Media Alert - Interac Association Actively Participates in Chip Card Technology Trial in Kitchener-Waterloo



    KITCHENER-WATERLOO, ON, Oct. 16 /CNW/ - Canada's payments industry
announced a chip card technology trial in Kitchener-Waterloo, Ontario,
beginning this month. Canada is now one step closer to moving to a new payment
technology that will provide consumers with increased protection against debit
card fraud.
    As Canada's recognized national debit network, Interac Association is
actively participating in this multi-participant trial, which involves the
collaboration of the major credit card companies, financial institutions,
payment processors and merchants.
    The migration to chip card technology represents an evolution of the
electronic payments system designed to make an already safe system even more
secure. The Kitchener-Waterloo chip technology trial is an important step in
ensuring a smooth transition to chip technology for all participants in the
electronic payments system.
    A chip card is a payment card that contains an embedded computer chip
which increases protection against payment card fraud. In addition to
providing increased security, the chip card also offers a platform for new
product and service offerings, such as stored value or loyalty programs, and
will allow multiple functions to exist on one card.
    Access footage of INTERAC spokespeople and other experts on Tuesday,
October 16, 2007 to learn how Canadians can expect to benefit from this new
payment technology that will make a safe payments system even more secure. In
addition, an INTERAC spokesperson is available on Wednesday, October 17, 2007
for interviews.
    The B-Roll is available at the listed time and co-ordinates:

    
    Date of Feed:             Tuesday, October 16, 2007

    Time of Feed:             2:00 PM EDT - 2:30 PM EDT

    Co-ordinates:             Anik F2C, Transponder 1B
                              Audio subcarrier 6.8 & 6.2
                              Downlink frequency 3980 Vertical

    Broadcast Quality MPEG2 file download URL:
    http://cnw.pondeserver.com/story_details.asp?fn=146
    

    Why is Interac Association moving to Chip technology?

    Mark O'Connell, President and CEO, Interac Association explains why the
association is moving to Chip technology.

    Chip: The power of a computer onto debit cards

    Kirkland Morris, Assistant Vice President, Strategic Policy and Programs,
Interac Association explains the benefits of Chip technology.

    Chip and debit card fraud

    Jacques Bois, Detective Staff Sergeant, Ontario Provincial Police speaks
about the need for Chip technology, and how it will impact payment card fraud
in Canada.

    Chip success around the world

    Itai Sela, Senior Consultant, Collis BV comments on the success of Chip
in countries that have already migrated to the payment technology.

    What is EMV?

    Collis BV explains what EMV is.

    Chip technology and new opportunities

    Interac Association comments on the potential of Chip technology beyond
enhanced security.

    Ensuring a smooth transition to Chip technology in Canada

    Interac Association talks about the deadlines in place to ensure a smooth
transition to Chip technology in Canada.

    What a Chip debit card looks like

    The new Chip debit card looks similar to the debit card currently used by
millions of Canadians, but it will contain a small microchip on the front of
the card. The back of the card will continue to feature a magnetic stripe so
that users can use the card throughout the transition in Canada, and also use
it in countries that are not yet offering Chip technology.

    When will Canadians receive their Chip debit cards?

    Interac Association explains when chip debit cards will be available to
Canadians.

    Will Chip debit card transactions be conducted differently than magnetic
stripe transactions?

    Interac Association explains the key difference between a Chip debit card
transaction and a magnetic stripe transaction.

    Is a magnetic stripe transaction still secure?

    Interac Association comments on the security of the existing magnetic
stripe cards.

    About Interac Association
    -------------------------
    A recognized world leader in debit card services, Interac Association is
responsible for the development and operations of the INTERAC network, a
national payment network that allows Canadians to access their money through
Automated Banking Machines and point-of-sale terminals across Canada.
    Interac Association was founded in 1984 and is composed of a diverse
membership which includes banks, trust companies, credit unions, caisses
populaires, merchants, and technology and payment related companies.
    Other INTERAC-branded and related services include: INTERAC Online, for
secure online payments directly from a bank account, INTERAC Email Money
Transfer, for the transfer of money from a bank account to anyone with an
email address, and Cross Border Debit, for point-of-sale access at more than
1.5 million U.S. retailers.





For further information:

For further information: Tina Romano, Interac Association, Acxsys
Corporation, (416) 869-5062, tromano@interac.org; Catherine Héroux or David
Weinstein, Strategic Objectives, (416) 366-7735,
davidw@strategicobjectives.com


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