Telecoms and Financial Institutions Team Up to Deliver Smart Card Services to Consumers' Homes Using VeriFone's VeriSmart System Software.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--March 10, 1999-- Telecom Eireann Becomes First Telecommunications Company See telecom company. to Host VeriSmart(TM) Smart Card Application System for Financial Institutions VeriFone, the leading global provider of secure electronic payment solutions and a division of Hewlett-Packard Company (NYSE NYSE See: New York Stock Exchange :HWP HWP Height (and) Weight Proportionate HWP Half-Wave Plate HWP Highway Patrol HWP Height Weight Proportional HWP Hewlett-Packard Corporation (stock symbol) HWP Hydrolyzed Whey Peptides ), announced today that Telecom Eireann, Bank of Ireland This article is about the commercial banking company Bank of Ireland. For the central bank of the Republic of Ireland, see Central Bank of Ireland. The Bank of Ireland (Irish: Banc na hÉireann and Allied Irish Banks Allied Irish Banks, p.l.c. (AIB) (Irish: Bainc-Aontas Éireann),ISEQ: ALBK, LSE: ALBK, NYSE: AIB, FWB: AIB is a commercial bank based in Ireland not to be mistaken for Anglo Irish Bank. AIB is one of the so called Big Four commercial banks in Ireland. completed the first implementation of VeriFone's VeriSmart software by a telecommunications company for hosting financial institutions' smart card services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. . The program marks a new era in electronic commerce as telecoms and financial institutions team up to deliver smart card services to the home. Telecom Eireann is utilizing VeriFone's VeriSmart software to host Visa Cash Visa Cash is a smart card electronic cash system owned by VISA. Trialled in various locations Worldwide (including Leeds, UK in 1997), the system works via a 'chip' embedded in a bank card, and looks similar to the so-called 'Chip and PIN' cards issued in inter alia France , a Visa International product, electronic purse load-application for both Allied Irish Banks and the Bank of Ireland. Telecom Eireann is distributing VeriFone's Personal ATM (PATM PATM Planetary Atmospheres PATM Pay Attention to Me PATM Performance-Based Air Traffic Management ) devices to as many as 500 consumers in Ennis, Ireland during the initial rollout this month. Through the partnership with Telecom Eireann, both banks are able to immediately market and distribute smart card services by making an easy to use value loading system accessible in the homes of consumers. VeriFone's VeriSmart software is being implemented worldwide by several major telecommunications companies, enabling them to host smart card services for banks, utilities, retailers, healthcare and government agencies. VeriSmart software is an open and flexible middleware architecture that easily integrates into the telecommunications network A telecommunications network is a of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes. infrastructure. By leveraging a telecommunications company's existing public infrastructure to run VeriSmart software, it is possible for financial institutions and retailers to save up-front costs and to offer smart card services almost immediately. "VeriFone's VeriSmart smart card application platform software has enabled Telecom Eireann to be the first telco to bring a new value load system to market," said Fiona Tierney, head of Card and Payphone payphone Noun a coin-operated telephone payphone pay n → Münztelefon nt; (card phone) → Kartentelefon nt Services. "With the VeriSmart software we will be able to provide smart card solutions through devices such as cell phones, smart/screen phones, personal computers, public phones, Personal ATM devices and other smart card appliances." Europe has aggressively adopted smart card technology over the past 10 years. As new infrastructures are established, more flexible smart card solutions are becoming available. Telecom Eireann, Ireland's leading telecommunications company, is a primary example of this progressive technology focus and has invested significant resources to make the town of Ennis a technology center. Through the PATM devices connected to Telecom Eireann's server system, consumers in Ennis will be able to check their Visa Cash card balance as well as load Visa Cash onto their cards at home. "The VeriSmart software with PATM devices not only offers consumers the latest technology in smart card services, but will provide us with a guide to consumer attitudes and behavior in relation to this home banking concept," said Frank Doherty, project manager, Electronic Banking, Allied Irish Banks. "The flexibility of the VeriSmart software allows us to work with the infrastructure of the telcos and deliver more smart card services to our customers." "VeriSmart software provides a value-added service A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. to our customers by offering them the convenience of loading their Visa Cash card in their own home," said Paddy Byrne, head of Payments and Electronic Banking Services at Bank of Ireland. "Smart card technology will play an increasingly important role in the growing area of home banking, and we are delighted to be working with Telecom Eireann and VeriFone on this exciting project." "VeriFone's established leadership in electronic payment has helped enable the collaboration of banks, telecommunications companies, merchants and card associations to create a strong smart card infrastructure that brings new applications to consumers," said Tom Kilcoyne, vice president and general manager of VeriFone's E-Commerce Software Division. "VeriSmart software creates new services and revenue streams for all parties." About VeriSmart VeriSmart software is a scalable client/server technology that enables financial institutions, telecommunications companies and other service providers to implement a complete multi-application consumer smart card solution seamlessly, from processor to consumer. Once a consumer appliance connects to the server, the appliance automatically accesses the latest smart card application including Visa Cash, Mondex and Proton, providing the flexibility for integrating future smart card capabilities into the existing architecture. About Telecom Eireann Telecom Eireann was established in 1984 and is Ireland's leading provider of local, long distance and international telecommunications services, including mobile and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. . Telecom Eireann currently employs 11,000 throughout Ireland. Total revenues for Telecom Eireann in 1997\98 reached IR(pound)1.35 billion, with operating profits Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of IR(pound)241 million and after-tax profits of IR(pound)155 million. Capital expenditure for the year amounted to IR(pound)297 million, provided entirely from internal resources. Telecom Eireann has an installed base of 1.5 million telephone lines, which generated 8.3 billion minutes of traffic in 1997\98. About Bank of Ireland Bank of Ireland (http://www.boi.ie) was established by private subscription under Royal Charter in 1783. For over two hundred years the Bank has been pivotal to the Irish banking system. The group currently organizes its business into the Retail Division, the Corporate and Treasury Division and other group activities. At 30 September 1997, BOI had assets of IR(pound) 31 billion and 12,000 employees worldwide. About Allied Irish Banks PLC Allied Irish Banks PLC (http://www.aib.ie) is Ireland's leading banking and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organization. It operates principally in Ireland, Britain, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Poland and Asia. With assets of IR(pound) 41 billion and employing more than 23,000 people worldwide in over 900 offices, Allied Irish Banks PLC has 50,000 shareholders. About VeriFone VeriFone (http://www.verifone.com), is a division of Hewlett-Packard Company and the leading global provider of secure electronic payment solutions for financial institutions, merchants and consumers. VeriFone has shipped more than six million payment systems used in over 100 countries. |
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