Fifth Third Bank is launching a chip-embedded commercial card that will allow the bank's business customers to make payments overseas.
The decision places the Fifth Third Bancorp (FITB) unit among a host of retail banks now offering cards on the global, EMV [Europay, MasterCard, Visa] security standard ahead of the 2015 compliance deadline set by American Express, Visa and MasterCard.
"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," stated Jeff Ficke, Fifth Third's senior vice president and director of treasury management, in a press release.
Over the past several years, banks have been issuing these cards as a way to allow overseas travelers to make transactions.
At first, in 2010, it was the United Nations Federal Credit Union that began doling out Gemalto-produced chip and PIN cards to members.
By the end of last year, JPMorgan Chase (JPM), U.S. Bancorp (USB). Citigroup (C) and Bank of America (BAC) all hopped on the bandwagon.