CU24 Joins EMV Movement
Credit union participants in CU24 can now be confident that once they issue debit cards with embedded EMV chips, their members will be able to use those cards at retailer terminals.
The debit and ATM payments CUSO announced Tuesday that it will enable transactions from EMV cards to be routed over its network. This means CU24 EMV transactions will be among the merchant routing options at POS terminals mandated by the Durbin amendment, the network said.
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“Simply put,” said CU24 Vice President for Operations Denise Grace, “CU24 credit unions, merchant participants and ATM deployers can proceed to implement the protections of EMV knowing that they will be fully supported by our network.
“It’s taken a while for the industry to sort itself out,” Grace said, “but we have been monitoring events closely. Now that consensus is emerging, we can proceed with EMV technology to help decrease fraud and enhance product flexibility across the payments landscape.”
Mansel Guerry, CEO of the largest credit union-owned POS network, added, “Our agreement with Visa is an important step in making sure that all CU24 participants have the best possible security and payment products available.”