News

Co-op Financial Services online Visa EMV processing up and running

April 23, 2013

Co-op Financial Services has announced that its online transaction processing for EMV-enabled Visa debit cards functioned successfully in at least six countries for cardholders from Bank-Fund Staff Federal Credit Union. Based on its work with the Washington, D.C.-based FI, Co-op has passed EMV certification with Visa.

Bank-Fund Staff FCU tested Co-op's phase I processing solution of online EMV transactions from a contact EMV card. The FI is the credit union for employees and family members of World Bank and the International Monetary Fund.

"We have members and staff who work, travel and live overseas, so we have a real need to issue [chip] credit and debit cards," said Liang Han, general manager of electronic payments, for Bank-Fund Staff FCU. "We reached out to Co-op Financial Services and became their beta tester for online EMV transaction processing.

Bank-Fund Staff FCU issued 11 EMV-enabled Visa debit cards to members and staff during an EMV pilot test that lasted from late December to early April. 

Han said the timing for the test was perfect as several Bank-Fund Staff FCU members were heading overseas. Members used the cards in the United Kingdom, France, Spain, Romania, Peru and Uruguay.

"We are extremely pleased that the test EMV cards performed so well for Bank-Fund Staff FCU and to have passed Visa certification for EMV," said Stan Hollen, president and CEO of Co-op Financial Services. "Co-op is developing EMV technology in a phased approach and we expect to make our online EMV debit solution generally available to clients later this quarter."

Read more about EMV.