Home News & events Press Releases 2007 Moscow Industrial Bank commences issuing and accepting EMV cards under MasterCard

 

bMiNBMoscow Industrial Bank (Russia) working on TranzWare solutions from Compass Plus commenced issuing and accepting EMV cards under the brand of MasterCard (M/Chip4) in their payment network. The certification in issuing, ATM and POS acquiring programmes for cards of the M/Chip4 standard was successfully completed with the support from Compass Plus. Issuing EMV cards will allow Moscow Industrial Bank to offer their customers much more secure service when they are using Internet bank. The technology based on Card Authentication Program (CAP) provides Moscow Industrial Bank chip card holders an opportunity to get securely identified in the Internet bank and ‘sign’ every operation they perform using a special cryptographic device. This technology makes unsanctioned access to cardholders’ accounts virtually impossible – the would be fraudster would have to get hold of not just Internet bank login details but also EMV card and the PIN code that is used to generate one-time passwords for the performance of every financial transaction.

The Moscow Industrial Bank’s processing centre has been running on TranzWare products from Compass Plus for over two years. The Director of Retail Products Department, Aleksey Matreshin has highly regarded the partnership between the Bank and Compass Plus: “Modernisation of our Bank’s processing centre by means of installing and using TranzWare products allowed us to reach the new technological level and provide the Bank’s cardholders with the most up-to-date and high-tech products. As far as our near future plans concerned, we plan to realise a large project encompassing integration of payment means and access tools to all kind of services offered to personal banking customers in one card. This will allow the customers to actively manage their funds and use the available banking services”.

Currently, Moscow Industrial Bank has over 270 thousand active cards in circulation, POS terminal network of 1,500 and the network of ATM and kiosks in excess of 470 units.