As part of the agreement, petroleum retailers and other fuel card issuers will be able to move from magnetic stripe to chip-based fuel cards. The standards are based on the EMV technology.
Current Fuel Cards, which have been issued by IFSF and other independent companies and used by individual businesses, drivers, rental and transport companies, are based on magnetic stripe technology.
Clear2Pay have helped IFSF in developing its new standards via their EFT Working Group. The new standard focuses on card selection, card personalization, Issuer Host Processing and the operational requirements which will enable the introduction of smart card based fuel payments without affecting the IFSF based infrastructures.
In recent news , Clear2Pay has signed an agreement to acquire Level Four Software Holdings, a UK company providing development and test automation products for all types of ATM networks.
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