Washington, D.C. (Jan. 23, 2019)
—ICBA Bancard, the payments services subsidiary of the Independent Community Bankers of America® (ICBA), today announced that it is partnering with FIS to accelerate adoption of contactless EMV chip cards among community banks over the next year. ICBA Bancard’s financial support will help support community banks in their migration to contactless cards, which cost about a third more to produce than chip cards and are expected to reduce retail cash payment volume by $190 billion through 2022
“With first-generation EMV-chip cards beginning to expire and nearly 70 percent of all merchant terminals in the United States equipped with near-field communication, the stage is set for rapid contactless adoption in the community banking industry,” ICBA Bancard President and CEO Tina Giorgio said. “Community banks will be well positioned in 2019 to offer their customers contactless payment solutions as they continue to provide the best possible products and services, along with the superior customer service for which they are known.”
In addition to providing financial incentives to community banks that accelerate adoption of contactless payments, ICBA Bancard is providing educational resources for them and their customers during the transition. Contactless cards are being piloted by several ICBA Bancard community bank clients and will be rolled out in the first quarter of 2019.
“Banner Bank remains committed to meeting our customers’ evolving payment needs,” said Gary Wagers, executive vice president, retail products and services, of Walla Walla, Wash.-based Banner Bank. “Thanks to ICBA Bancard and its partners, we have access to the best resources and products available, helping us to be at the forefront of payment innovation.”
“Contactless technology is moving quickly into mainstream adoption in the U.S., driven by consumer requirements,” Executive Vice President of Financial Institution Payments, Integrated Financial Services at FIS Jim Johnson said. “It’s critical for community banks to be actively working on plans to leverage this technology as part of their payments strategy. As a leading provider to community banks, FIS looks forward to working with ICBA Bancard to raise awareness of the potential of this technology and help our clients fully realize its value.”
About ICBA Bancard
ICBA Bancard® is the wholly owned payment services subsidiary of the Independent Community Bankers of America. ICBA Bancard’s community bank issuers generated more than $26 billion in sales volume in 2017 and are ranked collectively as the 25th largest credit card portfolio in the United States. ICBA Bancard enables thousands of community banks to provide competitive credit card, debit card, ATM and merchant processing solutions. The company also provides exclusive services to issuers including its Fraud Loss Protection Plan, marketing support, and product education. For more information, visit www.icbabancard.org.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 52,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.