Silicon Valley Bank Selects Gemalto for U.S. Issued EMV Chip Cards
Silicon Valley Bank (SVB) has selected Gemalto to deliver U.S issued globally compliant Europay MasterCard (News - Alert) Visa (EMV) chip payment cards for their entire cardholder base.
The Bank plans to offer its clients -- many of whom travel frequently -- the security and convenience of payment cards based on EMV standard.
It’s seen that U.S. travelers are often unable to use traditional magnetic stripe payment card abroad, in particular at automatic unattended kiosks. Company officials said that this is mainly due to the awareness in the countries that already have adopted chip payment cards -- that a significant proportion of the residual payment cards fraud “is imported”, i.e. coming from visitors and users who use their less secure magnetic stripe cards to pay for goods and services.
The migration to new EMV chip payment cards will enable SVB to fully address a growing concern for U.S. cardholders and offer them global card acceptance, according to company officials.
Gemalto (News - Alert) will provide SVB complete issuance services -- full card design and production, secure data management and personalization of the upgraded cards. In addition, it will also ensure global acceptance and forward compatibility for both online and offline EMV payment transactions. The company plans to start with the SVB MasterCard World Elite portfolios, which are dedicated to cardholders who frequently travel overseas.
The main objective for this program was to shorten production time to get the cards in our clients’ hands as soon as possible, so the Bank needed its partner to be experienced and respond quickly, said Pradeep T. Moudgal, head of Global Cards and Merchant Services at Silicon Valley Bank.
He believes that Gemalto has the expertise and capabilities to meet their timeline and ensure a smooth transition for our clients.”
“Gemalto played a key role in the first upgrade to the U.S. payment system in decades with the launch of contactless technology,” said Jack Jania, vice president and general manager of secure transactions for Gemalto North America.
“Now, consumers are asking for an upgrade to EMV so they can use their cards securely and conveniently overseas. It is very natural for cardholders to expect their payment cards to work anytime anywhere when needed, and we are delighted to be supporting SVB as one of the fast movers in the U.S. to address this critical customer need.”
Additionally, Gemalto is also expected to provide SVB consultation on EMV migration, personalization, and delivery of the cards to the end-user.
This year in March, Gemalto unveiled a UICC-embedded software application, compliant with Mobile MasterCard PayPass M/Chip 4.Anshu Shrivastava is a contributing editor for TMCnet. To read more of Anshu’s articles, please visit her columnist page.
Edited by Chris DiMarco