Oberthur Technologies , a provider of smart card-based solutions, has acquired the payment card personalization assets of Dyetron , a provider of smart card-based technology solutions for the transportation, communications, government and financial sectors.
Oberthur Technologies , a provider of smart card-based solutions, has acquired the payment card personalization assets of Dyetron , a provider of smart card-based technology solutions for the transportation, communications, government and financial sectors.
Oberthur and Dyetron formed a partnership in June 2009, utilizing Dyetron's local presence and Oberthur's end-to-end common personalization system, to create a service center that could assist with Colombia's migration to EMV- which was scheduled to start at the first of this year. Oberthur is leasing the Bogota-based, MasterCard and Visa certified service center. The service center, which will operate under the name Oberthur Technologies, offers migration for local banks and easy EMV deployment for international banks with customers in Colombia.
"As a global provider of payment solutions, Oberthur is committed to the Colombian and South American payment markets," said Martin Ferenczi, Managing Director, Americas, Card Systems Division of Oberthur Technologies. "By leveraging our expertise in providing more than 200 EMV migrations worldwide, we see this acquisition as a focused solution to meet the needs of our banking customers in Latin America."
Colombia's Superintendencia Financiera imposed a deadline on Jan. 1 for issuers and merchants to migrate to EMV- the global electronic transaction specification that outlines interaction between chip (smart) cards and merchant terminals to ensure worldwide interoperability. EMV reduces fraud that can occur on standard magnetic stripe debit cards. After this deadline, the liability over fraudulent transaction rests on the party that hasn't upgraded to EMV- whether the issuer or the merchant.
Arturo Sesana, GM for Dyetron, has agreed to assist Oberthur during Colombia's EMV migration. "Oberthur Technologies will make the migration to EMV for local banks and credit unions an easy and painless one," Sesana said, adding "Oberthur is one of the first international companies investing in the future of Colombian payments market. Their experience will significantly help in EMV migration."