CoreCard Software, a leading provider of card management systems and processing services, today announced completion of MasterCard EMV Certification for one of its processing clients. This certification means the CoreCard processing platform is now EMV-enabled and current and future clients can issue chip cards to their cardholders.

CoreCard developed its EMV processing module in-house. This module supplements the current CoreCard® solutions which provide the market's most feature-rich platform for processing and managing a full range of card products including prepaid/stored-value, fleet, credit, debit, commercial, government, healthcare and private-label cards with capabilities that can include accounts receivable and loan transactions.

EMV, which stands for Europay, MasterCard and Visa, is an open-standard set of specifications for smart card payments and acceptance devices. When in contact, the chips in the cards “talk” with the chips in the terminals creating unique codes for purchases and protecting cardholders from counterfeit card fraud.

“We developed our platform to run many different types of programs allowing quick customization to meet specific program requirements. As many in the payments industry are migrating to chip technology, EMV-ready is an essential component on our already feature-rich software platform,” said Leland Strange, CEO of CoreCard. “And for our processing customers, it is essential to offer MasterCard EMV Certified.”

Chip technology is growing:

• MasterCard stated that almost 80 percent of U.S.-issued MasterCard branded consumer credit cards are chip cards, as of May, 2016.
• In 2015, the Payments Security Task Force projected that 98 percent of cards issued in the U.S. would feature chip technology by the end of 2017.