MT. PROSPECT, Ill.--(BUSINESS WIRE)--Cummins Allison, the leading innovator of coin, currency and check processing technology, as well as ATMs, today announced its complete line of ATMs have been EMV certified by Columbus Data Services, CO-OP, Elan Financial Services, FIS, First Data, Fiserv, Jack Henry and Vantiv. These certifications include both Visa and MasterCard for all processors. Cummins Allison is the exclusive distributor of GRG ATMs in the U.S to the financial services and gaming industries.
“With the 2016 deadline for the MasterCard liability shift well behind us, financial institutions which have yet to upgrade their ATMs are open to unnecessary risk,” said Tom Conroy, senior director, self-service channel, Cummins Allison. “These certifications ensure that our customers have the ability to enable their ATM channel with the protection against security threats that EMV provides.”
Impact of EMV on Fraud Reduction
EMV technology reduces card-present fraud resulting from counterfeit, lost and stolen cards — and also supports enhanced cardholder verification methods.
Since the adoption of EMV, fraud rates in the U.S. have started to decline. According to Visa, chip-enabled merchants saw a 43 percent drop in counterfeit fraud rates in October 2016, and MasterCard recorded a 54 percent decrease in counterfeit fraud costs among its EMV-ready merchants from April 2015 to April 2016.1
ATM Compliance Costs May Necessitate Replacement
As financial institutions (FIs) consider the costs to upgrade their ATMs to be EMV compliant, many have found that that it is more beneficial to replace aging ATM equipment with new technology that delivers additional automation functionality. ATMs that feature automated deposit processing technology are rapidly being adopted by FIs that wish to provide an improved customer experience and remain relevant, especially with Millennials and Gen-X customers.
Cummins Allison EMV-certified deposit processing ATMs can help FIs achieve these goals. And for locations where automated deposit isn't required, FIs have the option to select from a range of cash dispense to full-function units — all of which are backed by the personalized service and support for which Cummins Allison is known. To learn why more FIs are turning to Cummins Allison as their supplier of choice for their ATM channel, click here.
1 creditcards.com “8 facts about EMV credit cards,” http://www.creditcards.com/credit-card-news/emv-faq-chip-cards-answers-1264.php
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.