Fifth Third Bank has launched an Europay, MasterCard, Visa (EMV) compliant chip for commercial cards that will allow business clients to authorise transactions more efficiently while travelling abroad and help improve the security of international transactions. This new offering will help commercial card users facilitate authorisations in Canada, Europe and other countries that are EMV-compliant and help reduce the risk of counterfeit and stolen cards through more secure chip and personal identification number (PIN) technology.
The EMV chip card has a microprocessor chip programmed according to the global EMV standard. This chip supports offline processing between the card and the terminal in a secure manner, and the cardholder is authenticated using a PIN, which is stored in the chip. This process of authentication can help reduce the risk of counterfeit or stolen cards for commercial clients. The card also contains a magnetic stripe for acceptance at non-chip-enabled terminals.
“In today’s global business environment, EMV chip cards can improve the ease and security of payments for commercial clients when making payments overseas and for everyday transactions,” said Jeff Ficke, senior vice president (SVP) and director of treasury management for Fifth Third Bank. “We are focused on providing our clients with the latest treasury solutions to help maximise their working capital. Our EMV chip offers cardholder convenience and assists with streamlining back-office administration for payables. Additionally the data storage and processing power of our EMV chip can help improve risk management for the organisation.”
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