London, 16 May 2019: Aconite Technology Ltd is proud to announce that Discovery Bank, a new digital-only challenger bank launched by Discovery Central Services Limited, the leading South African insurance and financial services provider, has started issuing and processing EMV®* debit and credit cards using Aconite Technology’s EMV solution suite. This initiative is part of Discovery’s expansion from a predominantly insurance-based business to a fully-fledged banking provider regulated by South Africa’s Reserve Bank.
Aconite Technology has provided Aconite Payment Application Manager for EMV card issuing, card lifecycle and key management, Aconite PIN Manager for electronic PIN capture and distribution and Aconite EMV Transaction Manager for EMV transaction authentication and post-issuance control of EMV cards, including PIN changes and risk management.
Jérôme Frey, Programme Director at Discovery, said “We are delighted to have reached public launch of Discovery Bank after an intense period of development, integration and implementation. Aconite’s EMV product suite provided a stable platform on which to base our card issuing operation and the team’s experience and expertise was an important contributor to our success in achieving this goal.”
Matt Landrock, Director at Aconite Technology added “It’s been a great pleasure to work with Discovery as a supplier and partner in delivering this ambitious project. In addition to our tried and trusted software products that are supporting in-house EMV card issuing, processing and PIN handling, Discovery has benefitted from Aconite’s in-depth experience of smart card deployments in South Africa and around the world. With the successful conclusion of this deployment, Aconite’s position in the South African market has been strengthened and is set for further growth.”
*EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV® trademark is owned by EMVCo, LLC.
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Source: Company press release.