August 20, 2012

Fifth Third Bank became the latest bank to offer an EMV-enable card for customers traveling abroad.

The Cincinnati-based bank announced today the card will be available for business clients that travel internationally to help authorize transactions more efficiently and improve the security of international transactions.

“In today’s global business environment, EMV chip cards can improve the ease and security of payments for commercial clients when making payments overseas and for everyday transactions,” said Jeff Ficke, senior vice president and director of treasury management for Fifth Third Bank, in a statement. “We are focused on providing our clients with the latest treasury solutions to help maximize their working capital."

Fifth Third's announcement follows initiates from several other banks, including U.S. Bank and Bank of America also offering EMV-enabled corporate credit cards to its U.S. customers who travel internationally.

EMV, the global standard for credit and debit card payments named after its original developers -- Europay, MasterCard and Visa -- features cards with embedded microprocessor chips that store and protect encrypted account user data. proponents of EMV say that is it is more secure than magnetic stripe cards, especially when it comes to preventing fraud such as STM skimming.

ABOUT THE AUTHOR
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as ...