News

CU24, Visa ink EMV licensing agreement

April 8, 2014

Credit union-owned cooperative CU24 has entered into a licensing agreement with Visa to allow EMV card transactions to route over the CU24 network.

With the Visa U.S. common application identifier in place, CU24 credit union debit cards can be included among a merchant's routing options, and be fully compliant with both EMV secure technology and the routing rules under the Durbin amendment.

Denise Grace, vice president of operations at CU24, said the license opens the way to EMV migration:

Simply put, CU24 credit unions, merchant participants, and ATM deployers can proceed to implement the protections of EMV knowing that they will be fully supported by our network.

It's taken a while for the industry to sort itself out, but we have been monitoring events closely. Now that consensus is emerging, we can proceed with EMV technology to help decrease fraud and enhance product flexibility across the payments landscape. Our credit unions can continue to participate in the largest credit union-owned POS network and receive the benefits of CU24 participation with full confidence.