CO-OP Financial Services recently processed six international debit transactions on Visa-branded debit cards equipped with EMV chips, the California-based CUSO said Monday.
The transactions were for members of the $3.5 billion Bank-Fund Staff Federal Credit Union in Washington, D.C., and occurred in the United Kingdom, France, Spain, Romania, Peru and Uruguay, CO-OP said.
The 79,300-member Bank-Fund Staff FCU is the credit union for employees and family members of the World Bank and the International Monetary Fund.
The completed test means that CO-OP has CO-OP has passed EMV certification with Visa, the Rancho Cucamonga, Calif., processor said.
“We are extremely pleased that the test EMV cards performed so well for Bank-Fund Staff FCU and to have passed Visa certification for EMV,” said CO-OP CEO Stan Hollen.
“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,” Hollen said.
“We have members and staff who work, travel and live overseas, so we have a real need to issue EMV credit and debit cards,” said Liang Han, general manager, 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,” he said.
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.
“The timing for the test was perfect as several of the people we issued cards to were heading overseas,” Han said.