FIS (NYSE: FIS), a global leader in banking and payments technology as well as consulting and outsourcing solutions, today announced that its FIS’ Clear2Pay Open Test Solutions group has been confirmed by Visa for Chip Vendor Enabled Service (CVES) to help streamline and support the deployment of EMV enabled contact and contactless payment devices in the United States.
The Visa CVES enables third-party companies to manage the execution, analysis and submission of the mandatory reporting for both EMV contact chip and contactless enabled payment terminals on behalf of acquiring banks and payment processors.
To ensure a smooth migration to the global EMV standard, the U.S. payment networks have adopted similar terminal testing requirements that must be met before allowing payment terminals to be installed in the U.S.
“EMV is an important step in reducing card-present fraud, and the confirmation by Visa as CVES provider helps to make terminal installation more accessible,” said Nancy Langer, EVP, chief product officer, FIS. “This recognition of FIS quality further cements our role as a leader in EMV migration.”
EMV readiness of acquirers and processors is a critical part of the ongoing EMV migration in the United States. To support the payment industry in addressing this challenge, Visa’s CVES initiative allows FIS to execute Acquirer Device Validation Toolkit (ADVT) testing and Contactless Device Evaluation Toolkit (CDET) testing, analyse the results and submit final reports on behalf of Visa’s clients into the Chip Compliance Reporting Tool (CCRT).
FIS works closely with industry organisations such as EMVCo and domestic and international payment brands.
FIS acquired Clear2Pay in October 2014.