News

ICBA Bancard puts up funds to help client FIs convert to chip cards

The company says it has pledged nearly $600,000 to support Visa credit card-issuing clients as they migrate to EMV.

March 3, 2015

ICBA Bancard, a provider of payment services for community banks, has pledged more than a half-million dollars to support its Visa credit card-issuing clients as they convert to chip cards, according to a news release.

"On the heels of high-profile retailer data breaches, such as Target and Home Depot, it's evident that fraudsters are intent on exploiting system vulnerabilities to line their pockets," said Noah Wilcox, ICBA Bancard chairman and president, and CEO of Grand Rapids State Bank in Grand Rapids, Minnesota. "ICBA Bancard's ongoing efforts to safeguard community bankers against fraud — first with their exclusive fraud loss protection program, and now this program to help offset chip card conversion costs — demonstrate ICBA Bancard's commitment to supporting its clients in the evolving payments market."

 "The underlying technology behind chip cards is not only an effective fraud deterrent, but could become a point of distinction among cardholders who travel abroad or are concerned about the security," said Linda Echard, president and CEO of ICBA Bancard. "By offering community banks fraud protection programs, ICBA Bancard is continuing to provide consumers with the peace of mind that their financial information is safe and secure at their local community bank."

The release did not specify how the fund would be used.