The team at credit, debit and ATM card maker EFT Source in September churned out more than 3 million items from their Nashville and Colorado Springs locations, helped in no small part by the need to replace cards compromised by high-profile data breaches. At one point last month, weekly production ran 37 percent higher than the company's previous record.
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Local credit card manufacturer EFT Source has recruited an expert in chip-based payment cards to help it prepare for the U.S. rollout of that technology, which looks to be gathering steam in the wake of the data breaches at Target and elsewhere. Dmitry Tarusov comes to the company from German company Giesecke & Devrient and also has worked at Threshold Financial Technologies.
“The recent data breaches have increased the discussion around EMV and created a new sense of urgency for its implementation, however there is still no step-by-step plan in place and many unanswered questions,” said Bill Dinker, president of EFT Source. “Dmitry’s experience and comprehensive knowledge of EMV and its outlying considerations offset the unknown. His expertise will be invaluable to us and the customers we serve as the industry’s migration approaches.”
Nashville-based credit card maker EFT Source has signed a deal with Albany, N.Y.-based Covera to market its Card@Once technology to Covera's more than 300 credit union customers. The Card@Once platform cuts time and money out of the card issuance process and has been growing quickly for 36-year-old EFT Source.
Nashville-based EFT Source, a provider of turnkey card programs and personalization services for ATM and debit cards for financial institutions, announced today that its Card@Once has received a patent from the United States Patent and Trademark Office.
“EFT Source has been a participant in the development of instant issuance since its inception, and the case for its adoption is now much stronger due to the development of technology in recent years,” Bill Dinker, president of EFT Source, said in a release. “This patent establishes Card@Once and its PCI DSS certified card printer network as truly unique and is reflective of our commitment to refining instant issuance technology.”
Instant issuance technology allows financial institutions to instantly deliver financial transaction cards, reducing the delivery time from days to minutes. Card@Once’s patented branch card printer network eliminates the need for financial institutions to develop full infrastructure to support the printing of personalized payment cards. The Card@Once network is monitored 24/7 by EFT Source’s technical team to ensure any network issues are identified and eliminated immediately; thus removing unexpected technical delays for the institution.
In addition, the patent grants exclusive rights for:
* The secure communication and storage of card file data across the Internet to and from the Card@Once printer at the branch;
* A perimeter network coupled to the card services provider network;
* A virtual private network for secure data encryption and communication between the branch card printer network and the card services provider network;
* The card file data that is programmed to the card, including the PIN calculation data; and
* The communication of successes or errors to the branch across the network.
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