MANILA, Philippines - The Metropolitan Bank & Trust Co. (Metrobank) and Philippine Savings Bank (PSBank) are the first banks in the Philippines to have their automated teller machines (ATMs) certified to acquire EMV-chip enabled cards as part of initiatives to fortify security measures.
The EMV is a global standard initiated by Europay, Mastercard and Visa to ensure the security and inter-operability of chip cards at chip-enabled ATMs and merchant terminals.
The implementation of this global standard aims to strengthen the security in any chip reading facilities against ATM-related fraudulent activities.
To achieve certification, a bank has to go through an end-to-end testing process conducted by an independent reviewer to verify compliance with the EMV standards.
“This is one of our major efforts to enhance the protection we provide for our ATM users and to raise the security features of our machines to global standards.†Mark Perez, retail banking head of Metrobank, said.
The banks of the Metrobank Group put themselves at the forefront of EMV-compliance in the Philippines.
Following the certification of its ATMs, Metrobank also plans to issue EMV-chip enabled debit card in 2014.
Migration to EMV or chip cards likewise marks the start of the gradual departure of the card techonology from magnetic swipe to computer chips. Aside from its higher security features, the EMV is the international standard for credit/debit card or “plastic money.â€