Plastic Money Trust Entrust Datacard for Card-Based Banking

Ajay_Kumar
Ajay Kumar,
Regional Managing Director – Asia Pacific, Branch Transformation & Payments Solutions, Entrust Datacard

A majority of the world’s financial cards are issued on our solutions, and every year, our authentication software is used to fight fraud and safeguard over 400 billion transactions globally, reveals Ajay Kumar, Regional Managing Director – Asia Pacific, Branch Transformation & Payments Solutions, Entrust Datacard, in an interview with Nirmal Anshu Ranjan of Elets News Network (ENN)

Please give us an overview of Entrust Datacard and the role it plays in the Indian financial system.

Entrust Datacard works closely with hundreds of financial institutions, including the world’s 20 largest banks. A majority of the world’s financial cards are issued on our solutions, and our authentication software is used to fight fraud and safeguard over 400 billion transactions worldwide annually. We offer a wide range of solutions, including instant issuance, central issuance and an authentication platform to secure mobile devices and transactions.

An example of a bank that utilises Entrust Datacard solutions includes the State Bank of India. With the vision of “Next Generation Banking with a Difference”, SBI launched a kiosk-based digital banking initiative-sbiINTOUCH-along with a debit card instant issuance and personalisation solution.

The sbiINTOUCH digital branches issue personalised debit cards instantly using Datacard®CE870TM instant issuance systems and Datacard® Cardwizard® issuance software over the kiosk where a customer gets a debit card in just 10 minutes after the account opening process. Another innovative and forward looking bank is also going to launch financial instant issuance in their branches with Entrust Datacard.

Entrust Datacard has about 90 per cent market share in financial card personalisation and has implemented financial instant issuance solutions at more than 35,000 branches across 1,000 banks globally. Majority of the card bureaus in India are using Entrust Datacard solutions in their facility to personalise debit and credit cards for the banks.

Besides, 18 of the top 20 banks in India are using Entrust Datacard SSL certificates.

Globally, the way financial sector operates is undergoing a huge change. Would you call yourself a catalyst to the process?

Absolutely! Today, the legacy business models and go-to-market strategies previously adopted by financial institutions have been lost in response to changing consumer behavior, engagement and regulatory requirements. Consumers want their financial institution to offer services that align with their lifestyle, including engaging communications, instant service, multiple options and convenience. This forces organisations to re-evaluate their existing standard operational procedures.

According to a research report from Euromonitor International, annual debit card payments have increased by double-digits in India which will continue to be a debit card market with 90 per cent-plus card circulation within the overall card portfolio. This growth indicates a dramatic decline in the use of cash and checks as consumers embrace more card-based payment methods.

With this increased focus on debit cards, it is critical for financial institutions to implement a business model that differentiates them from the competition, and one way to do this is through a digital branch concept. This has become the future focus for many institutions to stand out from others by incorporating innovative strategies, like instant issuance of payment cards, into their card programs. And, Entrust Datacard has one of the most robust solutions for instant issuance to-date.

The Government of India has launched the ambitious Financial Inclusion (FI) drive. Are you associated with it in any way?

There is an estimated 2 billion+ adults worldwide that do not have a formal banking account – which is roughly half the adult population, according to a World Bank research. Evidence shows that economies with a higher percentage of adults that have access to formal financial services grow at a faster rate and have less disparity when it comes to income equality.

Emerging economies around the globe including India are realising the benefits of increased financial account penetration, which is a driving factor in the implementation of FI plans. As these plans roll out, industry stakeholders are evaluating new technologies that will help them achieve their FI goals while at the same time remaining compliant with global standards.

The Entrust Datacard financial solutions help achieve FI goals by enabling immediate access to payment cards with instant issuance of permanent cards at branch or through self-service kiosks. Majority of the card bureaus in India are using our systems to personalise the RuPay cards under the FI plan.

Technology aids faster service delivery, but it also bring along challenges of security and privacy breach. How do you handle these threats?

The frequency and cost of handling cybercrime continues to rise with increasing sophistication in attacks on networks, devices, applications, or other digital identities. Many breaches begin with compromised identities and stolen credentials. While strong encryption is the topic of much debate, a missing aspect of the conversation is the need for strong identities that enhance the user experience. If an identity is compromised, encryption alone provides no greater security than if encryption is not applied at all.

High-profile attacks against identities have spotlighted that it’s imperative to move beyond single sign-on and hardware-based second factor authentication. Given today’s threat landscape, we cannot continue to rely on username and password combinations to ensure security – we need identity-based security. So, in the coming times, the current fluctuations will fundamentally change the way organisations handle authentication.

Entrust Datacard plays a direct and vital role in the market dynamics of these trends. Our identity, authentication and encryption capabilities will secure the trusted communications as well as encryption of your valuable information.

As per Entrust Datacard, it deploys technologies for attracting new customers for banks. How does that work?

Entrust Datacard solutions empower consumer marketers to deliver robust end-user experiences that drive loyalty, trust and profitability while offering the flexibility to empower the traditional, online and mobile payment platforms. Our solutions for instant card issuance, bureau operations and transaction authentication can be configured to create powerful experiences that delight consumers in branches, at home and on the go.

Entrust Datacard has about 90% market share in financial card personalisation and has implemented financial instant issuance solutions at more than 35,000 branches across 1,000 banks globally

The Government is keen to make India a digital nation. What solutions can you offer for enabling e-Governance in the country?

Government’s face increasingly challenges, forcing them to find ways to strengthen border security and streamline the processing of authorised travellers. They must find ways to remove cost from benefits programmes while also fighting fraud and improving service levels. And, they must develop highly secure infrastructures to support rapidly expanding portfolios of e-gov services.

With international migration and tourism at an all-time high, more than a billion people move across international borders each year. Entrust Datacard offers the solutions governments need to enroll citizens, issue secure credentials, authenticate credentials at points of interaction, and securely manage credentials throughout their entire lifecycle. The ability to establish trusted identities helps governments protect their citizens and secure their borders.

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