Aconite, a provider of smart card software solutions and professional services today announced that they have been selected by Visa Europe to provide software to support the development of a new Visa payWave prepaid card.
Aconite will extend the functionality of its Smart PrePaid (SPP) solution to support Visa Europe’s new Prepaid Chip specification. The development will support the initial delivery pilot which will test and demonstrate Visa payWave prepaid cards with selected Issuers; the aim is to minimise the impact and integration requirements with existing Issuer systems before a wider rollout.
Aconite’s SPP solution enables Issuers to perform secure prepaid transactions offline without the need for online authorisation. The available balance is stored on the card and tracked in a shadow account, reducing each time a purchase is made. The shadow account ensures that once the prepaid balance is exhausted, no further purchases can be made until the shadow account is topped up and the card is updated via an online transaction.
Mike Woods, CEO at Aconite says “It’s great that Aconite has been selected by Visa Europe for this project. It is a very exciting time to be working with Visa Europe and Issuers on prepaid applications”. Mike adds “From our experience there is a high demand for a solution that enables Issuers to rapidly embrace the enormous potential that Prepaid brings such as gift cards, payroll and travel, and to address segments such as youth and unbanked.”