NCR Corporation has installed the first ATM in the country that complies with the so-called Europay, MasterCard and Visa, or EMV, standard, which is intended to reduce fraud.
The country's first EMV-compliant ATM is now in use at a New York City branch of People's United Bank, a $30.4 billion-asset lender headquartered in Bridgeport, Conn., NCR said Wednesday. NCR is upgrading the ATMs in cooperation with payments firm Vantiv and ATM service provider Pendum, it said.
EMV is a set of specifications, also known as "chip and PIN," for smart-card transactions. The specifications include the eventual replacement of magnetic card strips by microprocessor chips. France was the first country to adopt the EMV guidelines.
NCR's upgrade to People's United's ATMs include a refresh of the card-reader hardware as well as software updates.
"Financial institutions throughout the U.S. are evaluating and making plans to upgrade their ATM networks in order to stay in compliance with card issuers' deadlines," Ruth Fornell, NCR vice president of Global Professional Services, said in the news release. "As they begin their implementation, it is important that they turn to a solutions provider with experience. NCR amassed a wealth of experience in helping financial institutions in Canada and Mexico and institutions throughout Europe make the transition."