JACKSONVILLE, Fla. & PURCHASE, N.Y.--(BUSINESS WIRE)--FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, its NYCE® Payments Network and MasterCard today announced a licensing agreement that will make MasterCard’s EMV debit solution available to all NYCE participants.
EMV chip card adoption is a common goal of the U.S. payments industry, designed to increase card transaction security and decrease card-based fraud. This agreement provides all NYCE Network participants with an EMV license with respect to MasterCard products and continues the advancement toward a secure payment environment.
“This agreement not only adds to FIS’ market-leading EMV card production and EFT processing capabilities, it also advances the adoption of EMV solutions in the U.S.,” said Bob Woodbury, SVP and general manager, FIS Payments Networks. “Chip cards offer significant reductions in card-based fraud, and demand for an industry wide, common sense solution is growing.”
“This is a further step in our commitment to improving U.S. transaction security through EMV migration,” said Carolyn Balfany, group head, U.S. Product Delivery, MasterCard. “By reducing the complexity of EMV implementation, it accelerates the changeover and moves the industry closer to greater debit security.”
This agreement permits FIS to offer a MasterCard-NYCE solution to all NYCE participants, bringing full EMV deployment across the U.S. another step closer. FIS already issues EMV cards worldwide and is working to migrate financial institutions and payments systems to EMV-compliant solutions.
FIS is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 39,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
Statements in this release that are not strictly historical, including any statements referring to beliefs, expectations, projections, or any other statement regarding events or developments we believe or anticipate will or may occur in the future, may be “forward-looking” statements made pursuant to the safe harbor provisions of federal securities laws. There are a number of important factors that could cause events to differ materially from those suggested or indicated by such forward-looking statements. These include, among other things, statements related to FIS’s offering of MasterCard’s EMV debit solution and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of each Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release, and neither Company assumes any obligation to update any forward-looking statement.