Can you tell us about e-Tranzact
eTranzact International PLC is a leading e_payment solution company that provides world –class electronic switching and mobile payment services. eTranzact presently in seven countries around the world; Nigeria, Ghana, Kenya, South Africa, Zimbabwe, Ivory Coast and United Kingdom.
In 2003, eTranzact became the first African company to be awarded a gold medal from the prestigious COMPUTERWORLD HONORS AWARD in San Francisco California, United State, for its innovative and visionary use of information technology to produce and promote positive social, economic and educational change in the society.
Also in 2008, The Central Bank of Nigeria (CBN), awarded eTranzact as the MOST INNOVATIVE PRODUCT in recognition with the company’s contribution in the transformation of the economy from cash based to a cashless society.
The company’s innovative services are in line with its vision to become a global leader in providing electronic switching and mobile transaction payment services.
What are the unique services eTranzact provides?
Today we have patent for security products like ESA and ATMCardlexCash. For us in eTranzact, we see a future where cards are going to be obsolete and your mobile becomes a veritable tool for all your payment needs, hence our dedication and commitment to making the mobile phone your tool for everyday transaction. The mobile has become so personal that your dressing is almost incomplete without it.
So, we have built a lot of solutions and services with the mobile phones in mind. Services, such as funds transfer, payment to a POS (point of sale) device, ATM cash withdrawals, etc, can now be done securely and conveniently using your eTranzact enabled mobile platform deployed in any of our banks. Yes.
I can transfer money to your phone and you can go to an ATM without an ATM card and withdraw the cash. This is the first of its kind anywhere in the world and eTranzact owns the patent.
In a country of 150 million people where less than 20 million people are banked, but well over 80million mobile phone subscribers, it makes sense to leverage on that population for financial inclusion as been advocated globally. We are currently in discussion with various stakeholders on how we can move banking to the next level via the mobile.
Over the years people have complained about ATM card fraud and today we can boast that the eTranzact Strong Authentication (ESA) makes it impossible for a fraudster to have access to your account even if the person has both your card and PIN.
eTranzact Strong Authentication ( Second Factor Authentication), makes your current static ATM PIN dynamic. Your eTranzact enabled mobile phone will now be able to generate a new PIN for you per transaction and per amount.
I believe that when it comes to technology, we in Africa are better place than Europe and America simply, because we can leapfrog. And this is what is happening today in eTranzact.
I am yet to see anywhere in the world where I can use my mobile phone to transfer money into your bank account in real_time or transfer to your mobile phone and you can go withdraw it at an ATM machine. In UK where you have the faster payment, it still takes hours before you can receive payment into accounts even when you use the banks channels like Internet banking or bank tellers.
How does eTranzact run all its solution across its group?
Everything we have to do has to be on a group level which means if we have a product in Nigeria we also have to establish the same product in our subsidiary companies around the world.
What we are actually doing is building hubs, Nigeria is a hub on its own, Ghana is hub for English speaking, Cote d’Ivoire is a hub for French speaking, Kenya is a hub for the East Africa countries and South Africa is a hub for the South Africans. However, Nigeria is still the biggest African market and we naturally have extensive focus on the business here.
What is eTranzact doing about the increasing ATM/Banking fraud in the country?
Like I said earlier, we have a security platform we call eTranzact Strong Authentication (ESA), what we have realized is that most times we are at the mercy of the banks. When the bank issues you an ATM card and gives you a PIN, you can claim that the bank knows everything about you. So, what we have done now is to put a second factor authentication whereby you are in control and no longer the bank because you generate your PIN on your mobile phone and what it does is to put the control back in the hands of the customer.
The new ATM Chip and PIN card is more secured than the old magnetic stripe cards because the magnetic cards can easily cloned and the Chip and PIN is a lot more sophisticated and cannot be cloned easily. However, if someone has you EMV card and PIN, he or she can still withdraw money from your account.
But using the eTranzact Strong Authentication product the PIN given to you by the bank is useless even though a fraudster has my card. Before commencing any transactions, I would go to my phone, log in on the eTranzact mobile platform, log in the PIN given to me by the bank and the exact amount I want to withdraw, it would then generate an ESA PIN that is tied to that amount which I can only used to withdraw that particular amount from the ATM.
So, I can easily give my card with the ESA PIN to anyone to go withdraw that amount from an ATM machine and the ESA PIN is a One Time Pass Code (OTPK) which cannot be used a second time. When I go to the ATM, I can only withdraw that amount I had tied to the ESA PIN. The ESA PIN lasts for only 60 minutes, after 60 minutes that ESA PIN would expire and you will need to generate a new one. The uniqueness of the ESA features is what made the patent possible.
Apart from the ATM transactions, ESA code can also be generated to authorize and authenticate logins by Web transactions. This is what we have done to protect people from ATM or online fraud issues.
The ESA code which is one time pass code can only be used for one transaction. You can give your card to anybody to help you withdraw for an ATM with the ESA PIN, that person cannot withdraw more than the initial amount already tied to your ESA PIN. With the ESA PIN you control your account and you are the only person that has access to your account because of this solution.
The eTranzact ATM CardlexCash solution is another innovation of eTranzact to mitigate against ATM fraud. To commence an ATMCardlexCash solution, I key in the amount I want to send to the recipient on my mobile phone and an access code which he will use to withdraw the fund. Then, I inform the recipient of the access code via other means. The recipient will cash out exact funds at ATM using the access code.
This innovation proposes a secure, faster and convenient process of sending money and cash withdrawals at the ATM. With this solution, the recipient does not need to have a bank account to receive funds and does not need to go to a bank branch to collect funds, which can only be done during working hours. It also eliminates the need to use an ATM card to withdraw money.
SOURCE:/www.vanguardngr.com
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