Prism To Deliver Cashless Fuel Purchasing System T
SECURE ELECTRONIC payments company, Prism Holdings Limited, has been
contracted by OPW Fuelling Components Europe - a subsidiary of Dover
Resources, the world's leading fuel handling components specialist - to
supply a smartcard-based payment system for fleet and private petroleum
purchases.
A pilot, proof-of-concept project, valued initially at some R2-million, is
to be rolled out on the forecourts of a petroleum retailer in Saudi Arabia
in early 2002. Subsequent implementation of the system at petrol stations
throughout the country is likely to generate more than R30-million for Prism
over two years.
Based on Prism Altos technology, an end-to-end chip-based secure payment
scheme that enables e-purse functionality within closed environments, the
payment solution is to be integrated with OPW's existing fleet control
products incorporated in the company's forecourt site controllers and pumps.
Erica Robertson, Sales Director - Retail and Petroleum, Prism Holdings South
Africa says the deal is a coup for Prism as OPW, a subsidiary of the multi-
billion dollar, NYSE-traded Dover Group, is an acknowledged leader in every
aspect of the fueling equipment business. A global company, OPW specialises
in the design, development, production and support of fueling components and
systems for virtually every aspect of the commercial and retail refueling
operation.
Dick van der Winden, General Manager for OPW Europe says initial contact was
made with Prism at an exhibition in Johannesburg in 2000 at which time the
market in the Middle East was not ready for a sophisticated smart card
payment scheme. This situation changed during 2001 and OPW selected Prism
as their solution provider.
How the system works:
Fleet vehicles are fitted with OPW vehicle identification tags (VITs) that
are `read' as soon as the bowser nozzle is inserted into the vehicle's fuel
tank. Not only does the VIT identify the vehicle, it also determines how
much fuel is required and the vehicle odometer reading.
This information is sent to a site controller on the forecourt. The site
controller is connected to a Prism terminal into which the vehicle's driver
inserts a smartcard that has been preloaded with funds for fuel purchases.
The terminal validates the card as `belonging' to the driver and determines
the amount of funds available on the card. It then `pre-authorises' the
fuel purchase. This information is transferred to the site controller which
then authorises the pump to dispense the correct amount of fuel. The
availability of funds on the card for future fuel purchases is automatically
adjusted once the transaction is complete.
The system not only removes cash from the purchase process, it also
decreases the risk of fraud for fleet owners because
* there has to be a correlation between the vehicle's VIT and the driver's
smartcard;
* the card can only be used for fuel purchases; and
* the amount of fuel to be supplied is automatically predetermined and
authorised.
The same payment system can be used for non-fleet vehicle owners who simply
load their smartcard with `cash', and use this to pay for fuel purchases.
issued by : Citigate Ballard King +27(0)11 804 4900
for : Prism Holdings +27(0)11 548 1000
www.prism.co.za
contact : Erica Robertson, Sales Director - Retail and Petroleum, Prism
or Hilary King, Citigate Ballard King
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
