discover Financial Services (DFS) and National Payments Corporation of India (NPCI), has been announced.

The top 11 points about this strategic alliance.

1. At present Diners Club International (DCI) cards are accepted at CitiBank ATM's.

2. Discover cards and Diners Club International (DCI) cards will be accepted at NPCI ATMs and point-of-sale terminals for purchases in India.

3. RuPay (the national card payment network in India) cardholders will be able to utilize the Discover, Diners Club International and PULSE networks for international purchases and cash access outside of India.

4. The companies are also working to implement D-PAS, Discover’s EMV technology, to offer chip-based cards to RuPay cardmembers.

5. The arrangement will be implemented in 3 phases. Phase 1) DFS and DCI cards will be accepted at RuPay ATMs in India. Phase 02 ) DFS and DCI cards will be accepted at RuPay POS locations. Phase 03) Acceptance of RuPay Global Cards on Discover’s global payment network outside of India.

6. The final aim of the network-to-network alliance between DFS and NPCI is the issuance of RuPay Global cards, once the domestic RuPay cards being launched later this month stabilize.

7. Discover, like American Express Co. (AXP), typically issues its own credit cards and operates a payments network that processes transactions.

8. Visa and MasterCard, only process transactions. The higher transaction volume helps boost their revenue.

9. Discover has a smaller acceptance footprint internationally than does American Express, Visa and MasterCard, though it has been working to change that.

10. At present there are 120 million+ DFS and Diners Club cards worldwide and these card holders can enjoy the wide reach of RuPay network in India, of over 90,000 ATM's.

11. In the near future, DFS and DCI cards would also be accepted at over six lakh POS terminals that are linked to the NFS.

IMPS remittance service extended to No Frills Account Holders

New and innovative features are being added to the IMPS Product by NPCI. The latest feature, is that No Frills account holders are now interoperable with IMPS

No Frills accounts as the name suggests are Bank accounts with minimal features. As the accounts are opened with the bare minimum documentation, the sum of credit transactions in a financial year should not exceed Rs. one lakh in "No Frills Accounts". Once the limit is crossed, the customers have to take steps to submit the documentation for a full KYC, so that the no-frills account can be converted into a normal account.

To encourage Banks to open more 'No Frills Accounts', and also to extend the reach of IMPS, NPCI has taken steps to enable IMPS facility to 'No frills accounts', too.

Union Bank of India was the first bank to link IMPS to 'No Frills accounts'.

Yes, MMID is compulsory even for No Frills accounts', to avail the IMPS facility. The agents of Corporate Business Correspondent I.e FINO, will facilitate the process of obtaining MMID by account holders.

Top 5 Benefits of this facility:

1. Customers need not opt for mobile banking services.
2. The funds transfer is instant, as the IMPS works 24*7, 365 days a year.
3. No additional infrastructure is required by the Banks nor the account holders.
4. Reach or last mile connectivity issues are resolved, as Mobiles have penetrated almost every nook and corner of the country.
5. The additional spinoff will be for the mobile companies, as the customer's stickiness to their company will increase. This is because customer's having a MMID will not prefer to shift their loyalties elsewhere.

SBI TRANSFER CASH -State Bank of India – Send Cash in a Flash

Today morning, while browsing through the morning newspaper, saw an attractive advertisement of State Bank of India’s advertisement.

The heading says it all - SEND CASH IN A FLASH –

SBI has opted for the ‘MasterCard® MoneySend™ CardtoCard ‘,service to offer this Electronic Funds transfer facility to all State Bank Group account holders.

Highlights:

1. The transfer is instant.
2. Upto Rs15,000/- can be transferred in a single transaction.
3. Upto Rs30,000/- can be transferred per day.
4. Upto two transactions can be done per day.
5. The service charges are NIL
6. The service is available at 26,000+ ATM’s of State Bank Group all over India.

The process flow is as under:

1. Customer to swipe debit card and select transfer option.
2. Customer to enter his/her PIN
3. Customer to select card to card option.
4. Customer to enter beneficiary SBI debit card number
5. Customer to enter the amount to be transferred.
6. The transaction is complete.
7. Sending customer and Receiving customer receive SMS messages, if they have opted for SMS alerts.
8. The Receiving customer can withdraw Cash from ATM or pay for Purchases via POS Terminals at Merchant Establishments.

Adding FreedomRewardz points to ‘SBI TRANSFER CASH’, would be a additional motivator to State Bank Group customers to experience the power of ‘Cash in a Flash’.

Safety Tips:

1. Your Debit Card should always be with you.
2. Your PIN Number should always be with you.
3. Subscribe for SMS Alerts.
4. Register your email id, for Bank Alerts.

State Bank Group, Axis Bank, IDBI Bank and Punjab National Banks have currently opted for both the’ Money Send’ options i.e Send Money and Receive Money, via the State Bank Group ATM’s.

ABN AMRO,Andhra Bank,Axis Bank,Bank of Baroda, Canara Bank,Central Bank of India,Citibank (Credit Only), Deutsche Bank,HDFC Bank,HSBC,ICICI Bank (Debit Only),IDBI Bank,ING Vysya Bank,J&K Bank,Punjab National Bank,SBI GE Cards,South Indian Bank, Vijaya Bank and Yes Bank, have opted for ‘MoneySend’, ‘receive funds’, facility only.  

RTGS/NEFT open on 28/02/2012

RTGS/NFT/IMPS are working as usual on 28/02/2012. Yes, the country wide strike, might affect branch transactions, but there should be no issues with online transactions. 

There might be some affect on 29/02/2012, as few cheques would have been sent for Clearing on 28/02/2012.