SOURCE: Welcome

October 17, 2005 08:55 ET

New Book by Aneace Haddad Guides Financial Institutions to a "New Way to Pay"

AIX-EN-PROVENCE, FRANCE -- (MARKET WIRE) -- October 17, 2005 -- Aneace Haddad, Chairman of Welcome, a leading payment software provider, has authored a new book called "A New Way to Pay - Creating Competitive Advantage Through the EMV Smart Card Standard."

Published by Gower, UK, Aneace Haddad's "A New Way to Pay" is about enabling cardholders and merchants to see card payments as something new, exciting and different so that they will focus on the added value that the card provides, rather than simply the cost it represents.

The world's payment infrastructure is going through a major upgrade to EMV, the smart card standard mandated by Europay, MasterCard and Visa to combat fraud. But, EMV also offers significant opportunities for creating competitive advantage.

UK banks are losing GBP 400 million a year through card fraud but they are losing far more than that due to commoditization, primarily through rate wars and imminent fee reforms. Rate wars cost UK banks GBP 1 billion a year from customers switching card companies, unable to see the difference between the cards other than the rates they offer. In addition, the threat of fee reforms is pressuring banks to reduce the transaction fees charged to merchants, which could result in a loss of revenues estimated at another GBP 1 billion a year. Commoditization may soon be costing UK banks GBP 2 billion a year, a problem at least five times as great as fraud.

Your current definition of a successful EMV deployment may focus on eliminating the technical problems, controlling fraud and delivering the project on time and on budget. In this book, the definition of success is far more ambitious. The move to EMV is such an important event that if your deployment is successful according to these basic criteria but fails to differentiate your brand, fails to position payment as an integral and strategic tool that justifies the on-going transaction fees and commissions paid by merchants, and fails to make your card far more attractive to both customers and merchants, then the migration to EMV cannot be considered truly successful.

The book costs GBP 59.50 / US$114.95. Copies may be obtained from Gower Publishing - ISBN: 0 566 08688 3 -- September 2005


The threats -- commoditization and fraud; Creating competitive advantage through a richer payment experience; Creating competitive advantage through better branding; Creating competitive advantage using technology; Intelligent money -- a glimpse of the future; Key factors for a profitable EMV deployment; Notes; Index.

About the Author

Aneace Haddad is founder and chairman of software company Welcome (Aix-en-Provence, France). An American from Boulder, Colorado, he is a 20-year veteran of the point of sale and smart card industry. Welcome recently won 'ROI of the Year Award' from The Banker magazine. The company works with major banks and financial institutions around the world. For more info:

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