CU24, MasterCard ink EMV licensing deal
CU24 has entered into a licensing agreement with MasterCard that permits routing of EMV card transactions carrying the MasterCard U.S. common application identifier over the CUSO's payments network.
With the MasterCard U.S. common AID in place, CU24 credit union MasterCard debit cards can be accepted and routed by merchants with the full advantages of EMV secure technology, while complying with the routing requirements under the Durbin amendment.
"EMV chip card adoption is a common goal of the U.S. payments industry designed to increase card transaction security and decrease card-based fraud," said Christopher Poole, CU24 VP of operations. "Our credit unions, merchant participants, and ATM deployers can proceed with implementing EMV protections knowing that EMV will be fully supported by the CU24 network."