Thames Card Technology (TCT), one of the UK’s largest plastic card manufacturers, has won a three year deal to produce over one million chip payment cards for Serbia’s leading commercial bank, Komercijalna banka AD Beograd.
In collaboration with long-term partner SIS Software and Services Serbia (SIS), TCT will manufacture and personalise a range of payment cards for the Serbian bank. The cards will be a mixture of prepaid, dual interface (for swipe and tap use) and magnetic stripe gift cards as well as Dynamic Data Authentication (DDA) for enhanced security.
Commitment to increasing security and reducing fraud
Payment card security is a major priority for card providers. This latest deal with TCT reflects the commitment of Eastern Europe’s financial institutions to increasing card security. In the rapidly maturing markets of Eastern Europe the majority of dual interface cards are now using DDA technology in a bid to reduce fraud.
“The payment card industry is in a period of serious growth right across Eastern Europe, driven predominately by DDA chip payment and dual interface technologies. The Komercijalna banka deal not only represents another important milestone for Thames Card Technology, but also for the population of Serbia. According to the Association of Serbian Banks, there are between five and six million Serbian payment cards in circulation, so this deal will have a big and positive impact on cardholders locally.”
Paul Underwood, Managing Director of Thames Card Technology
The rise of DDA chip payment technology
With the increased use of contactless payments, and to reduce fraud, payment card security has seen a big increase in DDA chip payment technology. This technology now accounts for over half of all global card shipments and has been adopted by the major global payment schemes.
“Working with Thames Card Technology and SIS gave us piece of mind that our customers would benefit from the enhanced security which comes with the DDA chip payment technology. And for this reason we’re confident we’ll meet our targets to grow our customer base beyond the current more than one million customer accounts we manage.”
Slobodan Lukic, Director, Department for Payment Cards Development and Customer Relations, Komercijalna banka AD Beograd
Growth of TCT
TCT delivers its products globally to more than 50 countries supplying many blue chip customers across the banking, retail and telecoms industries. TCT and SIS have worked together for the past 10 years and the renewal of the Komercijalna banka contract highlights another success borne out of this cross-border collaboration.
“Our client base continues to demand new ways to improve card services for their customers, which is a key reason why we’ve enjoyed such a long-standing relationship with Thames Card Technology. Without question, they’re a global leader in the production of high quality card solutions, and continue to lead the way in technological innovation, whilst always adhering to strict standards and deadlines.”
Zoran Zivkovic, Managing Director, SIS Software and Services Serbia
Financial technology industry in Essex
Financial services and related activities are strong in Essex. They account for almost 90% of Essex’s overall finance and business services sector:
- Essex is the largest processor of credit card transactions in the UK
- The county has a key strength in financial administration technology
- 97,700 people employed in financial and business services in Essex
The county benefits from a uniquely strategic location in the UK with strong infrastructure links to the rest of the UK and Europe and close proximity to London, Europe’s no.1 finance hub.
Source [Thames Card Technology]