Electronic Data Systems Corp. announced support for the Visa Smart global smart card initiative.

EDS joins a growing list of system vendors and integrators that will work with financial institutions on chip-based debit, credit, and electronic purse programs.

"The Visa Smart alliance is a major step in the evolution of the on-line consumer market, with distinct advantages for financial institutions, merchants, and consumers," said John Meyer, president of EDS Diversified Financial Services. "The alliance also extends EDS' thrust into the e- commerce market, which is a main competitive focus for us-and one where our expertise in systems integration and systems development emerges as a clear differentiator."

Judy Smythe, senior vice president of chip products at Visa International, said the aim of Visa Smart "is to ensure that member banks have the right support and enable them to make the transition (from magnetic stripe technology) cost-effectively and comprehensively. EDS will help to provide the right expertise and resources to do this."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.