Intellect Electronics, Inc., a leading provider of smart card enabling terminals and solutions, today announced an agreement to provide the security for the smart card applications in over 850 Banco do Brasil terminals as part of the bank’s massive technology improvements to supply thousands of new smart card-ready ATM machines. Intellect has partnered with leading worldwide distributor Mitsui, and Itautec, the largest ATM manufacturer in the Brazilian market, to deliver the security for Banco do Brasil to easily migrate to multiple smart card schemes in the bank’s efforts to drive leading technology in the Brazilian banking industry.
The agreement enhances Intellect’s strong presence in the Americas in providing smart card enabling strategies to large banks and retailers. With terminals that accommodate both magnetic stripe and smart cards, Intellect is driving the adoption of secure smart card technology and migration solutions for major retail outlets, mobile merchants, financial service providers, and banks around the world.
As part of phase one of the Banco do Brasil project, installation of Itautec’s ATMs which house Intellect 8530 terminals will begin in November, and will have a built-in smart card slot for easy migration to multiple card schemes, including Visa Cash, Mondex, and proprietary systems. Visa’s certification of the ATMs is evidence that Intellect’s solution brings added security features to a relatively non-secure existing ATM environment. The Itautec ATMs will be installed in bank lobbies in the Northern, West-Center and Minas Gerais regions of Brazil and can be used after normal banking hours.
“The Banco do Brasil has the second largest technology investments of any bank in the world, and is a driving force in setting the tone for the Brazilian banking industry,” said Milton Shizuo Noguchi, Research and Development Director at Itautec. “Banco do Brasil’s choice to award Itautec and Intellect with the ATM business demonstrates that the bank is committed to bringing cutting-edge technology, including smart card and stored-value capabilities, to its Brazilian customers in a timely fashion.”
The Intellect 8530 SAM Expansion Unit provides individual Security Authentication Modules (SAMs) to each card scheme, and the added flexibility eliminates the need to change hardware to accommodate new schemes. The SAMs are self-contained security modules that provide secure functionality, including storage of encryption keys, data, and security service functions. When fully configured, the 8530 may operate as a desktop unit providing the support of a full SVC terminal for attachment to any of Intellect’s current PIN pad products. The 8530 SAM Expansion Unit may also exist as a below counter junction box providing multiple SAMs, processing power, and memory.
The Itautec agreement represents another strategic extension of Intellect’s widening global presence in the Americas and abroad. Intellect expects its strong relationships with established Brazilian partners Mitsui and Itautec to expand the company’s deals with further Banco do Brasil and other institutions’ technology upgrades, which are estimated to be in the billions of dollars in the next few years.
“We are very enthusiastic about the potential for smart card technology in Brazil and other South American and Latin American countries,” said Thomas G. Ream, president of Intellect. “The partnerships and deals that we have established to date position Intellect as a key player in bringing smart card enabling technology to this rapidly expanding market.”
Intellect has also gained momentum in the Brazilian retail market with a 1995 contract with Itacomp, a major supplier of “smart” telephones used by retail stores to verify customer checking account information and to provide a vast number of transaction and telephony services. With Intellect’s technology, merchants can process magnetic stripe credit/debit cards and smart card transactions online with a single phone connection.
Intellect Electronics, Inc., is a subsidiary of Intellect Holdings, Ltd., a publicly-traded Australian corporation. Intellect products range from smart card readers, payment systems, electronic wallets and mobile terminals to cryptographic processors that secure facilities such as banking networks. Intellect products are sold in more than 25 countries, including Brazil, The Netherlands, Belgium, Norway, Australia, Singapore, and the U.S. For further information, contact Intellect’s home page at .
Itautec-Philco participate in the consumer electronics and computer businesses, and have annual revenues of US $1.2 billion. They have 30% market share in the banking automation and retail automation markets in Brazil. Itautec also has subsidiaries in Portugal and Argentina.
Mitsui Brasileira — Electronic Products Dept. — the Brazilian branch of the Mitsui and Company Ltd., Japan — has been supplying electronic products like semiconductors and integrated circuits as well as state-of-the-art technology from the biggest Japanese manufacturers to the major Brazilian information system corporations since the early 1980s.Details