April 3, 2014
FIS, a global banking and payments technology firm, has entered into a licensing agreement with the NYCE Payments Network to make the VISA EMV debit technology available to the NYCE participants. NYCE (New York Currency Exchange) is an interbank network connecting the ATMs of various financial institutions in the United States and Canada acting as participants in the network.
EMV (Europay, MasterCard and Visa) is a global standard for inter-operation of integrated circuit cards and IC card capable ATMs and POS terminals for authenticating credit and debit card transactions. The agreement ensures that NYCE will have access to VISA EMV technology and the NYCE will be able to support all the authentication types that the chip based technology can provide.
The agreement furthers the U.S. payments industry goal of EMV adoption and is NYCE’s first formal EMV license which can be used by the network participants with respect to Visa card products. The agreement brings forth flexibilities to key business activities of NYCE participants including portability between debit networks for issuers, routing choice for merchants at the POS and issuers at NYCE ATMs.
The biggest advantage that can be cited here is the curbing of card-based frauds made possible through VISA’s AID (Application Identifiers) in the chip based cards. Further advantages could be seen in FIS, being a founding member of the Debit Network Alliance (DNA), launching EMV-based payment mechanisms that support overseas travel and personalization of debit and cards.
FIS or Fidelity National Information Services is the world’s largest provider of banking and payment technologies. FIS serves more than 14000 institutions in over 110 countries. It is ranked 434th amongst the Fortune 500 companies and is also a member of the Standards & Poor’s 500 Index. FIS puts its key focus towards information security and provides its clients with industry-complied secure and reliable solutions to help the clients be more competitive through radical adaptation of innovative technologies.
Source: FIS website