FIS, a US-based banking and payments technology provider, has received license to offer access to Visa EMV debit technology for its NYCE Payments Network participants.
Representing NYCE’s first formal EMV license, the agreement is the support of key NYCE participant business flexibilities, including portability between debit networks for issuers, routing choice for merchants at the point of sale (PoS) and issuers at NYCE ATMs.
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According to FIS, NYCE Payments Network will also be able to support its clients as well as its transactions using all authentication modes.
FIS Payments Networks senior vice president and general manager, Bob Woodbury, said: "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.
Visa executive vice president of corporate strategy and government relations, Bill Sheedy, said: "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.
"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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By GlobalData
