May 17, 2010 – United Nations Federal Credit Union (UNFCU) will deliver the first U.S. issued, globally compliant microprocessor payment card. Partnering with Gemalto, UNFCU will be able to provide a globally compliant Europay MasterCard Visa (EMV) standard based Dynamic Data Authentication (DDA) contact and contactless dual interface card that can be used anytime – anywhere their members travel. UNFCU anticipates introducing the program in the second half of 2010.
With most countries around the world moving to EMV based payment for greater security, U.S. travelers are increasingly having trouble using magnetic stripe bankcards abroad, especially in offline applications like taxis, unattended ticketing and payment kiosks.
UNFCU is the first U.S. card issuer to provide a globally compliant payment card option to their members. UNFCU is taking advantage of Gemalto’s recently announced World Traveler program in which Gemalto will provide UNFCU with complete issuance service including full card design and production, personalization data preparation and personalization of the dual interface card ensuring global acceptance and forward compatibility for both online and offline payment transactions.
“We selected Gemalto based upon their expertise in payment process integration and their ability to provide all of the associated services, like SMS-based Personal Identification Number (PIN) reminder service if a cardholder forgets their PIN and global emergency card replacement if the card is lost or stolen. This ensures the best possible experience for our cardholders,” said Merrill Halpern, Card Services Manager at UNFCU.
“Cardholders naturally expect to be able to use their payment card anywhere in the world,” said Jack Jania, vice president and general manager Secure Transactions North America. “By partnering with Gemalto, UNFCU leveraged Gemalto’s ability to work with payment institutions around the planet to quickly achieve worldwide compatibility. This ensures the microprocessor payment card issued to their members is globally accepted, keeping their payment card top of wallet, most convenient both when traveling and when at home.”
For more information on payment challenges abroad:
* “For Americans, Plastic Buys Less Abroad,”
http://www.nytimes.com/2009/10/04/travel/04pracchip.html?_r=3&hpw
** The Broken Promise of Pay Anywhere, Anytime: The Experience of the U.S. Cardholder Abroad – September 2009 Aite Group online survey of 1,019 U.S. resident cardholders that traveled to countries outside of Canada, the Caribbean and Mexico between 2006 and 2009. The report can be found at:
http://www.aitegroup.com/reports/200910261.php
UNFCU is a cooperative financial institution with more than US $3.1 billion in assets, which has served the financial needs of the United Nations community since 1947. UNFCU offers a wide array of flexible savings, loan, investment and insurance products, as well as advisory services. Membership is open to staff of the United Nations, its specialized agencies, retirees and their families. UNFCU members reside in 212 countries and territories. Headquartered and with branches in New York City, UNFCU has Representative Offices in Geneva, Switzerland; Vienna, Austria; Nairobi, Kenya, and Rome, Italy.
Gemalto is the world leader in digital security with 2009 annual revenues of €1.65 billion, and over 10 thousand employees operating out of 75 offices, research and service centers in 41 countries.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
