News
Morpho and Assenda lead EMV chip migration of the banking card base in Colombia
Morpho* (Safran group), a world leader in the smart cards business, and Assenda, a Colombian IT company belonging to the Carvajal Group, announce the start of EMV chip migration of all banking cards in Colombia. Morpho has a solid presence in Latin America, while Assenda is one of the main payment and identification cards manufacturers in Colombia and has a strong profile throughout Latin America.
The partnership between the two companies began in early 2008, when the Colombian government announced the mandatory replacement of existing magstripe cards by new, secure, smart card-based technology. Today the two companies can celebrate successful chip migration services for more than 15 Colombian banks. All Colombian financial institutions have launched chip migration, and it is estimated that all credit and debit cards will be migrated during the next four years.
“The partnership with Assenda is a strategic step in addressing the South American financial market during the expected chip migration process over the next years. It offers a closer relationship and higher technology availability to all our customers in the region. Along with our proven, competitive EMV chip technologies and our international expertise in smart card manufacturing, we have designed a business model that provides a smooth transition to Colombian financial institutions and their clients. Morpho was selected as a partner for 80% of all bank pilots in Colombia”, said Marcelo Bellini, Vice President Sales Banking & IAM Americas, e-Documents Division of Morpho.
"This partnership with Morpho allows us to offer the financial institutions in Colombia a key solution for their EMV migration process, one which meets the expectations and needs of Colombian banks, including chip cards for MasterCard, Visa and Private Label, the upgrade of Assenda’s personalization centers for the local personalization of EMV cards and a very high level of consulting and support for the success of this implementation,” said Carlos Narvaez, Assenda Global Payment Solutions Manager.