Long, complicate processor switch process should impede exodus from FIS after regulatory letter, card consultant says.
The NCUA has asked credit unions that process their debit and credit card transactions with FIS to evaluate their relationship with the card processor in light of an information technology supervisory letter the company has received from other federal financial regulators.
CO-OP's operations were not impacted by breach and CUSO expressed confidence in FIS.
Agency cites information technology supervisory letter the company has received from the FDIC; FIS processes credit and debit transactions for 5,400 credit unions.
Federal suit charges FIS with infringing on CheckFree, CashEdge intellectual property in payments tech tools.
Processor says disruption involved a "small number of its payment systems, which impacted a select number of clients."
CUSO says FIS problems on Friday shut down ATMs but CO-OP point of sale unaffected.
Blogger reports card processor hit by scam involving Sunrise platform cards.
A white paper for Card Services for Credit Unions members from processor FIS and CSCU outlines risks, urges education.
A majority of the credit unions around the country that issue cards will soon be able to offer merchant-funded rewards.