FIS Taps Cloud for EMV Instant-Issue Service (May 12, 2014)
The U.S. may be one of the world’s last markets to migrate to EMV, but the cool new EMV tools available for issuers could be the silver lining to waiting so long. FIS today unveiled FIS Instant Card, a cloud-based service for instant issuance of EMV-compliant credit, debit and prepaid cards. Financial institutions with FIS Instant Issue now may produce an EMV-compliant card on the spot for a new customer or to replace a lost card, integrating it with any existing account data and personalized images. FIS Instant Card also synchronizes the new card with the institution’s core database for periodic mass mailings and re-issuance when cards expire.
The pressure to develop EMV card-issuing strategies is mounting, as the card networks’ October 2015 date for shifting liability nears. Issuers or merchants that are not EMV-ready will be liable for counterfeit card fraud at the POS after that date. FIS developed its new solution to meet the needs of financial institutions looking for a quick, relatively affordable way to issue cards individually in branches or from any location without adding new software or hardware. FIS manages all the server hardware, security modules, card profiles, keys and encryption processes and EMV data preparation for FIS Instant Card in the cloud, with easy options for issuers to manage customer PIN selection and PIN changes, the company said.
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