Dynamics Wins Best of Show at FinovateEurope 2012 as Europe Votes for Dynamics' Chip and Choice[TM] Technology to Fix Significant International EMV Flaw.
LONDON -- Dynamics Inc., an innovator in next-generation payment devices, won Best of Show at FinovateEurope 2012 in London with its Chip and Choice[TM] technology, based upon a vote of more than 550 European financial executive attending the show. Dynamics has now won three consecutive Best of Show awards at Finovate.
A Dynamics card with Electronic Stripe(R) and Chip and Choice (TM) technology. (Photo: Business Wire)
Dynamics' Chip & Choice[TM] technology includes two chips - a secure, embedded chip and an exposed chip. A user can select different payment options by pressing different buttons on the card. Dynamics' secure, embedded chip then writes a different, temporary chip profile into the exposed chip based on the user's selection. This technology enables users to select and use different payment applications even with card readers that do not support such applications. This level of flexibility, unique to Dynamics' payment cards, negates the need for costly infrastructure updates to deliver new functionality to merchants, networks, card issuers, and consumers.
"Today, legacy EMV is about as functional as a traditional 1970s magnetic stripe. Legacy EMV chips cannot communicate true dynamic data because EMV card readers simply cannot understand all of the data they receive. This is because of a flaw in the EMV standard that requires a software update in each card reader every time a new EMV application is created. Yet, it would take approximately eight to ten years to upgrade the software in 95 percent of the region's EMV card readers. The flaw is amplified by the fact that only 83 percent of the magnetic stripe readers in Europe actually include the EMV modules required to accept EMV chips," said Dynamics' Chief Executive Officer Jeff Mullen. "Dynamics' Chip and Choice[TM] technology translates dynamic data to EMV readers in a format they can understand without requiring a costly and decade-long upgrade. In doing so, Dynamics provides the international community with its first truly consumer-oriented payment device."
Dynamics' award-winning Electronic Stripe[R], the world's first fully card-programmable magnetic stripe, is also included on the card. As nearly 100 percent of European point-of-sale terminals have magnetic stripes, but only 83 percent of European POS terminals are chip enabled, the Electronic Stripe[R] can convey the user's selection for any purchase at any terminal. Accordingly, when a user presses a button on the card, information associated with the user's selection is also written onto the Electronic Stripe[R]. For example, a user can use the buttons on his/her card to select to pay for a purchase with credit or to pay for a purchase with rewards. The user can swipe the card at a magnetic stripe terminal and information regarding the user's selection will be communicated through the card reader via the Electronic Stripe[R].
Dynamics' Chip And Choice[TM] and Electronic Stripe[R] technology can be utilized in any country with EMV penetration. For example, Dynamics' Chip And Choice[TM] may be utilized in the 40 percent of Asia Pacific's point-of-sale terminals that are chip enabled, and Dynamics' Electronic Stripe[TM] technology may be utilized in the near 100 percent of Asia Pacific's point-of-sale terminals that have magnetic stripe readers. Dynamics' technology provides cardholders in all markets with new, advanced capabilities and a more meaningful and seamless payments experience.
About Dynamics Inc.
Dynamics Inc. was founded and seeded in 2007 by Jeff Mullen, its President and CEO. Dynamics produces and manufactures intelligent powered cards such as advanced payment cards. Focused on introducing fast-cycle innovation to top card issuers, the company's first commercial application is the world's first fully card-programmable magnetic stripe for use in next-generation payment cards. The company has won many of the world's most prestigious international business plan competitions, including the Rice Business Plan Competition, Carnegie Mellon McGinnis Venture Competition and the University of San Francisco Business Plan Competition. The company won DEMOgod and the $1M People's Choice Award at DEMO Fall 2010, Best of Show at FinovateFall 2010 and FinovateFall 2011, and Best of Show at BAI Retail Delivery 2011. In January, the company won Best in Show at the 2011 International CES for Personal Electronics and Technology Honors at the 2012 International CES for Personal Electronics. Dynamics has closed a $5.7M Series A round led by Adams Capital Management and a $35M Series B round led by Bain Capital Ventures. Dynamics is headquartered in Pittsburgh, Pa. More information on the company, its technology and applications can be found at www.poweredcards.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50167616&lang=en
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|Date:||Feb 14, 2012|
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