Fifth Third Bank introduces EMV chip technology for commercial cards
20 August 2012 | 2014 views | 0
Source: Fifth Third Bank
Fifth Third Bank (Nasdaq: FITB) has launched a Europay, MasterCard, Visa (EMV) compliant chip for commercial cards that will allow business clients to authorize transactions more efficiently while traveling abroad and help improve the security of international transactions.
This new offering will help commercial card users facilitate authorizations in Canada, Europe and other countries that are EMV-compliant and help reduce the risk of counterfeit and stolen cards through more secure chip and Personal Identification Number (PIN) technology.
Fifth Third's new EMV chip card has a microprocessor chip programmed according to the global EMV standard. This chip supports offline processing between the card and the terminal in a secure manner, and the cardholder is authenticated using a Personal Identification Number (PIN), which is stored in the chip. This process of authentication can help reduce the risk of counterfeit or stolen cards for commercial clients. The card also contains a magnetic stripe for acceptance at non-chip-enabled terminals.
"In today's global business environment, EMV chip cards can improve the ease and security of payments for commercial clients when making payments overseas and for everyday transactions," said Jeff Ficke, senior vice president and director of treasury management for Fifth Third Bank. "We are focused on providing our clients with the latest treasury solutions to help maximize their working capital. Our EMV chip offers cardholder convenience and assists with streamlining back-office administration for payables. Additionally the data storage and processing power of our EMV chip can help improve risk management for the organization."
The EMV-compliant chip card is available as part of Fifth Third Bank's Commercial Card solutions. For more information about Fifth Third's Commercial Card services, visit www.53.com/integratedpayables.