Canara Bank became India’s first public sector bank to meet RBI’s EMV mandate

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Global provider of real-time electronic payment and banking solutions, ACI Worldwide, notified that India’s public sector bank, Canara Bank has successfully rolled out new functionality that supports EMV (Europay, MasterCard and Visa) card acquiring across its ATM (Automated Teller Machine) network and Aadhaar Authentication.

Thus it became the 1st in the market to leverage ACI’s UP Retail Payments solution and the 1st public sector bank to shift to EMV chip and PIN for card based transactions across the country’s vast ATM network.

The functionality developed by ACI and Canara Bank also fastens the process of Aadhaar number linking, which in turn eases KYC(Know Your Customer) compliance at the bank’s branches.

The prime objective of the EMV shift is to reduce fraud of lost and stolen card and make forging of card fraud more difficult. For Canara Bank, this is a notable achievement as it offers its customers improved authentication for card-based transactions at the ATM, thus ensuring greater security and risk mitigation. Canara Bank has around 6,300 branches and more than 10,000 ATMs.