The solution is a tool for the complete cycle of payment card processing and will enable the bank to start issuing EMV (Europay, MasterCard, VISA) standard smart cards. The agreement also includes delivery of a payment card risk management solution that helps the bank to decrease the probability of fraudulent transactions. Through the solution the bank will improve its customer profiling, expand the variety of services and expedite card transactions. EMV smart cards are replacing magnetic stripe based cards, and it is estimated that globally more than 115 million mag-stripe cards will be renewed in 2004. In the Baltic, 8 % of all the cards in circulation are already microchip-based.
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