Source: Elan Financial Services
Elan Financial Services, a leader in EFT services, processing more than 4 billion transactions annually, announced today that it has signed an agreement with MasterCard® to adopt their U.S. common Debit Application Identifier (AID) specification for the MoneyPass® Network.
“Our collaboration with MasterCard will enable the MoneyPass Network to process chip-based ATM transactions on MasterCard Debit cards,” said Troy Cullen, President of Elan Financial Services. “We are confident the agreement we have reached with MasterCard will further expand EMV adoption goals within the United States."
The MoneyPass Network, by licensing the common AID, will be able to facilitate U.S domestic debit transactions on the network, including contact or contactless, and surcharge-free ATM transactions.
“Through this agreement, MasterCard and MoneyPass have taken another step to advance the U.S Migration to EMV,” said Carolyn Balfany, MasterCard International.