Fifth Third Bank, a $118 million FI based in Cincinnati, Ohio, has announced the launch of a new EMV-compliant chip card for commercial customers. The new offering will help these cardholders facilitate authorizations in Canada, Europe and other EMV-compliant countries. Additionally, the cards' chip and PIN technology will help reduce the threat of counterfeit and stolen cards.
Fifth Third's card uses a microprocessor chip programmed according to the global EMV standard. It also carries a magnetic stripe for acceptance at terminals that are not chip enabled.
"In today's global business environment, EMV chip cards can improve the ease and security of payments for commercial clients when making payments overseas and for everyday transactions," said Jeff Ficke, senior vice president and director of treasury management for Fifth Third Bank.
"We are focused on providing our clients with the latest treasury solutions to help maximize their working capital. Our EMV chip offers cardholder convenience and assists with streamlining back-office administration for payables. Additionally the data storage and processing power of our EMV chip can help improve risk management for the organization."
For more on this topic, visit the EMV research center.