RANCHO CUCAMONGA, Calif., (December 11, 2013) - CO-OP Financial Services is among 10 leading PIN debit network providers collaborating on the formation of the Debit Network Alliance, a new company introduced today that will provide a structure for the governance, deployment and implementation of the debit EMV standard.
Debit Network Alliance announced itself via a news release. The release can be obtained by contacting Paul Tomasofsky at (201) 781-2119 and PaulT@DebitNetworkAlliance.com, or visit www.DebitNetworkAlliance.com.
Among the contributions of CO-OP Financial Services to the organization is Michelle Thornton, Manager-Core Products, who will sit on Debit Network Alliances' Board of Directors.
Commenting on the new organization, Stan Hollen, President/CEO, CO-OP Financial Services, said:
"Formation of the Debit Network Alliance further advances a common U.S. debit AID (application identifier) and its harmonized profiles and parameters. This is extremely important to credit unions because it preserves their routing and network choices in connection with the emerging EMV standard. As one of 10 founders of the Debit Network Alliance, CO-OP has actively represented the interests of credit unions, and we will continue to help drive the next steps, both in governance and deployment, of the common U.S. debit AID.
"While the common U.S. debit AID provides interoperable adoption of chip and PIN debit payments to the entire industry, this will still take time, particularly in light of the recent judicial proceedings concerning the Durbin Amendment. CO-OP encourages all PIN debit network providers to join Debit Network Alliance in order to move the industry forward in a collaborative, standardized way."
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company helps credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.