Gemalto is distributing corrective software to German banks to fix a glitch that caused millions of Gemalto’s payment cards to spontaneously stop working last week.
The software solution was verified and approved by the German banking authorities on Jan. 7 as keeping the affected cards fully compliant with the German card banking system. According to Rémi Calvet, Gemalto spokesman, it may take a few weeks before banks have fully deployed the software.
Because of the new software, Gemalto and German banks will be able to avoid replacing the affected cards.
Gemalto will book a special provision to cover the potential consequences related to the problem, which occurred because of the date switch to 2010.
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