News

Elan licenses MasterCard common AID

Licensing the MasterCard common application identifier allows Elan to facilitate US domestic debit transactions on the network in accordance with Durbin routing requirements.

November 18, 2014

Elan Financial Services has entered into an agreement to license the MasterCard U.S. common debit application identifier specification for the MoneyPass Network.

"Our collaboration with MasterCard will enable the MoneyPass Network to process chip-based ATM transactions on MasterCard Debit cards," said Elan Financial Services President Troy Cullen. "We are confident the agreement we have reached with MasterCard will further expand EMV adoption goals within the United States."

Licensing the common AID means that the MoneyPass Network will be able to facilitate U.S domestic debit transactions — including contact or contactless payments and surcharge-free ATM transactions — in compliance with transaction routing provisions of the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation requires that merchants have a choice of at least two nonaffiliated networks to choose between for processing debit card transactions.

"Through this agreement, MasterCard and MoneyPass have taken another step to advance the U.S Migration to EMV," said Carolyn Balfany of MasterCard International.