NSICCS is a chip card specification mandated for debit cards issued by Indonesian Banks
Euronet Software Solutions, a division of leading electronic payments provider Euronet Worldwide, Inc. (NASDAQ:EEFT), today announced that the Bank of Tokyo-Mitsubishi UFJ, Ltd, Jakarta Branch-- a member of MUFG global financial group, has contracted with Euronet to complete a comprehensive upgrade to their card issuing and card processing systems.
With the support of Euronet and Euronet's Indonesian partner, PT Sigma Cipta Caraka (Telkomsigma), the Bank of Tokyo-Mitsubishi UFJ, Ltd, Jakarta Branch will implement system modifications needed for the bank to support chip card based debit card transactions and receive National Standard Indonesia Chip Card Specification (NSICCS) Issuer certification. Additionally, an interface to the local interbank network will be established allowing the bank to process domestic card transactions locally improving operational efficiency.
Indonesia, the 4th most populous country in the world (260+ million inhabitants), has seen an increase in the use of debit cards for purchases and ATM withdrawals in recent years. Because chip cards make it virtually impossible to create counterfeit cards, the Bank of Indonesia has mandated that all banks complete the NSICCS certification by January 1, 2016. The Bank of Tokyo-Mitsubishi UFJ, Ltd, Jakarta Branch will begin NSICCS certification in September 2015.
"Improving the security of electronic transactions is vital in today's world and is always at the forefront of our minds as we develop solutions to meet the needs of our customers," said Cindy Ashcraft, Vice President of Euronet Worldwide and Managing Director for Euronet Software Solutions. "We are extremely proud that the Bank of Tokyo-Mitsubishi UFJ, Ltd, Jakarta Branch continues to trust Euronet to provide answers to today's security and technology challenges."