EDS Teams with Visa to Support Visa Smart Global Smart Card Initiative; Smart Card Solutions Draw Chip Road Map for Financial Institutions
PLANO, Texas, Nov. 2 /PRNewswire/ -- In a high-tech initiative set to transform the way people everywhere pay for goods and services, EDS (NYSE: EDS - news) is teaming with Visa to support the Visa Smart global smart card initiative.
Visa Smart gathers the world's leading hardware, software and technology service providers under the Visa umbrella to help member financial institutions implement end-to-end smart card programs. EDS, as a primary systems integrator for Visa Smart, will provide comprehensive systems integration, consulting, project management and implementation services to Visa members participating in the initiative.
''The Visa Smart alliance is a major step in the evolution of the on-line consumer market, with distinct advantages for financial institutions, merchants and consumers,'' said John Meyer, president of EDS' Diversified Financial Services unit. ''The alliance also extends EDS' thrust into the e- commerce market, which is a main competitive focus for us -- and one where our expertise in systems integration and systems development emerges as a clear differentiator.''
Visa predicts that smart cards -- plastic cards containing an embedded microchip -- will comprise one third of its card volume by the year 2002. Today, there are over 600 million Visa cards generating US $1 trillion in annual volume. Visa's existing payment card infrastructure and delivery channels reach 15 million merchant locations worldwide, including more than 400,000 ATMs.
''We are delighted that EDS is joining the Visa Smart initiative. Moving from the traditional magnetic stripe technology to chip is a major decision for any bank. Our aim, through Visa Smart, is to ensure that Visa's member banks have the right support and to enable them to make the transition cost effectively and comprehensively. EDS will help to provide the right expertise and resources to do this,'' said Judy Smythe, senior vice president, Chip Products, Visa International.
Visa Smart leverages the cost-effective Visa Open Platform to give Visa members greater flexibility when choosing hardware and software to support the introduction of chip technology. The Open Platform ensures that smart cards can be used anywhere and enables multiple functions to be added to the chip. These may include Visa Smart Debit, Visa Smart Credit and Visa Cash, as well as value-added applications and loyalty programs.
''Because of their central role in the payment system, financial institutions have an opportunity to seize a superior competitive position by embracing emerging technologies such as smart cards and the Internet,'' EDS' Meyer said. ''Programs like Visa Smart are enabling banks to meet the needs of a global consumer market with a ready-made, end-to-end package. Visa Smart will help set a clear course and standards for the future of electronic payment systems.''
EDS, the official information technology services provider for World Cup 1998, is a leader in the global information services industry. The company's more than 110,000 employees specialize in applying a range of ideas and technologies to help business and government clients improve their economics, products, services and relationships. EDS, which serves clients in 45 countries, reported revenues of $15.2 billion in 1997. The company's stock is traded on the New York Stock Exchange and the London Stock Exchange. Visit EDS via the Internet at eds.com.
As the world's best way to pay, Visa is the preferred payment brand and the largest consumer payment system worldwide with more volume than all other major payment cards combined. Visa plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions, their cardholders and the global economy. As the leader in emerging technologies, Visa has more than 70 smart card programs in 31 countries and on the Internet, with 22 million Visa chip cards, including 8 million Visa Cash cards. Visa is pioneering SET Secure Electronic Transaction(TM) programs to enable and advance Internet commerce. Visa's 600 million cards, generating more than US $1 trillion in annual volume, are accepted at more than 15 million worldwide locations, including 400, 000 ATMs in the Visa Gold ATM Network. Visa's Internet address is www.visa.com.
SOURCE: Electronic Data Systems
RECALL -- EDS is a partner with CUB (and RCOM) on the London Underground project. |
