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Card Services for Credit Unions to cover EMV enablement costs for members

The CUSO says it will help 2,300 member CUs mitigate $11 million in financial impact from the migration to EMV chip cards.

March 12, 2015

Card Services for Credit Unions has announced that it will cover the cost of the EMV chip enablement phase for its 2,300 member credit unions.

"This significant investment by CSCU will help mitigate our members' financial impact and ease their transition into EMV enabled cards," said CSCU president Bob Hackney in a press release. "By combining the recently announced FIS chip card mass enablement program with discounts negotiated with longtime CSCU and credit union partner FIS, we will be saving our members in excess of $11 million. We are excited to provide a comprehensive solution to enable our member credit unions to issue EMV cards."

Along with the significant financial funding, CSCU will continue to provide guidance to its member credit unions through the enablement and issuance of EMV cards as the Oct. 1 liability shift date approaches, the release said

"The liability shift date is less than seven months away," says Tom Davis, CSCU CTO overseeing emerging payments. "By facilitating the timely adoption of EMV enablement for our members, those credit unions can now begin to focus time and energy on new fraud prevention technologies such as tokenization and other emerging payments."