Premier Card Solutions Secures Opportunity in the Growth Market of Open Loop Gift Cards.
EUGENE, Ore. -- Premier Card Solutions (PCS) has implemented the Bank Card Security System (BCSS) with a Thales HSM 8000 to take advantage of the growing demand for network branded (open loop) gift cards.
According to a report released today by the Mercator Advisory Group, the open loop prepaid card market grew by 48.6% in 2008 to $60.42 billion, and the open loop gift card market grew by 54.3% to $7.76 billion.
PCS purchased the BCSS software from Prime Factors to meet a customer requirement to produce gift cards with security codes such as CVVs and CVCs. PCS also required a Host Security Module (HSM) to be incorporated into the secure card creation process.
Like many card manufacturers, PCS had no experience with security code compliance issues as mandated by Visa[R], MasterCard[R], Discover[R] and American Express[R]. BCSS is a low cost alternative to the custom programming ordinarily used to create card security codes and PINs and implement key management. Prime Factors worked closely with PCS to implement BCSS and the Thales HSM, positioning PCS to participate in the growth in open loop prepaid cards.
"Mercator research indicates that this security requirement will continue to grow due to the rapid growth of the network branded card business into markets that were traditionally dominated by closed loop solutions," said Tim Sloane, Director, Prepaid Advisory Service for Mercator, the payments and banking research firm.
BCSS customers include some of the largest secure personalization bureaus and card issuers in the business. Since 1981, Prime Factors has helped its customers simplify secure card creation and processing. "This expertise was invaluable in helping PCS make a smooth entry into the secure personalization market," said PCS Director of Information Technology, Chris Erickson.
"We really needed help because of our unfamiliarity with the secure personalization process," Erickson said. "Prime Factors had the knowledge of the process, and software that already does everything. When you are first exposed to handling the data in a secure way, it is a bit daunting. Also, we really struggled with key management. But once the Prime Factors consultant got on site, everything was far less intimidating."
For more information visit: www.PrimeFactors.com.
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|Date:||Sep 3, 2009|
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