Proxama is pleased to announce that Navy Federal Credit Union has successfully commenced the roll-out of EMV debit cards driven by Proxama’s Payment Application Manager, our flagship card lifecycle management system, and has to date issued over 1.25 million cards with chip data created by the Proxama system.
Navy Federal is the world’s largest credit union serving active duty military, retirees and their families across the world. It has approaching $78 billion in assets and over 6 million members globally. Navy Federal issues in excess of 4 million Visa-branded debit cards and is aiming to complete migration of its portfolio within twelve months.
Proxama’s Payment Application Manager is responsible for creating the EMV data and managing the cryptographic assets that are required for EMV card issuance. Payment Application Manager is supporting both central card issuance through a personalization bureau and real-time instant issuance in multiple locations around the world, with Navy Federal’s first EMV debit card being created and issued from Navy Federal’s Bahrain location.
Proxama’s Payment Application Manager is a complete card lifecycle management system that enables, if required, continuance of the migration process to contactless cards and ultimately to mobile payment applications.
Patrick Regester, EVP Sales and Marketing for Proxama’s Digital Payments Division comments: “We are delighted to have been able to help Navy Federal complete a smooth migration from mag-stripe to EMV chip cards. Our legacy as an experienced supplier of EMV migration solutions to major card issuing corporations and processors around the world has benefitted Navy Federal by providing them with a low risk and cost-effective solution to in-house data preparation for EMV card issuing, one that retains control of business assets and lays the foundations for the introduction of innovative payment products in future.”
Molly Steele, AVP Debit Cards at Navy Federal added: “We are grateful for the valuable support that Proxama gave us during our EMV deployment program, with their expertise in EMV migration adding significant value to their high quality, stable software.