Just In Time (JIT) Group entered into an agreement with Nations Trust Bank (NTB) to manufacture, personalise and deliver Europay MasterCard Visa (EMV), compliant cards.
For the next five years JIT Group together with Gemalto, will provide American Express (AMEX) chip card and personalisation services to NTB. In addition to the Banking and Finance sectors, JIT Group has also engaged in a number of Government sector opportunities leveraging Gemalto’s expertise in secure identity documents including eID cards, electronic passports and driver’s license.
Non-EMV card products and solutions have been provided by JIT Group across other banks in Sri Lanka. The Central Bank of Sri Lanka, the governing local financial authority, provided the essential guidelines and timelines for this specific migration into chip cards for the local financial institutions. This marks progress for Sri Lanka’s banking industry and keeping to global standards.
EMV stands for Europay, MasterCard and Visa – a global and technical standard for the inter-operation of integrated circuit cards or chip cards. These chip cards are capable of point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions which can accept them. This was a joint effort initially conceived between Europay, MasterCard and Visa to ensure the security and global interoperability of chip-based payment cards. Chip card systems based on the EMV specification are being phased in across the world, under names such as ‘IC Credit’ and ‘Chip and PIN’.
EMV cards are smart cards (also called chip cards or IC cards) which store their data on integrated circuits rather than magnetic stripes, although many EMV cards also have stripes for backward compatibility. They can be contact cards which must be physically inserted into a reader, or contactless cards which can be read over a short distance using radio-frequency identification technology. Payment cards which comply with the EMV standard are often called chip-and-PIN or chip-and-signature cards, depending on the exact authentication methods required to use them.
Just In Time Group, with many leading specialised industry related principal relationships in place, is focused in the areas of strategic ICT solutions, core ERP & CRM solutions, systems integration services, infrastructure solutions, and strategic ICT investments, targeting the banking and financial services industry, telecommunications, government, defence and commercial vertical sectors. Listed by Gartner Research, in their Leading Offshore Services Locations in the Asia/Pacific 2015 report as a company with IT Outsourcing delivery capability in the region, the Just In Time Group Software Division comprises two subsidiaries specialising in multiple SW related services.