CO-OP Financial Services has entered into an agreement to offer the Visa EMV common debit solution to its credit union clients.
The agreement will also allow the development of regulation-compliant debit EMV solutions using a common Application Identifier (AID).
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According to CO-OP Financial, some development will still need to be done at both POS and ATM in order to choose the common AID, a priority for industry organisations such as DNA.
The Visa EMV solution will provide portability for debit card issuers, and network routing choices for merchants and ATM acquirers.
Additionally, the solution will support all transaction types, including contact and contactless.
CO-OP Financial Services president and CEO, Stan Hollen, said: "This is a major advance in adoption of the EMV standard for debit card transactions in the US, providing a clearer migration path to EMV for our debit issuers and ATM owners.
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By GlobalData"CO-OP has been working hard to move the payments industry to an EMV common debit solution, both independently and through our participation in the Debit Network Alliance (DNA)."
