CU24 announces EMV License agreement with MasterCard
TALLAHASSEE, FL. (October 7, 2014) — CU24 has entered into a licensing agreement with MasterCard to enable EMV card transactions to route over the CU24 network.
With the MasterCard US common application identifier (AID) in place,CU24 credit union MasterCard debit cards can be accepted and routed by merchants with the full advantages of EMV secure technology, while complying with the routing requirements under the Durbin amendment.
“EMV chip card adoption is a common goal of the US payments industry,” said CU24 Vice President of Operations, Christopher Poole,” designed to increase card transaction security and decrease card-based fraud.” Continued Poole, “Our credit unions, merchant participants, and ATM deployers can proceed with implementing EMV protections knowing that EMV will be fully supported by the CU24 network.”
Credit unions can continue to participate with confidence in CU24, the nation’s largest credit union-owned point-of-sale and ATM network, providing access to the largest network of surcharge-free ATMs in the country.
“With this agreement in place for MasterCard-branded cards, we ensure that our credit unions can smoothly transition to a more secure payments environment along with the rest of the financial services industry, thereby helping them to compete and improve their members’ lives,” said Mansel Guerry, CU24 President and CEO.
CU24 is a credit-union owned cooperative that provides a range of EFT and payment-related services tailored for small and midsize credit unions. CU24 operates the largest credit-union POS network in the United States, and provides access to the largest network of surcharge-free ATMs. CU24‘s mission is to provide credit unions with the expertise and services they need to compete and improve their members’ lives. Through a range of tailored solutions, CU24 demonstrates every day that you don’t have to be big to be powerful. For more information, visit http://www.cu24.com.