CO-OP Financial Services, Visa forge EMV agreement

Through an agreement with Visa, Co-op Financial Services will make the Visa EMV common debit solution available to its credit union clients. The long-term agreement facilitates the development of regulation-compliant debit EMV solutions using a common AID.

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.

“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, president and CEO of Co-op Financial Services. “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.”

Co-op helped found DNA in December 2013, and will continue to play a key role in its activities, the release said. Michelle Thornton, manager of core products at Co-op, is a member of the DNA board of directors.

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