First Tech Federal Credit Union has entered into a new agreement with MasterCard as its payment solutions provider by offering the best combination of convenience, control and security for First Tech's more than 380,000 members.
The collaboration enables First Tech to issue all new debit and credit cards using EMV Chip and PIN technology, which increases card data security and reduces chances of fraud. Additional card services to be introduced this year include launching a robust rewards program, member card personalization and implementing tokenization programs.
"MasterCard offers our members the very best in card payment solutions that will enable them to better manage their financial transactions with First Tech while also providing additional security," said Greg Mitchell, chief executive officer of First Tech Federal Credit Union. "Through this transition, we plan to be there every step of the way for our members by offering clear and concise communications while keeping them informed of the benefits MasterCard offers."
"First Tech is a technology leader and we are excited to partner with them and provide the highest level of adaptive innovation for their members," said John Ainsworth, Group Head, Independent Banks and Credit Unions, U.S. Markets, MasterCard. "Consumers are looking for solutions that are secure and simple. Working with MasterCard, First Tech can better provide peace of mind for members."
Furthermore, First Tech will assist members in transitioning reoccurring payments from the previous payment solutions provider to MasterCard through its automatic billing update service. First Tech will begin distributing new cards in Summer 2015.