RANCHO CUCAMONGA, Calif. (4/16/14)--CO-OP Financial Services has reached an agreement with Visa Inc. to make the Visa Euro MasterCard Visa (EMV) common debit solution available to its credit union clients.
"This is a major advance in adoption of the EMV standard for debit card transactions in the United States, providing a clearer migration path to EMV for our debit issuers and ATM owners," said Stan Hollen, CO-OP Financial Services president/CEO. "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)."
This long-term agreement between CO-OP Financial Services and Visa enables development of regulation-compliant debit EMV solutions using a common Application Identifier (AID). Some development will still need to be done at both point-of-sale and ATM terminals to choose the common AID, a priority for industry organizations such as DNA.
DNA is a collaboration of 10 U.S. PIN debit networks formed to provide a structure for the governance, deployment and implementation of the EMV debit standard. CO-OP helped found DNA in December, and will continue to play a key role in its activities. Michelle Thornton, CO-OP manager of core products, is a member of DNA's board of directors.
The Visa EMV solution provides portability for debit card issuers, and network routing choices for merchants and ATM acquirers. It also supports all transaction types, including contact and contactless.