Proxama Solutions has secured a five-year contract with a South African insurance and financial services provider to offer in-house EMV card issuing, PIN management and card lifecycle management services.

As per terms of the contract, Proxama will provide Payment Application Manager for EMV card issuing, card lifecycle and key management and PIN Manager for electronic PIN capture and distribution.

Additionally, the company will supply EMV Transaction Manager for EMV transaction authentication and post-issuance control of EMV cards, including PIN changes and risk management.

Proxama executive vice president for sales and marketing of digital payments division Patrick Regester said: “We are delighted to have been selected as a partner. In addition to our tried and trusted software products that will support in-house EMV card issuing and processing, the customer will benefit from Proxama’s in-depth experience of smart card deployments in South Africa and around the world.

“Coming hot on the heels of successful deployment of the Proxama product suite at Diners Club SA, we are keenly anticipating working with this team to make this programme another success, further reinforcing our presence in the South African market.”

Proxama believes that the revenue earned from software licenses, services and support will be £0.365m in 2017 and a minimum of £0.691m in total over the five years, with additional payments if certain card capacity thresholds are achieved.