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First data certified to process Maestro EMV ATM transactions
PSCU Member-Owner ORNL Federal Credit Union is Among First Deployments
ST. PETERSBURG, FL (October 31, 2013) — First Data Corporation, a global leader in electronic commerce and payment processing, today announced that it has completed MasterCard testing requirements to process Maestro EMV™ ATM transactions.
This capability will help First Data’s financial institution clients better manage their programs as liability for potential fraud on non-U.S. issued Maestro cross-border transactions shifts to the ATM owner, if the ATM is not EMV-enabled.
In its first scheduled deployment, First Data is partnering with credit union service provider PSCU to process transactions for its member-owner credit union, ORNL Federal Credit Union, Oak Ridge, Tenn. The credit union began piloting EMV at its ATMs in September.
“First Data has supported EMV processing for more than a decade,” said Tom Gandre, Chief Operating Officer for PSCU. “We’re confident in First Data’s EMV expertise and ability to deliver a successful execution for its ATM clients, and delighted to be among the first in the U.S. payments industry to launch this capability.”
Initially, First Data is supporting NCR and Diebold ATMs, with additional hardware manufacturers to follow.
“This certification is the latest addition to our comprehensive, end-to-end EMV support, enabling the standard for our financial institution clients,” said Nick Barnes, senior vice president, product development, for First Data. “The transition to EMV at the ATM is a crucial step forward for security in the U.S.”
Globally, First Data has been an approved EMV transaction processor since 1999. Domestically, the company has also successfully personalized and fulfilled a number of issuers’ EMV chip card portfolios since the move to EMV in the U.S. began.
The EMV chip technology standard heightens security for card transactions as compared to magnetic stripe technology. Chip technology helps to ensure that the card itself is valid, based on data stored securely on the chip. A key tenet of EMV standards is the use of dynamic data to authenticate transaction information, which prevents the data’s fraudulent reuse.
About PSCU
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation’s leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. The company is owned by nearly 700 member credit unions representing 16 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. Comprehensive 24/7/365 member support is delivered through four contact centers located throughout the United States that handle more than 18 million inquiries a year.
Through a focus on collaboration and initiatives to mine the collective intelligence from all corners of the cooperative, PSCU’s Member-Owners are positioned at the leading edge of innovation. The combination of PSCU’s commitment to leadership in mobility and excellence in risk management, strategic consulting and technology creates PSCU’s foundation for the strongest partnerships with its Member-Owners. For more information, visit the PSCU website at www.pscu.com.
About First Data
Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive customer revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction. More information about the company is available on FirstData.com as well as on Twitter, LinkedIn, Facebook and YouTube.