Daily Independent (Lagos)
Emma Okonji
3 November 2008
Lagos — Senate Committee Chairman on Banking and Other Financial Institutions, Nkechi Nwogu, has commended eTranzact for its innovativeness in the launch of eTranzact Strong Authentication (ESA) and the ATM CardlexCash.
Speaking at the launch in Lagos recently, Nwogu said eTrnzact has done Nigeria proud by promoting safe and easy way of carrying out financial transactions in a cashless society.
eTranzact ESA provides two factor authentication transactions for Automated Teller Machine (ATM), Point of Sales (PoS), Mobile and Web transactions. It allows customers to carry out financial transactions through any e-channel, be it ATM, PoS or mobile phone. What eTranzact does is to make available dynamic PIN, which could be generated as new ESA Code by the user.
The eTranzact CardlexCash is another patent product that enables any mobile phone user to withdraw cash transferred to his mobile phone on the ATM.
According to Nwogu the beauty of it all is that the eTranzact Cardlexcash allows customers to carry out financial transactions, using securitycard and security number. She called on banks to partner eTranzact on the innovation, explaining that it will completely eradicate physical cash carrying, and the risk involved with cash carrying.
Senator Ayo Arise, who was also in attendance at the launch, said the greatest threat to e-Commerce is fraud and that it is difficult to prosecute fraudsters who steal money from ATM facility since there is no legislation that takes care of that currently. He called on banks, corporate organizations, individuals to embrace the eTranzact technology, which he said, eliminate fraud around ATMs.
He however said the Senate is coming up with a legislation that will address the issue of ATM fraud. According to him, as technology advances, fraud also advance, but insisted that legislation to take care of any anomalies surrounding technology advancement must be put in place as well.
Announcing the new ATM mobile cardless known as E-Tranzact ATM CardlexCash, Mr. Valentine Obi, Chief Executive of eTranzact, a switching payment company said the product allows customer to withdraw money from any ATM machine whose banks are on the E-Tranzact platform, without the use of an ATM card. It is designed to ease customers of the need of carrying too many ATM cards, and in a situation when the card carrier forgets his ATM card at home, and he is in dare need to cash money from the ATM machine around him or his office, the Cardlexcash will address the situation. The new technology allows all of these, Obi said. According to him, it is a product designed for E-Tranzact global payment network that provides a solution which allows a transferor to transfer funds from his mobile phone to the mobile phone of the transferee, who then collects the funds at any ATM without the use of ATM cards.
What the transferee needs do is to enter the access code and the card PIN into the ATM and the withdrawal is made with ease.
Obi explained that the revolutionary product, leverages on a subscriber's mobile phone, the E-Tranzact platform and the ATM processor of partner banks to make funds transfer and collection convenient for the end-users. He said "The E-Tranzact ATM Cardlexcash proposes a faster and convenient process of money transfer that eliminates going to bank or using an ATM card."
According to him, the eTranzact CardlexCash helps to bank the unbanked, provides 24 hours access to money transfer services, reduces congestion in banks and provides secure and convenient transactions.
The deployment of the ESA, Obi said, is unique because it leverages on the users cell phone to manage security token generation, thereby reducing cost of deployment for financial institutions whilst providing ease of use and convenience for the user. The security token known as the ESA Code generated by the subscriber cell phone becomes a one-tie pass code that will be used as input for authorization and processing of everyday activity.
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