Navy Federal Credit Union has launched EMV debit cards leveraging Proxama’s flagship card lifecycle management system, Payment Application Manager.
Proxama, which specialises in end-to-end digital payment solutions for card issuers and processors, said that the credit union has already issued more than 1.25 million cards featuring EMV chip.
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The credit union will issue more than four million Visa-branded debit cards and is aiming to complete migration of its portfolio within 12 months.
Proxama’s solution is responsible for creating the EMV data and managing the cryptographic assets, which are essential for issuing EMV cards. Navy Federal’s first EMV debit card is being created and issued from its Bahrain location.
Besides supporting EMV card issuance, Proxama’s Payment Application Manager offers continuance of the migration process to contactless cards and ultimately to mobile payment applications.
Proxama executive vice president sales and marketing for digital payments division Patrick Regester said: “We are delighted to have been able to help Navy Federal complete a smooth migration from mag-stripe to EMV chip cards.
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By GlobalData“Our legacy as an experienced supplier of EMV migration solutions to major card issuing corporations and processors around the world has benefitted Navy Federal by providing them with a low risk and cost-effective solution to in-house data preparation for EMV card issuing, one that retains control of business assets and lays the foundations for the introduction of innovative payment products in future.”
