International Verifact Inc. and Royal Bank of Canada announced today that they will install Canada’s first complete electronic payment solution for debit, credit and Mondex smart cards in Guelph, Ontario.
Guelph was the first city in North America to be chosen for a community-wide launch of the Mondex system. The launch has been under way since February 1997, and nearly 600 merchant outlets are participating.
The payment solution to be installed in Guelph is an innovative approach to handling Mondex and traditional card payments while preserving the hardware and software base that Royal Bank merchants have invested in. A new IVI PIN (personal identification number) Pad will be attached to Royal Bank terminals to accept the Mondex smart card as well as to allow PIN entry for debit transactions.
“Consumers will either insert their Mondex card into the hand-held `PIN Pad’ to complete a smart card transaction or enter their PIN to complete a debit transaction,” said Frank Moore, Vice President, Merchant and Point of Sale Service, Royal Bank. “We believe this will increase user acceptance of the new solution because consumers do not have to adapt to an unfamiliar process.”
IVI is using a newly-developed PIN Pad that interfaces with Royal Bank’s existing hardware. The PIN Pad was developed jointly by IVI and their strategic partner, Ingenico S.A. of Paris, France.
“When you bundle the unique designs and small card capabilities of Ingenico with IVI’s PIN security and Canadian point-of-sale software expertise, as well as with Royal Bank’s support and knowledge of Mondex payment technology, you come up with a winning combination for advanced card technologies and traditional POS solutions,” said L. Barry Thomson, IVI’s President and Chief Executive Officer.
Royal Bank is a member of Royal Bank Financial Group, one of North America’s largest financial institutions and Canada’s leading provider of traditional banking services, investment banking, investment management, and securities custody.
IVI is engaged in the design, development and sale of electronic payment solutions for retailers, financial institutions, governments and other businesses. IVI’s hardware and software products include point-of-sale debit/credit/EFT/EBT terminals, check readers, smart card readers, POS printers, and secure PIN entry devices. Additional company information is available on the IVI website at [www.ivinet.com.]