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PSCU certified for debit EMV: Credit unions go live in June
ST. PETERSBURG, FL (May 26, 2015) – PSCU, the nation’s leading credit union service organization (CUSO), announced that it is the first CUSO certified to issue debit cards with EMV chip card technology on First Data’s Debit Solutions platform. PSCU worked with global payment technology solutions company, First Data on the certification and mass deployment process that will now be adopted in waves of PSCU member-owner credit unions across the country.
As the U.S. payment card industry continues moving away from magnetic-stripe cards to ones that utilize EMV chips, it’s crucial to have systems and processes in place to help financial institutions navigate the transition. By being first to market in the credit union industry, PSCU is leveraging its scale to do just that.
“By working closely with First Data, PSCU has established a process to ensure all of our member-owner credit unions are deployed on debit EMV quickly and consistently,” said Chuck Fagan, PSCU President and CEO. “Backed by proven implementations processes and support, we expect to see the first wave of member credit unions go live in the beginning of June, with others to follow soon after.”
PSCU’s EMV card deployments began in 2011 when the CUSO became one of the first in the credit union industry to offer plastics that incorporate EMV chip technology. The company recently announced that EMV credit card program deployments had officially surpassed the one million-card mark.
Credit union members and banking customers alike are primed to take advantage of fraud prevention advancements that EMV technology offers as EMV security chips roll out in credit and debit cards across the country. In today’s high-risk fraud environment, EMV technology is one of the best weapons in the arsenal against card-present fraud.
“With our focus on providing safe, secure transactions to all consumers, First Data is pleased to partner with PSCU and its member-owners to bring EMV to the U.S. marketplace,” said Andrew Gelb, First Data’s Executive Vice President, Financial Services. “The next several months will be critically important as financial institutions of all sizes transition to chip card technology, and we are ready to provide the support needed to navigate the EMV certification process.”
About PSCU
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation’s leading credit union service organization (CUSO). The company is owned by over 800 Member-Owner credit unions representing 18 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. 24/7/365 member support is delivered through contact centers located throughout the United States.