Financial services technology provider Fiserv announced on Wednesday an agreement with MasterCard to make the card company’s common debit EMV solution available to the Accel debit network.
Under the agreement, MasterCard issuers will have the flexibility to choose and implement network relationships, and merchants and acquirers will continue to route transactions as they prefer without the need for multiple technology upgrades and applications.
“As a leader in card processing, we are committed to providing our clients with a simple, streamlined path to implement EMV,” Kevin Gregoire, the group president of the financial institutions group at Fiserv, said. “We are pleased to partner with MasterCard as part of a comprehensive, Regulation II compliant solution that includes Accel Network processing, card production and personalization, and industry-leading fraud and risk mitigation.”
MasterCard was the first card network to offer its proprietary technology to other debit networks in January as part of an effort to support the migration to EMV and allow the routing of PIN transactions over numerous unaffiliated networks.
“This represents our continued commitment to help issuers, merchants and others continue the migration to the EMV standard here in the U.S.,” Chris McWilton, the president of North American markets at MasterCard, said. “In this agreement, Fiserv and the Accel network are able to provide their customers a solution that can be activated today, delivering enhanced security while streamlining implementation and accelerating delivery of chip cards to our shared cardholders.”