U.S. Bank Global EMV Corporate Card Hits the Market
U.S. Bank officially launched its Global EMV commercial card this week, bringing U.S.-based corporate travelers greater convenience when traveling abroad.
Last summer, U.S. Bank became the first in the United States to issue a dual EMV chip and contactless payment card for retail customers with its FlexPerks Travel Rewards Visa(R) Signature Credit Card. A few months later, the bank said it would be launching a similar card for commercial travelers in 2012.
The U.S. Bank Global EMV Card contains the magnetic stripe technology used in the United States, but also includes the EMV Chip technology widely used in Canada, Europe and other geographies. Combining both technologies on one card ensures that purchases can be conveniently processed around the world. It also gives employers a smooth way to introduce EMV technology to their cardholders.
In an EMV card, an embedded microprocessor (“chip”) in the card allows for both chip-and-signature and chip-and-PIN authentication options. The PIN option provides trouble-free use in train stations, parking lots and other places where agents are not always available to process transactions. Where no PIN is required, cardholders can sign for their purchases.
This Global EMV card is being offered as an optional component on most U.S. Bank commercial card lines and as a standard offering for the U.S. Bank Executive and Executive Platinum card. It is available on both Visa and MasterCard platforms.
“For international business travelers, the U.S. Bank Global EMV Card delivers greater convenience and compatibility with overseas merchants,” said Jeff Rankin, senior sales and marketing officer for U.S. Bank Corporate Payment Systems. “It allows cardholders to go anywhere in the world with confidence. This natural evolution of our travel card offering promises to bring more global consistency to our customers.”
U.S. Bank, the second-largest corporate travel card issuer in the United States, already issues chip-enabled cards to its commercial customers in Canada. In July 2011, the bank began issuing commercial cards with full chip-and-PIN capability for corporate clients in Europe, and also introduced EMV technology to the U.S. consumer market with its FlexPerks Travel Rewards Visa® card.
U.S. Bancorp (NYSE: USB), with $340 billion in assets as of Dec. 31, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,085 banking offices in 25 states and 5,053 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
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