Oberthur Technologies announced on Monday that it has developed the first MasterCard-certified debit card that meets the requirements stipulated under the Dodd-Frank Act’s Durbin Amendment.
The Cosmo RSA v5 M/Chip Multi-Application is based on Oberthur’s Global Platform and java-based operating systems and supports dynamic data authentication.
The new card is part of an existing line of products available on the Cosmo RSA v5 platform designed to support the combination of MasterCard debit and Maestro U.S. application identifiers (AID) required for debit cards in the U.S.
“Being first to receive this MasterCard certification for the U.S. market is a major achievement for OT,” OT North America President Martin Ferenczi said. “It demonstrates OT’s ability to deliver the right products and services to our customers at the right time, leveraging our long and close relationship with MasterCard.”
The Durbin Amendment stipulates, among other things, that issuers must identify two unaffiliated debit networks for debit and prepaid cards. Oberthur said the card has been designed to minimize memory requirements to optimally meet the new routing requirements.
“Thanks to our R&D and investments in North America, we are the first offering a product addressing the debit market in the U.S.,” Eric Duforest, the managing director of Oberthur’s payment business unit, said. “With this new product, OT reinforces its position as an undisputed leader in the U.S. by now offering a complete range of U.S. debit compliant products, which support the EMV debit migration ramp-up in 2014.”