FIS™
(NYSE: FIS), the world’s largest provider of banking and payments
technology, continues to lead the way in EMV production and transitions
across the United States. Having launched EMV programs for more than 50
financial institutions over the last 12 months, FIS provides
implementation and issuance programs for providers looking to upgrade to
the EMV standard used across most of the world. FIS also issues
EMV-enabled cards in Canada, Aruba, Brazil, Mexico and the U.K.
Smart cards, sometimes known as chip cards or EMV-enabled cards, are
embedded with microprocessors that contain information needed to use the
cards for payment. Standard across much of the world, smart cards are
more secure than magnetic strip cards as the chip only transmits
information during a transaction, thus making a user’s payment
information less likely to be compromised – particularly important in
light of recent major breaches at retailers.
So far, U.S. retailers have been slow to adopt EMV cards, although
numbers are increasing; Visa reported that it had issued 3.5 million EMV
cards through the first quarter of 2013, up from just one million in
2011. In addition more consumers are requesting the cards for
international travel.
“Smart card technology is the way of the future; it’s vital in
mitigating card-present fraud; it offers greater spending convenience to
people traveling overseas, where EMV already is standard; and it allows
the U.S. to move to more secure processing of card transactions,” said
Bob Woodbury, SVP and General Manager, FIS Payments Networks. “FIS’ vast
experience issuing EMV cards worldwide and its breadth of expertise in
migrating financial institutions and payment systems to EMV compliance
make it a leading partner in bringing smart cards to U.S. markets.”
FIS has taken a leading role in several EMV initiatives that support
financial institutions, retailers, government entities and individual
consumers:
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Helping drive the adoption of an interoperable EMV standard for debit
payment networks. Through its NYCE Payments Network, FIS is one of 10
founding members of the Debit Network Alliance (DNA). A collaborative
effort of 10 of the largest debit PIN networks, Debit Network Alliance
is working to create a standard for EMV debit card processing that
will meet Durbin Amendment rules and allow for an open and competitive
debit network marketplace. Bob Woodbury has been elected DNA board
chair.
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Launching EMV-based payment mechanisms designed to support overseas
travel and extensive personalization of debit and credit cards. FIS’
convenient Travel EMV Prepaid Card program allows banks to quickly and
easily sell prepaid smart cards to customers without implementation
costs.
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Processing contactless, smart card payments for merchants and
government entities including a pilot of the Las Vegas area
transportation system, whereby consumers use FIS-processed
contactless, smart cards to pay transportation fares.
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Teaching financial institutions how to develop cost-effective
strategies for smart card migration through educational seminars and
workshops nationwide.
About
FIS
FIS (NYSE: FIS) is the world’s largest global provider dedicated to
banking and payments technologies. With a long history deeply rooted in
the financial services sector, FIS serves more than 14,000 institutions
in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs
more than 37,000 people worldwide and holds leadership positions in
payment processing and banking solutions, providing software, services
and outsourcing of the technology that drives financial institutions.
First in financial technology, FIS tops the annual FinTech 100 list, is
434 on the Fortune 500 and is a member of Standard & Poor’s 500®
Index. For more information about FIS, visit www.fisglobal.com.
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Copyright Business Wire 2014