Credit unions are marketing themselves to consumers in a number of different ways. One such method is promoting new ATM machines that will employ new EVM chips to make customers safer and their transactions more secure.
New chip cards and EMV compliance
By October 1, 2015 United States ATM's must come into compliance with new regulations requiring merchants to accept EMV credit and debit cards. This is a security protocol designed to protect both the financial institutions and the consumers from fraud or theft. Credit unions are coming into compliance slowly, a Credit Union Times report found, and Cummins Allison's ATMs are easily upgraded to EMV capability. They also have Windows 7 update packages.
Because of that federal mandate, the nation's nine largest payment card providers have said they will issue some 575 million of the new, chip-embedded cards by next October.
"These numbers reflect the significant momentum behind the adoption of EVM chip in the United States," said Ryan McInerney, president of Visa. "By the end of next year, these issuers estimate that 1 in 2 of their U.S. payment cards will be chip-enabled, which represents real progress given the scale and complexity of this overall effort."
As time moves closer to the October date, more credit unions are racing to complete what they need to do to get new, EMV-compliant ATMs in their establishments around the country. This compliance will prevent companies being faced with a larger fraud liability standard and can increase traffic to their business with state-of-the art ATMs.
August 27, 2014