JSE-listed Prism Holdings, the trusted transactions company, has released its Outdoor Payment Terminal (OPT 4000) - an upgraded version of the original Self-Service Terminal (SST) which has been specifically developed to comply with the world`s most stringent security standards: EMV, Visa PED and T-DES.
This follows the certification of the OPT 4000 as EMV Level 1 and Level 2 compliant by the global EMV (Europay, MasterCard, Visa) standards authority in addition to Visa PED certification.
The earlier version of the OPT, a secure payment acceptance, funds loading and information presentation device that handles all contact and contactless token-based electronic payment requirements, has been installed throughout Malaysia. The terminal gained rapid acceptance in that region as a result of its ruggedness, weather resistance and ease-of-use.
Now, with the new OPT 4000 meeting all current security standards for electronic payment devices, global demand for the SA-developed terminals is likely to increase.
According to Gerhard Claassen, Director of Prism Crypto and OEM Business Unit, banks and retailers around the world (including SA) are stepping up their efforts to meet the mandated Visa and MasterCard deadline for their PIN-handling systems to comply with the global Triple DES* (T-DES) algorithm and EMV standards. In fact, Visa and MasterCard have issued a mandate that all banks upgrade their PIN-handling systems to use the T-DES algorithm - while EMV-based smart cards will replace magnetic stripe bankcards within the next few years.
Visa has further mandated an additional physical and logical security certification - Visa PED, if it is to acquire a transaction.
"The Prism OPT is primarily designed for 24x7x365 unattended operation in a petroleum dispenser or pedestal on a forecourt. It is suitable for use in outdoor environments which are exposed to adverse weather conditions, high-pressure sprayers and petrochemicals," Claassen says.
In fact, Prism recently signed a 10-year cooperation agreement with NYSE-listed Radiant Systems - one of the world`s largest suppliers of store technology for the foodservice, petroleum and convenience store, and cinema industries - which will result in Prism`s OPT being incorporated into Radiant`s advanced suite of petroleum forecourt products to ExxonMobil in Asia.
The Prism OPT is suitable for integration into unattended/semi-attended and attended terminals like kiosks, ATMs, airline check-in counters, train and bus stations, hotel lobbies, casinos, theatres and other general leisure environments.
"The new 4000 series of OPT includes numerous physical enhancements and improved ergonomics accommodating a standing user. The larger display with higher resolution serves as an ideal platform to address the softer marketing, media and cross-merchandising opportunities such as C-store and car wash promotions, as well as value-added services such as prepaid airtime," Claassen concludes.
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The Data Encryption Standard (DES) is the most widely used encryption algorithm in the financial world to encrypt PIN blocks and to secure EFT transactions. Due to rapid development in computer technology, its key length of 56 bits is not secure any more. The card organisations and their member banks have mandated that DES must be replaced by certain dates with TDES, which has a 112 bit key length and will be secure for the next 10 years or more.
EMV is a global standard for the design, security and functionality of smart card terminals and applications. Smart cards offer the best security available in the payment industry, securely storing account data that thieves can too often steal from today`s magnetic stripe cards.
Prism
JSE-listed Prism Holdings Limited is a leader in the field of secure electronic transaction products, solutions and services. The group has a strong presence in SA and an established and expanding footprint across Africa and South-East Asia.
Prism has a proven track record in the delivery of secure electronic payment technologies and end-to-end solutions for the retail, utilities, banking, cellular and petroleum industries. The group has developed and implemented innovative payment-centric intellectual property that bridges the following technologies:
* Chip cards including SIM cards, financial smart cards and telephone cards.
* Point-of-sale frameworks, applications and devices.
* OEM transaction modules including PINpads, card readers and self-service terminals.
* Transaction security modules and servers.
* Payment servers, messaging gateways and value-added-services gateways.
* End-to-end secure electronic payment architectures for wired and wireless networks.
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