Visa has partnered with PULSE, a US-based debit/ATM network provider, to allow financial institutions that issue EMV debit cards on both their networks to use Visa’s debit solution, common application identifier (AID).
The Visa’s AID supports US debit regulations and allows financial institutions to route transactions over multiple and unaffiliated networks.
PULSE will use Visa’s common AID functionality to facilitate all types of point-of-sale debit transactions on its network.
Additionally, PULSE will facilitate domestic ATM transactions on its network and provide choice during the routing of ATM transactions.
Visa corporate strategy and government relations executive vice president, Bill Sheedy, said it is important for the industry to work together, especially when it comes to the adoption of EMV chip.
"Our common solution is an asset we are making available to the industry free of charge to provide issuers and merchants greater choice among debit networks and enable a streamlined implementation for all parties," Sheedy added.
The common debit solution will accelerate EMV chip adoption in the US and provide a uniform platform that will enable network innovation.