Cornèr Bank is the first bank in Switzerland to introduce Visa's new one-time code card

Paris, November 4, 2008 (AllPayNews.com) - Visa Europe today announced Cornèr Bank in Switzerland would take part in a trial to pilot the new solution. The trial will involve 500 Cornèr Bank customers signed up to Visa’s online protection solution Verified by Visa. The new product allows cardholders to enter a one-time passcode generated by the new card instead of a password.

The Visa one-time code card has been developed in conjunction with EMUE technologies and was launched in June as an innovative tool to combat the threat of card-not-present (CNP) fraud. The front of the card looks like a conventional payment card, while the back has an eight-digit alpha-numeric display and a button keypad. The card incorporates a technology that generates a secure one-time only code displayed to the cardholder via the integrated alpha-numeric screen. It is very straightforward to use and has a battery designed to last for three years.

Thanks to this technology, cardholders will be protected by a secure solution that authenticates online transactions when ordering over the telephone or via the internet. Moreover, they will benefit from a simple and straightforward process because there will be no need to register, or to use any separate device or, more importantly, to remember any passwords.

Sandra Alzetta, SVP, Head of Innovation and New Products at Visa Europe, comments: “Visa is committed to protecting consumers and the Visa one-time code card is a major step forward in achieving this goal. We are very pleased Cornèr Bank is one of the first banks to trial this technology.”

According to Alessandro Seralvo, Director at Cornèrcard: “Authentication is an important functionality we make available to our cardholders for the card-not-present world. Our philosophy is to offer a variety of authentication solutions, leaving each cardholder the possibility to select their preferred solution. The Visa one-time code card fully responds to this philosophy and it will certainly be appreciated by our cardholders.”

The Visa one-time code card works by proving that the valid cardholder made the transaction as only he/she has the card in their possession and only he/she should know their PIN.

The process of validating the transaction is done in 3 simple steps:
1) When shopping online or logging on to an online banking service, the consumer activates the authentication process by pressing the appropriate option button on the card’s keypad
2) When prompted the consumer inputs their standard PIN into the keypad embedded in the card
3) A unique one-time-only code appears on the card’s display panel, which is then used by the consumer to prove that they are the real cardholder

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Note to editors

For details of the Visa PIN Card in action visit the following video links:

http://lab.emue.com/videos/scenario1_2.wmv [1]

http://lab.emue.com/videos/scenario2_2.wmv [2]

About Visa Europe

In Europe, there are over 360 million Visa debit, credit and commercial cards. In the 12 months ending June 2008, those cards were used to make purchases and cash withdrawals to the value of over €1.3 trillion. 11.4% of consumer spending at point of sale in Europe is with a Visa card.
Visa Europe is owned and operated by its 4,600 European member banks and was incorporated in July 2004. In October 2007, Visa Europe became independent of the new global Visa Inc., with an exclusive, irrevocable and perpetual licence in Europe.
As a dedicated European payment system it is able to respond quickly to the specific market needs of European banks and their customers - cardholders and retailers - and to meet the European Commission’s objective to create a true internal market for payments.
Visa enjoys unsurpassed acceptance around the world. In addition, Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in over 170 countries.

For more information, visit www.visaeurope.com [3].

About Cornèr Bank Ltd. / Cornèrcard

Founded in Lugano in 1952, Cornèr Bank is a private and independent Swiss banking institution. First in Switzerland to launch the Visa credit card in 1975, Cornèr Bank became a major player in shaping the Swiss credit card industry through on-going innovation.
With many years of experience and a host of value-added services, in 2007 Cornèr Bank has reached a key milestone with over 900'000 cards issued. Today, Cornèr Bank is also recognized as a pioneer in the Internet area. It was one of Europe’s first banks to introduce the standard of Secure E-Commerce “Verified-by-Visa” and has continued to strive for the further development of credit card services in the areas of e-commerce and mobile commerce.

www.cornercard.ch [4]

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Contact details:

Visa Europe press office
Tel: +44 (0)20 7795 5336
E-mail: europeanmedia@visa.com [5]