Fifth Third Bank launches EMV chip technology

Chip and PIN technology

Fifth Third Bank, is launching a Europay, MasterCard, Visa (EMV) compliant chip for commercial cards (view press release). The chip is designed to allow business clients to authorise transactions more efficiently while traveling abroad and help improve the security of international transactions. The bank hopes that this will help commercial card users facilitate authorisations in Canada, Europe and other countries that are EMV-compliant, while helping to reduce the risk of counterfeit and stolen cards though more secure chip and PIN technology.

The new EMV chip incorporates a micropressor chip programmed according to the global EMV standard. It supports offline processing between the card and the terminal and the cardholders are authenticated using a PIN, which is stored in the chip. The card also contains a magnetic stripe for acceptance at non-chip-enabled terminals.

In today’s global business environment, EMV chip cards can improve the ease and security of payments for commercial clients when making payments overseas and for everyday transactions,” said Jeff Ficke, SVP and director of treasury management for Fifth Third Bank. “We are focused on providing our clients with the latest treasury solutions to help maximize their working capital. Our EMV chip offers cardholder convenience and assists with streamlining back-office administration for payables. Additionally the data storage and processing power of our EMV chip can help improve risk management for the organization.”

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