Royal Bank of Canada has agreed to use software from Transaction Systems Architects Inc. to facilitate its planned transition to smart-card technology for debit and credit cards.
The Omaha vendor of wire transfer, automated clearing house, and card processing software said Monday that RBC, of Toronto, has selected Smart Chip Manager software, and plans to begin testing it internally next year.
David Grindal, the director of sales support and marketing at the vendor's ACI Worldwide (Canada) unit, said Visa Canada and the nation's Interact debit network had set deadlines effective in the fourth quarter of 2010 to shift fraud liability to the "weakest link" in the commercial chain. And because many card issuers have a 36-month reissue cycle, "they have to be ready by '07 or the start of '08" to meet the deadline.
