July 2, 2010

Major Canadian payment processors support American Express chip cards

MARKHAM--American Express has struck agreements with major payment processing providers, Chase Paymentech, Global Payments and Moneris Solutions to rollout American Express Chip & PIN services for Canadian merchants and Cardmembers.

"American Express has made significant investments to ensure that our Canadian network is ready for Chip technology. Many merchants and processors have already upgraded to Chip & PIN for American Express and our Cardmembers from international markets are using Chip & PIN at thousands of merchant locations across Canada today," said Howard Grosfield, President and CEO, Amex Bank of Canada. "As a global leader in emerging payments products, we are able to leverage our international experience to ensure a smooth transition for our merchants and Cardmembers, so they can take advantage of the added security features that Chip cards provide."

As a global card issuer and acquirer of payment transactions, American Express has extensive experience in Chip & PIN technology and has been investing in Chip & PIN capability for more than a decade. American Express Chip Cards are currently issued in over 25 international markets.

In Canada, the Company has participated in multilateral industry efforts for the migration of card payments to Chip technology over the last few years and readied its own systems in anticipation of the transition.

The introduction of Chip is designed to make an already secure payments system even safer, with a seamless transition for Cardmembers and merchants. To ensure a smooth transition to this new technology, American Express Cards with magnetic stripes will continue to be accepted at all establishments during and after the transition to accommodate the needs of merchants and Cardmembers.

American Express in Canada operates as Amex Bank of Canada and Amex Canada Inc. Both are wholly owned subsidiaries of the New York based American Express Travel Related Services Company, Inc., the largest operating unit of the American Express Company. Amex Bank of Canada is the issuer of American Express Cards in Canada. Amex Canada Inc. operates the Corporate Travel, Travel Services Network and Travellers Cheques divisions in Canada. American Express opened its first offices in Toronto and Hamilton in 1853 and now employs 3,700 Canadians coast-to-coast.

 

 

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