MasterCard EMV debit to work across Nyce network
04 June 2014 | 2735 views | 1
FIS™ (NYSE: FIS), the world's largest provider of banking and payments technology, its NYCE® Payments Network and MasterCard today announced a licensing agreement that will make MasterCard's EMV debit solution available to all NYCE participants.
EMV chip card adoption is a common goal of the U.S. payments industry, designed to increase card transaction security and decrease card-based fraud. This agreement provides all NYCE Network participants with an EMV license with respect to MasterCard products and continues the advancement toward a secure payment environment.
"This agreement not only adds to FIS' market-leading EMV card production and EFT processing capabilities, it also advances the adoption of EMV solutions in the U.S.," said Bob Woodbury, SVP and general manager, FIS Payments Networks. "Chip cards offer significant reductions in card-based fraud, and demand for an industry wide, common sense solution is growing."
"This is a further step in our commitment to improving U.S. transaction security through EMV migration," said Carolyn Balfany, group head, U.S. Product Delivery, MasterCard. "By reducing the complexity of EMV implementation, it accelerates the changeover and moves the industry closer to greater debit security."
This agreement permits FIS to offer a MasterCard-NYCE solution to all NYCE participants, bringing full EMV deployment across the U.S. another step closer. FIS already issues EMV cards worldwide and is working to migrate financial institutions and payments systems to EMV-compliant solutions.