FIS’ NYCE payments network recently teamed up with MasterCard to offer the credit card company’s EMV common debit solution to its network participants.
“This agreement not only adds to FIS’ market-leading EMV card production and EFT processing capabilities, it also advances the adoption of EMV solutions in the U.S.,” Bob Woodbury, the senior vice president and general manager of FIS Payments Networks, said. “Chip cards offer significant reductions in card-based fraud, and demand for an industry wide, common sense solution is growing.”
FIS, which is headquartered in Jacksonville, Fla., serves 14,000 institutions in more than 110 countries. It issues EMV cards worldwide and is working to migrate network participants to EMV-compliant solutions.
Under the terms of the agreement, FIS can offer a MasterCard-NYCE solution to all of its network participants, resulting in full EMV deployment as the U.S. payments industry prepares to shift over to the new payment standard.
“This is a further step in our commitment to improving U.S. transaction security through EMV migration,” Carolyn Balfany, the head of U.S. product delivery at MasterCard, said. “By reducing the complexity of EMV implementation, it accelerates the changeover and moves the industry closer to greater debit security.”