Laredo, TX: International Bank of Commerce (IBC), the flagship bank of International Bancshares Corporation, is now live with the first U.S. deployment of SWITCHWARE® EMV technology for its chip card issuance.
Having long relied upon CSFi’s comprehensive SWITCHWARE solution for in-house ATM driving and card management, including debit card issuing and electronic payment and transaction switching support, IBC worked with CSFi and Visa to complete EMV chip card testing in October and issued the first set of cards in November. Initial cards were issued to bank employees as part of a phased release, with the general customer release expected to take place in early 2016.
For more than ten years, CSFi has provided software solutions for EMV chip card issuing and acquiring to financial institutions operating in foreign markets. With the recent mandates from MasterCard and Visa, U.S. banks and financial institutions are now actively engaged in the conversion to EMV compliant payments processing platforms. Providing the highest form of card data protection available, EMV chipcards make it virtually impossible to duplicate or skim a card that could later be used for fraudulent transactions.
SWITCHWARE’s EMV support functions providing the bank with an “end-to-end” EMV solution for instant smart card issuance enables conformance to both current and future EMV standards and includes:
- Installing a new EFT network interface (using custom data elements for EMV)
- Marking of existing mag-stripe cards for EMV issuance in SWITCHWARE and notifying the EFT network or card production vendor with a common class field to designate EMV
- System integration and setup for EMV issuer processing
- Network EFT Certification (for online transaction processing)
- CSFi remote system integration services for setup and conversion processing
Since inception, IBC has grown from less than $1 million in assets to more than $12.1 billion, making it one of Texas’ largest holding companies. Now serving 90 communities throughout Texas and Oklahoma with 212 branches and more than 325 ATMs, IBC’s success is the result of an aggressively proactive and innovative attitude. The bank’s “We Do More” philosophy reflects its dedication to the growth and success of its customers and communities.