OREANDA-NEWS. September 18, 2015.  Proxama PLC (AIM: PROX), the international mobile commerce Company specialising in proximity marketing and provider of end-to-end payment solutions for card issuers, is pleased to announce a new contract win with a leading Middle Eastern bank, commencing in September 2015.

Proxama's Digital Payments Division which provides end-to-end software solutions for card issuers with the ability to migrate customers from magnetic stripe to chip-and-pin cards and from contactless cards to mobile devices as well as the management of PINs, will be migrating the client's current postal method of PIN delivery to our digital platform, 'Proxama PIN Manager'.

Of the Arab banking institutions, our client is in the top five and has a network of over 70 branches, with a significant presence outside of the Middle East. As of 2014, the Bank offered retail products and services to more than 600,000 retail accounts.

Currently, the Bank distributes many thousands of PINs via the postal service each year. This is costly, insecure, time-consuming and unreliable. Proxama's PIN Manager offers electronic PIN delivery via secure SMS or web browser and is significantly less expensive than traditional physical methods of delivery and substantially more secure. PIN Manager is currently being used with over 15 million credit and debit cards worldwide.

Migration of the Bank's customers to PIN Manager will commence in 2015 and it is anticipated that the majority of all cards issued by the Bank will have transferred within the next 12 months.

The main business of Proxama's payments division is to provide solutions for card issuers to migrate customers from magnetic stripe to chip-and-pin cards and from contactless cards to mobile devices. The company's mobile solutions include tokenization and HCE support through its Digital Enablement Platform™ (DEP) which is part of an integrated end to end solution for banks and payment processors. 

Mike Woods, CEO of Payments Division, Proxama comments, "We are very pleased to have won this contract with a market leader. The Middle East is an important territory for us it is a very good entry point into the region and further confirmation of the strength of our PIN Manager solution."