MagTek, IA360°, and Canada's largest grocer bring essential services together
Seal Beach, CA, August 28, 2017 - MagTek, Inc., a leading supplier of instant issuance solutions, today announces the unprecedented launch of the instant issuance of bank cards in a retail grocery environment using MagTek's ExpressCard 2000 and IA360°'s card issuance system.
Customers can visit their bank while shopping for groceries and receive a permanent EMV or magstripe card instantly. There is no longer a need to wait for cards and PIN mailers, which are frequently lost or stolen while in transit. This makes the process more secure and convenient while simultaneously increasing revenues driven by immediate use of the card.
"Being able to hand a card directly to a customer is the key element in instant issuance," said Liza MacKinnon, MagTek General Manager and VP of Banking Solutions. "It truly is a win-win for the customer and the bank, since the customer can start making purchases immediately and the bank doesn't have to worry about temporary cards."
The ExpressCard 2000 can print, emboss, indent print, encode the magstripe, and personalize the chip. Different functionality can be activated depending on the bank's needs and per the given location, whether they need full personalization, PIN or rePIN capabilities.
"Instead of the bank trying to bring the customers into the branch, the banks are going where their customers already are," said Geoff Conant, Managing Partner IA360°. "There is smooth error handling built into the system, so if there are any issues they can be resolved quickly and not delay the customer."
The banking industry is changing as are customers' expectations of immediacy. Millennials are influenced by digitization and convenience more than any other age group. While they are difficult to 'fully engage', currently that stands at 31%, once they are, Millennials prove to be more loyal and profitable than customers in other generation. Providing them with more immediate services in environments they already frequent will improve market penetration.
For more information about MagTek and IA360°, read the Use Case, or see MagTek at the Symitar Expo and Conference, booth #723, August 29 - 30th at Hilton San Diego Bayfront, San Diego, California.
Founded in 1972, MagTek is a leading manufacturer of electronic systems for the reliable issuance, reading, transmission and security of cards, checks, PINs and identification documents. Leading with innovation and engineering excellence, MagTek is known for quality and dependability. Its products include secure card reader/authenticators, token generators, EMV contact, contactless and NFC reading devices, encrypting check scanners, PIN pads and distributed credential personalization systems for secure magstripe and EMV enabled cards. These products are used worldwide by financial institutions, retailers, and processors to provide secure and efficient payment and identification transactions.
Today, MagTek continues to innovate. Its MagneSafe™ Security Architecture leverages strongencryption, secure tokenization, dynamic card authentication, and device/host validation enabling users to assess the trustworthiness of credentials and terminals used for online identification, payment processing, and high-value electronic transactions.