News

NYCE licenses MasterCard EMV common debit solution

June 4, 2014

Payment technology provider FIS has announced a licensing agreement that will make the MasterCard EMV debit solution available to all NYCE participants.

The agreement provides all NYCE Network participants with an EMV license with respect to MasterCard products and continues the advancement toward a secure payment environment, according to a news release from FIS.

FIS already issues EMV cards worldwide and is working to migrate financial institutions and payments systems to EMV-compliant solutions.

“Chip cards offer significant reductions in card-based fraud, and demand for an industry wide, common sense solution is growing,” said Bob Woodbury, SVP and GM of FIS payments networks.

He said the agreement not only adds to EMV card production and EFT processing capabilities for FIS, but also helps to advance the adoption of EMV in the U.S.

“This is a further step in our commitment to improving U.S. transaction security through EMV migration,” said Carolyn Balfany, group head of U.S. product delivery at MasterCard. “By reducing the complexity of EMV implementation, it accelerates the changeover and moves the industry closer to greater debit security.”