M&T Bank has added chip technology to its commercial credit card line-up to improve security and fraud protection.
The cards will require a custom PIN to be used at chip-enabled merchant locations.
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However, all cards will also continue to have magnetic stripes for transactions at merchant locations unable to accept a credit card chip, the company said.
Chris Morphew, group vice president for commercial products at M&T Bank, said: "These changes enhance the security and fraud protection of our commercial cards while also providing benefits to our customers. Travelers will benefit from the chip-enhanced card as international adoption for this technology is in everyday use."
Additionally, the bank also launched a new executive card offering, which features exclusive benefits, including a 24-hour concierge service, statement credits for select travel expenses and certain elevated insurance coverage.
The Executive Card also includes the chip technology and offers the option of either rewards or rebate to benefit the organization.
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By GlobalData"Launching three new products now, we can provide our clients with more security, rewards and more features for executives in meeting their needs for a commercial card program," Morphew added.
