Metrobank, PSBank ATMs now EMV-compliant
(The Philippine Star) | Updated August 6, 2013 - 12:00am
MANILA, Philippines - The Metropolitan Bank & Trust Co. (Metrobank) and
Philippine Savings Bank (PSBank) are the first banks in the Philippines
to have their automated teller machines (ATMs) certified to acquire
EMV-chip enabled cards as part of initiatives to fortify security measures.
The EMV is a global standard initiated by Europay, Mastercard and Visa
to ensure the security and inter-operability of chip cards at
chip-enabled ATMs and merchant terminals.
The implementation of this global standard aims to strengthen the
security in any chip reading facilities against ATM-related fraudulent
activities.
To achieve certification, a bank has to go through an end-to-end testing
process conducted by an independent reviewer to verify compliance with
the EMV standards.
"This is one of our major efforts to enhance the protection we provide
for our ATM users and to raise the security features of our machines to
global standards." Mark Perez, retail banking head of Metrobank, said.
The banks of the Metrobank Group put themselves at the forefront of
EMV-compliance in the Philippines.
Following the certification of its ATMs, Metrobank also plans to issue
EMV-chip enabled debit card in 2014.
Migration to EMV or chip cards likewise marks the start of the gradual
departure of the card techonology from magnetic swipe to computer chips.
Aside from its higher security features, the EMV is the international
standard for credit/debit card or "plastic money."
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