FIS and its NYCE Payments Network have announced a licensing agreement to make the Visa EMV debit solution available to all NYCE participants.
The agreement will further the US payments industry goal of EMV adoption and under this agreement, this will be NYCE’s first formal EMV license, which can be used by NYCE Network participants with respect to Visa card products.
“EMV deployment is at a critical point in its business adoption in the US and carries the promise of significantly reducing card-based fraud. Our challenge has been deploying EMV solutions in the U.S. without disrupting the business goals of any industry participant,” said Bob Woodbury, SVP and general manager, FIS Payments Networks. “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.”
“NYCE’s participation in Visa’s common debit solution marks an important milestone in the industry’s efforts to adopt chip technology in the US,” said Bill Sheedy, executive vice president of Corporate Strategy and Government Relations, Visa Inc. “With the uncertainty of how to enable debit routing on EMV chip effectively resolved, issuers, acquirers and merchants can move forward in their implementations with confidence.”
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