CSCU to Save Member Credit Unions $11.1 Million
on EMV/Chip Enablement
TAMPA, Fla. (March 9, 2015) Card Services for Credit Unions (CSCU)
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 CSCU will help mitigate our members’ financial impact and ease their transition into EMV enabled cards,” says Bob Hackney, CSCU president. “By combining the recently announced FIS chip card mass enablement program with discounts negotiated with longtime CSCU 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, CSCU 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, CSCU chairman and president/CEO of SECU in Maryland. “We are proud this planning has positioned CSCU to provide a meaningful return of value to CSCU 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, CSCU 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