TALLAHASSEE, Fla. (10/8/14)--CU24 has entered into a licensing agreement with MasterCard to allow EMV card transactions to route over the CU24 network.
With the MasterCard U.S. 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 new interchange laws.
"EMV chip card adoption is a common goal of the US payments industry, designed to increase card transaction security and decrease card-based fraud," said Christopher Poole, CU24 vice president. "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."
Added Mansel Guerry, CU24 president/CEO: "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."