News

FIS licenses Visa EMV debit solution

April 1, 2014

FIS and its wholly owned subsidiary, NYCE Payments Network LLC, have entered a licensing agreement that will make the Visa EMV debit solution available to all NYCE participants.

This agreement represents the first formal EMV license for NYCE. Fundamental to the agreement is the support of key NYCE participant business flexibilities, including portability between debit networks for issuers, and routing choice for merchants at the point of sale and issuers at NYCE ATMs.

The deal also ensures that NYCE will have access to Visa EMV technology in perpetuity to support NYCE clients and that NYCE will be able to support transactions using all authentication types.

"EMV deployment is at a critical point in its business adoption in the U.S. and carries the promise of significantly reducing card-based fraud," said Bob Woodbury, SVP and general manager of FIS Payments Networks. "Our challenge has been deploying EMV solutions in the U.S. without disrupting the business goals of any industry participant. This agreement will now enable us to offer this Visa-NYCE solution to all NYCE participants and will complement FIS' substantial EMV card production and EFT processing capabilities."