Brookfield-based Fiserv Inc. has announced it will begin offering its own chip cards, called The Card Collection from Fiserv.
The financial services technology provider, which caters to financial institutions, introduced the product to make it easier for banks to transition from standard credit and debit cards to more secure EMV chip-enabled cards. The product is offered as an alternative to a financial institution ordering custom plastic and creating its own chip cards.
Fiserv’s cards come in several designs and include both a magnetic stripe and a chip. They are available on the Visa and MasterCard payment platforms, and meet compliance standards. The standardized cards provide cost and implementation time savings to financial institutions, Fiserv says.
“Ordering custom plastic and the process to certify and deploy custom chip card configurations is complex, costly and time consuming,” said Jorge Diaz, president, Output Solutions at Fiserv. “Further, managing inventory to ensure that chips do not expire while ensuring that inventory is sufficient to meet demand is difficult. Additionally, it can take up to 16 weeks to manufacture custom plastic. The Card Collection offering from Fiserv is designed to address these issues for our customers.”
Discover, American Express, MasterCard and Visa plan to shift liability for fraudulent transactions to issuers and merchants for point of sale terminals that are not EMV enabled by October.
“This is another step in the clear path that Fiserv is creating for card issuers to confidently and expeditiously migrate to EMV chip cards as the October 2015 liability shift deadline draws near,” Diaz said. “The Card Collection eliminates the complexity and makes economic sense.”
