Benefits

Bank Benefits

• A single, centrally maintained and controlled strategic system platform owned by the Bank as the core backbone
• Virtually complete elimination of risks related to system cracking or card forgery, as the smart cards used, being securely protected themselves, are coupled with special settlement schemes and data protection techniques
• Automated processing of financial transactions; efficient monitoring of operations, accounts and cards; higher traceability of every transaction in the system
• A flexible interface module enabling the integration of the card system to external banking systems such as the CBS
• No need to keep a centralized database with all cardholders’ PIN’s; elimination of associated risks
• Relief of the Bank-Member’s central computer system due to the extensive usage of the offline mode at POS/ATMs; the electronic collection of funds from cards is easy and reliable; significant reduction of communication (deployment, leasing, etc.) costs

Merchant Benefits

• Complete last mile solution offering that all transactions necessary can be offered and performed off-line and in the field, resulting in the utmost in customer servicing
• Elimination of insolvent cards; guaranteed reimbursement of card transactions is the key element of the DUET system
• Cost reduction in cash and paper handling (e.g.collection, safekeeping, and processing).
• Reduction of expenses for online authorization; cost minimization related to the maintenance of online card equipment. No need for telecom connection
• Direct funds transfer (reimbursement) to the agent/merchant account within one day of the electronic collection of the terminal card’s transactions
• Customer service efficiency: no loss of time for online authorization; no need for manual execution and processing of paper documents; ease of operations - handling the equipment requires little special knowledge or professional skills
• The DUET smart cards may be used as a safe payment instrument for both large and small purchases
• Easy and convenient control over all payment transactions performed by the agent/merchant

Cardholder Benefits

• No need to carry much cash and, consequently, reduced risk of loss, robbery or counting errors; sophisticated protection against fraud
• Possibility to earn interest on funds although the purchasing power is available on card for spending
• The possibility to use the same card for multiple purposes such as purchasing, savings, e-vouchers/coupons etc.
• Fast purchases/financial transactions anywhere and anytime
• Additional convenience and security resulting from the usage of two independent PIN passwords - one for loading funds onto the card, and the other to spend the funds; the possibility to change these passwords in offline mode at any POS/ATM terminal
• If the card is lost or stolen, the unspent funds are not lost and can be reimbursed
• The possibility to use the customer card for remote access to the account for general funds transfers or specific settlements
• Easy and convenient monitoring of financial operations using the customer card transaction list; the possibility to get a statement of the latest transactions or to view the current balance of the card at any outlet, with our pocket sized “Value checker”, at ATMs or banks as often as required.
• The possibility to load funds onto the card through online or offline devices; the preauthorized PIN-protected purchasing power on the client card has an additional parameter (MFB – Maximum Free Balance) defining the limited amount which can be spent without PIN verification and is useful for small and quick purchases.