News

Fiserv, Visa strike AID licensing agreement

March 17, 2014

Financial services technology provider Fiserv Inc. has reached an agreement with Visa Inc. to make the card network’s common debit EMV solution available for the Fiserv Accel debit network.

Fiserv will adopt the Visa common debit solution to offer issuers, acquirers and merchants a simple, streamlined approach for debit EMV adoption, according to a company news release.

By licensing the Visa AID, the Accel network will be able to process PIN and PINless EMV transactions ensuring enhanced transaction processing security, Fiserv said. The AID will facilitate U.S. debit transactions from any debit network that licenses the Visa common AID solution and is enabled on a Visa card.

"With more than 7 million Visa EMV chip cards already issued in the U.S., it is important to continue the momentum towards more widespread adoption," said Bill Sheedy, EVP of corporate strategy and government relations at Visa Inc. "With Fiserv participating in the common solution … we can offer more choices to issuers and merchants and a clear roadmap for streamlined, cost-effective chip adoption."

Accel is now a licensee for both of the major U.S. card works; Fiserv announced just last week that it had reached an agreement to make the MasterCard U.S. common debit EMV solution available for Accel.