FIS, the largest provider of banking and payments technology in the world, and its NYCE Payments Network announced an agreement to make Visa’s EMV common debit solution available to network participants.
The agreement is NYCE’s first formal EMV license. It will support NYCE’s business flexibilities, including portability between debit networks for issuers, routing choice for merchants at the point of sale and issuers at network ATMs.
“EMV deployment is at a critical point in its business adoption in the U.S. and carries the promise of significantly reducing card-based fraud,” Bob Woodbury, the senior vice president and general manager of FIS Payments Networks, said. “Our challenge has been deploying EMV solutions in the U.S. without disrupting the business goals of any industry participant. This agreement will now enable us to offer this Visa-NYCE solution to all NYCE participants and will complement FIS’ substantial EMV card production and EFT processing capabilities.”
FIS is a founding member of the Debit Network Alliance and plans to launch EMV-based payment mechanisms to support overseas travel and the personalization of debit and credit cards.
Its payment network, NYCE, is a member of the steering committee for the EMV Migration Forum of the SmartCard Alliance and the head of DNA.
“NYCE’s participation in Visa’s common debit solution marks an important milestone in the industry’s efforts to adopt chip technology in the U.S.,” Bill Sheedy, the executive vice president of corporate strategy and government relations at Visa, said. “With the uncertainty of how to enable debit routing on EMV chip effectively resolved, issuers, acquirers and merchants can move forward in their implementations with confidence.”