Fiserv promises to ease EMV migration burden with The Card Collection
10 March 2015 | 1735 views | 0
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today the availability of The Card Collection™ from Fiserv for chip cards.
As an alternative to ordering custom plastic and deploying a custom chip-card configuration, this new solution allows financial institutions using the Fiserv standard chip card configurations to more quickly and less expensively transition to chip cards.
Using The Card Collection, financial institutions will be able to select from many pre-approved, popular card designs that include both a magnetic stripe and a chip. Credit and debit cards on the Visa® or MasterCard® payment platforms are available.
“Ordering custom plastic and the process to certify and deploy custom chip card configurations is complex, costly and time consuming,” said Jorge Diaz, president, Output Solutions, Fiserv. “Further, managing inventory to ensure that chips do not expire while ensuring that inventory is sufficient to meet demand is difficult. Additionally, it can take up to 16 weeks to manufacture custom plastic. The Card Collection offering from Fiserv is designed to address these issues for our customers.”
Fiserv is helping its clients simplify the transition to EMV chip-enabled cards by offering an integrated, compliant and cost effective path to EMV debit and credit card issuance. Fiserv has worked with Visa and MasterCard to develop standard EMV chip card configurations suitable for most debit and credit card programs. These standards comply with Visa and MasterCard requirements for the U.S. market. By leveraging these standards, clients can take advantage of The Card Collection pre-approved plastic designs and streamlined testing with the card associations, thereby achieving significant cost and time savings associated with developing, certifying and testing a new script and building a custom program.
The Card Collection for chip cards provides cost and implementation time savings to financial institutions with no minimum orders, no creative costs to develop designs, no upfront inventory costs or risk of chips expiring and no management of card personalization keys.
“This is another step in the clear path that Fiserv is creating for card issuers to confidently and expeditiously migrate to EMV chip cards as the October 2015 liability shift deadline draws near,” said Diaz. “The Card Collection eliminates the complexity and makes economic sense.”
Plastic procurement and card personalization are just part of the broad Fiserv chip card solution which includes strategic guidance, transaction processing, risk management and consumer and financial institution education. Fiserv can guide clients through every step of the migration process.