eTranzact – an innovative and cutting-edge technology payment platform with a presence in over 28 banks in Africa – is set to launch its new products: the CardlexCash and the eTranzact Strong Authentication (Esa); on October 28, at the Civic Centre in Lagos.
Speaking at a press conference to announce the launch of these products, Valentine Obi, CEO, eTranzact said: "eTranzact ATM CardlexCash is a product designed for the eTranzact 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 cards."
He stated that the product, which leverages on a subscriber’s mobile phone, the eTranzact platform and ATM processor of partner banks, to make funds transfer and collection convenient for the end users, will bring succour to the numerous unbanked persons in Nigeria and beyond; adding: "The eTranzact ATM CardlexCash proposes a faster and convenient process of money transfer that eliminates going to a bank or using an ATM card."
On the eTranzact Strong Authentication (Esa), Obi stated that it is a groundbreaking product that is of immense benefits to users of banking services; providing a solution to the longstanding insecurity problem of chip-based cards while offering a harmonization of cards of various banks through a single mobile phone.
A proprietary and global patent pending product developed by eTranzact, it utilizes security tokens to provide multi-factor authentication for payment transactions on any payment network.
"Esa is a product of numerous research and findings, considering that the utilization of static PIN as the singular parameter for electronic transactions has become increasingly fraud-prone," said he. "Card cloning and PIN disclosure have equally become apparent threats to card-based transactions, hence the need to leverage the Esa dynamic PIN generation through a process known as two-factor authentication (2FA) to permanently address these threats.
Obi added that Esa allows a subscriber to withdraw cash from any ATM through a proxy by generating a ‘One Time Pass Code’ (OTPK) to which the cash withdrawal value is tied for a one-off ATM transaction.
He assured that with it, a customer who falls victim of a phising scam or cloned website and gives away both username and password, can never be defrauded by a third party due to lack of the PIN residual on the mobile phone.