Card Services for Credit Unions® to Save Member Credit Unions $11.1 Million on EMV/Chip Enablement

TAMPA, Fla. (March 9, 2015) Card Services for Credit Unions® announced its plan today to cover the cost of the EMV/Chip enablement phase for its 2,300 member credit unions.

“This significant investment by Card Services for Credit Unions® will help mitigate our members’ financial impact and ease their transition into EMV enabled cards,” says Bob Hackney, Card Services for Credit Unions® president. “By combining the recently announced FIS chip card mass enablement program with discounts negotiated with longtime Card Services for Credit Unions® and credit union partner FIS, we will be saving our members in excess of $11 million. We are excited to provide a comprehensive solution to enable our member credit unions to issue EMV cards.”

Along with the significant financial funding, Card Services for Credit Unions® will continue to provide guidance to its member credit unions through the enablement and issuance of EMV cards as the October 1, 2015 liability shift date approaches.

“For several years, we have known and planned for the fact that EMV would require a significant financial investment for our member credit unions to participate,” says Rod Staatz, Card Services for Credit Unions® chairman and president/CEO of SECU in Maryland. “We are proud this planning has positioned Card Services for Credit Unions® to provide a meaningful return of value to Card Services for Credit Unions® members and we are committed to helping them reduce their counterfeit fraud losses.”

“The liability shift date is less than seven months away,” says Tom Davis, Card Services for Credit Unions® CTO overseeing emerging payments. “By facilitating the timely adoption of EMV enablement for our members, those credit unions can now begin to focus time and energy on new fraud prevention technologies such as tokenization and other emerging payments.”

For more information on EMV technology and migration, visit EMV ASAP at www.cscu.net/emv.