FIS, the world’s largest provider of banking and payments technology, its NYCE Payments Network and MasterCard announced a licensing agreement that will make MasterCard’s EMV debit solution available to all NYCE participants.
EMV chip card adoption is a common goal of the U.S. payments industry, designed to increase card transaction security and decrease card-based fraud. This agreement provides all NYCE Network participants with an EMV license with respect to MasterCard products and continues the advancement toward a secure payment environment.
“This agreement not only adds to FIS’ market-leading EMV card production and EFT processing capabilities, it also advances the adoption of EMV solutions in the U.S.,” said Bob Woodbury, SVP and general manager, FIS Payments Networks. “Chip cards offer significant reductions in card-based fraud, and demand for an industry wide, common sense solution is growing.”
“This is a further step in our commitment to improving U.S. transaction security through EMV migration,” said Carolyn Balfany, group head, U.S. Product Delivery, MasterCard. “By reducing the complexity of EMV implementation, it accelerates the changeover and moves the industry closer to greater debit security.”
This agreement permits FIS to offer a MasterCard-NYCE solution to all NYCE participants, bringing full EMV deployment across the U.S. another step closer. FIS already issues EMV cards worldwide and is working to migrate financial institutions and payments systems to EMV-compliant solutions.
FIS is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 39,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
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MasterCard(NYSE: MA),www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on [email protected], join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.