Commonwealth Bank & Trust and Goldenwest Federal Credit Union among financial institutions using secure EMV contactless cards
Jack Henry & Associates, Inc.® is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Today, Jack Henry Payments announced that an increasing number of financial institutions are using its EMV contactless cards to offer cardholders a faster, more convenient, and more secure way to transact. The modern card alternative is available with the full-service debit and credit transaction processing platform from JHA Card Processing Solutions™ (CPS) that provides card services to banks and credit unions.
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While U.S. adoption of contactless payments has had a slow trajectory in comparison to most international markets, the COVID-19 pandemic renewed consumers’ interests in tap-to-pay and no-touch ways to pay. Jack Henry’s dual interface chip cards enable contactless transactions that leverage EMV technology, allowing a cardholder to tap the terminal for contactless purchases or insertion into the terminal for contact purchases.
Louisville, Kentucky-based Commonwealth Bank & Trust Co. is not new to contactless, but recently converted its card program to Jack Henry. Debbie Arno, vice president and card services manager for Commonwealth, said, “As the rules of engagement change, it’s critical that we give customers more options to keep our debit and credit cards pushed to the top of their wallets. Choosing Jack Henry as a trusted partner for our contactless cards ensures we have a single, holistic view of our customers and that fraud prevention is a top priority. Also, our customers benefit from safer and faster checkout experiences – no need to touch the terminal or enter a PIN or zip code.”
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Ogden, Utah-based Goldenwest Federal Credit Union recently launched contactless cards to its members through Jack Henry as well. Carol Nyman, senior vice president at Goldenwest, said, “Contactless cards empower members to untether themselves from plastic and become nimbler in their payment choices. We’re pleased to partner with Jack Henry to offer our members this level of flexibility that will also help us remain competitive in our offerings.”
Lending more credibility to the need for contactless cards, A.T. Kearney, an American management consulting firm, forecasts that an estimated 56 percent of all cards in use will be contactless by the end of 2022. According to Visa Inc., most quick-service restaurants, drugstores, food, and grocery stores can accept contactless transactions. Additionally, many leading card providers including Capital One and Citi have added contactless technology to their credit card programs.
Phil Tollison, head of card processing solutions for Jack Henry, said, “Research confirms the increase that contactless payments are receiving in the prolonged pandemic environment. For years, the industry and consumers have been moving in the direction of contactless cards, but now many of those longer-term plans for adoption are being expedited based on the urgent and growing demand for a touchless payment experience. We’re strategically positioned with the technology and experience to help financial institutions migrate to modern, high demand contactless card programs.”
