Initially, Gemalto will offer this technology to SVB’s MasterCard World Elite portfolio, which are dedicated to cardholders that frequently travel overseas.
Accpording to the Gemalto, it will provide SVB complete issuance services including full card design and production, secure data management and personalization of the upgraded cards, as well as ensuring global acceptance and forward compatibility for both online and offline EMV payment transactions.
With these chip embedded card SVB’s clients can benefit from additional security and applications as well as easier card usage when traveling in Europe and Asia where smart cards are standard.
SVB’s cards will include embedded chip technology as well as magnetic stripes to ensure acceptance at the 31.7 million merchant locations worldwide where MasterCard is accepted.
SVB Financial Group chief operations officer Bruce Wallace said chip-enabled cards provide a new level of security and convenience for SVB clients with international operations that need a holistic card program as a strategic component of their payables strategies.
