CU24 announces EMV license agreement With Visa
TALLAHASSEE, FL (April 8, 2014) — CU24 has entered into a licensing agreement with Visa to enable EMV card transactions to route over the CU24 network.
With the Visa US common application identifier (AID) in place, CU24 credit union debit cards can be included among a merchant’s routing options, and be fully compliant with both EMV secure technology and the routing rules under the Durbin amendment.
“Simply put,” said CU24 Operations VP Denise Grace, “CU24 credit unions, merchant participants, and ATM deployers can proceed to implement the protections of EMV knowing that they will be fully supported by our network.
“It’s taken a while for the industry to sort itself out,” continued Grace, “but we have been monitoring events closely. Now that consensus is emerging, we can proceed with EMV technology to help decrease fraud and enhance product flexibility across the payments landscape. Our credit unions can continue to participate in the largest credit union-owned POS network and receive the benefits of CU24 participation with full confidence.”
“Credit unions want and need the same access to technology and service advantages as their larger financial institution counterparts,” added Mansel Guerry, CU24 President and CEO. “It’s our job to help them compete, in this case by ensuring their network can support emerging, advanced technologies like EMV. Our agreement with Visa is an important step in making sure that all CU24 participants have the best possible security and payment products available.”
CU24 is a credit-union owned cooperative that provides a range of EFT and payment-related services tailored to the needs of small and midsize credit unions. CU24operates 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 that you don’t have to be big to be powerful. For more information, visit http://www.cu24.com.