Fiserv has announced an agreement to make Visa’s common debit EMV solution available for the Accel™ debit network. Under the agreement, Fiserv will adopt Visa’s common debit solution offering issuers, acquirers and merchants a simple, streamlined approach for debit EMV adoption. The agreement will help enable the development of regulation-compliant debit EMV solutions using a common Application Identifier (AID).
With more than 7 million Visa EMV chip cards already issued in the U.S., it is important to continue the momentum towards more widespread adoption,” said Bill Sheedy, executive vice president of Corporate Strategy and Government Relations, Visa Inc.
“With Fiserv participating in the common solution we have made available to the industry, we can offer more choices to issuers and merchants and a clear roadmap for streamlined, cost-effective chip adoption.”
By licensing the Visa AID, the Accel network will be able to process PIN and PINless EMV transactions ensuring enhanced transaction processing security. The AID will facilitate U.S. debit transactions from any debit network that licenses the Visa common AID solution and is enabled on a Visa card.