EVC technology designed for easy deployment by issuers, frictionless cardholder experience, and transparent acceptance by all merchants.
American Banknote Corporation (ABCorp) today announced the launch of its battery-free dynamic security code payment card that utilizes Ellipse Verification Code™ (EVC) technology. EMV® proved very effective at reducing Card-Present (CP) transaction fraud by preventing card counterfeiting whereas EVC combats fraud in Card-not-Present (CnP) transactions by replacing the static 3 or 4-digit security code printed on a payment card with a dynamic security code displayed on a small screen. The complementary combination of EMV and EVC follows the logical evolution of payment smartcards that provides a complete solution against both CP and CnP fraud.
ABCorp’s EVC card is an issuer-only CnP fraud prevention solution that is easy to implement. It delivers a frictionless cardholder experience and is transparent to all merchants. ABCorp’s EVC card helps issuers reduce fraudulent CnP transactions, card reissuance and fraud management costs. Further, ABCorp’s EVC card reduces the loss of opportunity and avoids substitution of cards on file while cardholders wait for their replacement cards.
Built on Ellipse’s EVC technology, the ABCorp EVC card has a battery-free design to ensure operation throughout the entire lifetime of the card. This design enables simplified storage, handling, and end-of-life product management. The EVC card is powered by, and works with, all existing POS terminals and ATMs. The card’s display is updated with a new security code during each EMV transaction.
Issuers can implement ABCorp’s EVC card dynamic code verification by either using their existing EMV authorization platform and HSM, or by utilizing the EVC PCI-DSS compliant, cloud-based verification service via simple API calls. This flexibility provides issuers the choice to implement the verification service based on their specific needs and requirements.
From its origins dating back to 1795 aiding the design and production of the first currency issued by the newly formed Bank of the United States, ABCorp is the leading provider of credential (ID), payment (debit/credit/stored value) and secure access (transit and hospitality) products. ABCorp has been a trusted partner and provider for countless governmental agencies and blue-chip companies over a span exceeding two centuries.
Today, ABCorp offers a wide variety of products and services including secure documents, EMV and contactless payment credit and debit cards, instant issuance programs (identification and payment), and sophisticated digital and contactless solutions to deliver content and provide authentication. It is trusted to deliver millions of secure, counterfeit-resistant identity products every year such as drivers’ licenses, voter ID cards, e-passports and other forms of secure identification for countries and citizens around the world. ABCorp’s strength comes down to the single ability that can be seen across all their products and services: delivering peace of mind to those in need of secure elements – no matter the type of transaction – in an ever-changing world.
Ellipse is a Los Angeles based FinTech company shaping the future of payment security. Ellipse has invented EVC™, the innovative new Card Security Code standard. EVC is a breakthrough solution to combat Card-Not-Present fraud. EVC is easy to deploy for issuers, provides a frictionless experience for cardholders, and is transparent to merchants. Ellipse is revolutionizing the smartcard industry by introducing its ellipse CORE™ battery-free display technology, enabling all card manufacturers to produce display card products with their existing hot-lamination process and equipment. Ellipse’s innovative, patented battery-free display card technologies enable secure Card Not Present transactions and the dynamic display of prepaid card balance and transit value information. Ellipse is comprised of leading payment technology experts dedicated to help stakeholders generate new value from technologies that address today’s and tomorrow’s challenges of the digital payment ecosystem.
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