VeriFone Supports New Trade Payment Card Launch

Tuesday 8 June 2004 09:11 CET | News

VeriFone will be supplying 2500 of its Omni 3750 terminals to a leading new trade card payment business. At present, 600 units have been installed in builders merchants throughout the UK. The launch of the TradePro account card sees the first nationwide service based on Chip and PIN technology to go live, and the installation of the Omni 3750 terminals will continue throughout the year. Fully endorsed by the Builders Merchants Federation (BMF) and the Federation of Master Builders (FMB), TradePro has been created to provide smaller builders and contractors with a level of professional financial services and support that has until now be unavailable to them. The majority of smaller tradesmen cannot access the credit sources available to larger companies, and as a result tend to rely on merchant-based trade accounts. TradePro overcomes these obstacles by providing a tradecard and associated line of credit that can be used expressly for the purchase of building materials in hundreds of different merchants nationwide. The Omni 3750 features a powerful 32-bit processor to meet the security and networking demands of Internet Protocol (IP) communications, and the toughest standards for EMV smartcards. It features up to 6MB of memory to support plenty of value-added applications. It supports advanced communications such as Ethernet, built on IP technology, which fuels "always-on" connectivity, and it has the power to securely send transactions over public or private networks using industry standard SSL encryption. The Omni 3750 also offers a future-proof solution with field-replaceable Communication and Security Access Modules (SAMs), allowing additional secure smart card applications or communications options to be deployed as and when they are required, as well as field upgradeable modem options to ISDN, Ethernet and wireless communications for easy access to any IP-based network. The Omni 3750 supports Triple DES Master Session and DUKPT key management techniques, permitting high degree of flexibility in managing EFTPoS transaction security. EMV certifications and on and offline PED approvals add unparalleled levels of security to help stem the tide of fraudulent transactions.

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Categories: Payments & Commerce | Payments General
Countries: World
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