NewswireToday - /newswire/ -
Jacksonville, FL, United States, 2014/01/28 - 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 - FISglobal.com. NYSE: FIS
• FIS is a leader in smart card production, having launched EMV programs for more than 50 U.S. financial institutions over the last 12 months.
• FIS EMV innovation and education are changing how financial institutions support their customers and plan for EMV migration in the United States, and how consumers are paying for goods and services via smart cards.
• FIS’ NYCE® Payments Network has helped form the Debit Network Alliance, which will facilitate the adoption of an interoperable EMV standard for debit payments nationwide.
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:
• 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.
• 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.
• 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.
• Teaching financial institutions how to develop cost-effective strategies for smart card migration through educational seminars and workshops nationwide.
FIS (fisglobal.com) 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 110 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: Nancy Murphy, Senior Vice President
FIS Investor Relations
P: +1 904-438-6192 - E: nancy.murphy[.]fisglobal.com.