Smart card technology provider Morpho and
Colombian IT company Assenda’s two-year partnership has resulted in
the start of EMV migration of all banking cards in Colombia.
The partnership between the two companies, who
both have a strong presence in Latin America, began in early 2008
after the Colombian government announced the mandatory replacement
of existing magnetic-stripe cards by new, secure, smart card-based
technology.
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“The partnership with Assenda is a strategic step
in addressing the South American financial market during the
expected chip migration process over the next years,” said Marcelo
Bellini, vice president Sales Banking & IAM Americas,
e-Documents Division of Morpho.
“It offers a closer relationship and higher
technology availability to all our customers in the region. We have
designed a business model that provides a smooth transition to
Colombian financial institutions and their clients. Morpho was
selected as a partner for 80 percent of all bank pilots in
Colombia.”
All Colombian financial institutions have
launched chip migration, and it is estimated that all credit and
debit cards will be migrated during the next four years. According
to Morpho, part of technology group Safran, successful chip
migration services for more than 15 Colombian banks have taken
place.
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