Visa debit to gain acceptance over Accel network
17 March 2014 | 1696 views | 0
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced an agreement to make Visa's common debit EMV solution available for the Accel(TM) debit network.
Under the agreement, Fiserv will adopt Visa's common debit solution offering issuers, acquirers and merchants a simple, streamlined approach for debit EMV adoption. The agreement will help enable the development of regulation-compliant debit EMV solutions using a common Application Identifier (AID).
By licensing the Visa AID, the Accel network will be able to process PIN and PINless EMV transactions ensuring enhanced transaction processing security. The AID will facilitate U.S. debit transactions from any debit network that licenses the Visa common AID solution and is enabled on a Visa card.
"With more than 7 million Visa EMV chip cards already issued in the U.S., it is important to continue the momentum towards more widespread adoption," said Bill Sheedy, executive vice president of Corporate Strategy and Government Relations, Visa Inc. "With Fiserv participating in the common solution we have made available to the industry, we can offer more choices to issuers and merchants and a clear roadmap for streamlined, cost-effective chip adoption."
"As a leader in card processing, Fiserv is excited to partner with Visa to increase payment security," said Kevin Gregoire, group president, Financial Institution Group, Fiserv. "Best-in-class solutions require bold leadership and winning execution, and this partnership delivers both. With a comprehensive solution that includes card production, transaction processing and fraud mitigation, Fiserv helps our clients win today and in the future."