CO-OP Financial Services Successfully Processes EMV-Enabled Visa Debit Card Transaction Test (Misc News: April 29, 2013)
EMV-enabled Visa debit cards functioned successfully in at least six countries for members and staff of Bank-Fund Staff FCU, with online transaction processing performed by CO-OP Financial Services.
CO-OP has passed EMV certification with Visa, based on its work with Bank-Fund Staff FCU as the test credit union. Bank-Fund Staff FCU tested CO-OP’s Phase I processing solution of online EMV transactions from a contact EMV card.
“CO-OP is developing EMV technology in a phased approach and we expect to make our online EMV debit solution generally available to clients later this quarter,” said Stan Hollen, president/CEO, CO-OP Financial Services.
Bank-Fund Staff FCU in Washington, D.C., is the credit union for employees and family members of World Bank and the International Monetary Fund.
“We have members and staff who work, travel and live overseas, so we have a real need to issue EMV(chip) credit and debit cards,” said Liang Han, general manager of electronic payments for Bank-Fund Staff FCU. “We reached out to CO-OP Financial Services and became their beta tester for online EMV transaction processing.”
Bank-Fund Staff FCU issued 11 EMV-enabled Visa debit cards to members and staff during the pilot EMV period, which extended from late December to early April. This is the first step in the credit union’s overall EMV strategy.
“The timing for the test was perfect as several of the people we issued cards to were heading overseas,” Han said. “We had people using the cards in the United Kingdom, France, Spain, Romania, Peru and Uruguay.”
For more information, visit CO-OP’s “Ask the EMV Expert” page at co-opfs.org/EMV.