Moneris Solutions Delivers Convenient and Secure Payment Processing to Canadians Through Fully Certified Chip Technology
VISA, MasterCard, Interac Association give go-ahead to roll out chip transaction processing
TORONTO, ONTARIO--(www.AllPayNews.com - Aug. 27, 2007) - Moneris Solutions Corporation ("Moneris"), Canada's largest processor of credit and debit card transactions, today announced it is among the first acquirers in Canada to be certified by Interac Association, MasterCard and VISA, to deliver chip technology to Canadians. Already certified by VISA, Moneris has now added certifications from MasterCard and Interac Association to set the stage for chip-based payment platforms as an integrated and convenient experience for consumers and merchants.
"With over 75,000 devices in the marketplace, I am thrilled to announce that Moneris Solutions is leading the charge towards Canada's migration to chip technology," said Jim Baumgartner, President and CEO, Moneris. "Chip has become the new global payment standard and we are eager to help Canadians understand the need to move in this direction. With security top-of-mind in financial transactions, Canada is leading North America to a more secure method of payment processing."
"MasterCard is the global leader in chip implementation and is looking forward to working with partners like Moneris to share that world of experience, to ensure a seamless transition to chip-based payment in Canada," said Kevin Stanton, President, MasterCard Canada. "The arrival of chip to Canada means that consumers will soon benefit from the convenience of shorter transaction times and increased protection from fraud."
"Chip technology will better protect merchants and consumers from fraud and Visa congratulates Moneris on continuing to drive the implementation of chip terminals," said Derek Fry, President, Visa Canada.
The industry has been working collaboratively to bring this technology to Canadians and to ease the impact of its roll-out for issuers, acquirers, cardholders and merchants.
"Chip card transactions will set a new standard in payment security for our customers," said Marco Marrone, President, Canadian Tire Financial Services, one of the early adopters of the new chip technology. "Through organizations like Moneris, transactions will be processed more securely, and we are confident that Canadians will be very receptive to adopting this new way to pay."
A chip card is a plastic payment card (debit or credit) with an embedded microchip that cardholders insert into a point-of-sale (POS) card reader or ABM. Instead of a signature, cardholders enter a PIN to authorize the transaction, just as they do today with debit. Because chip cards process data securely, it is virtually impossible to copy or tamper with them. The PIN feature, which has always been used with debit card transactions in Canada, will now provide added security for credit as well, addressing concerns among Canadian merchants regarding the cost of fraudulent card activity.
"Moving to chip technology is part of our ongoing commitment to providing the safest, most secure payment options available to Canadians," said Mark O'Connell, President and CEO, Interac Association. "Interac Association is proud to be part of the global trend toward offering this innovative technology, and we are dedicated to working with industry partners like Moneris to ensure the smooth transition to chip technology in Canada."
For more information about chip technology in Canada, please visit http://www.moneris.com/chip
About Moneris Solutions
As one of North America's largest providers of payment processing solutions, Moneris offers credit, debit, wireless and online payment services for merchants in virtually every industry segment and processes more than 2.3 billion transactions annually. Through its Ernex division, Moneris offers electronic loyalty and stored-value gift card programs. With more than 350,000 merchant locations, Moneris provides the hardware, software and systems needed to improve business efficiency and manage payments. For more information please visit www.moneris.com.
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