PHILIPBBURG–CIBC FirstCaribbean International Bank customers in St. Maarten are now able to use their cards at the automated teller machines (ATMs) of other banks.
CIBC FirstCaribbean’s inclusion in Cash Net services makes this possible. Country Manager of CIBC FirstCaribbean International Bank in St. Maarten Heidi Getrouw said this will be more convenient for customers as the bank’s card was not accepted before at the ATM of other banks.
This also means that the cost for the bank’s visa card holders will be significantly lower. “Also purchasing at merchants with our… visa debit card now is much more convenient as it is not routed as a Visa credit card, but is routed through the local cash net circuit.”
Getrouw said the benefits for customers include lower cost and acceptance at all banks and point of sale (p.o.s.) machines that are connected to Cash Net.
Asked how this makes the transition to EMV Chip and PIN cards easier, she said: “EMV and Pin is the newest technical system that major banks have acquired having an EMV Chip is typically convenient and more secure, because they are smart cards (also called chip cards or IC cards) which store their data on integrated circuits rather than magnetic stripes.”
Chip cards, also known as EMV cards or smart cards, are credit cards that store information on an embedded computer chip. They look just like normal credit cards, except they have small metal contacts on the front. Chip cards are sometimes called EMV cards because they were originally designed by Europay, MasterCard and Visa. Chip cards reduce credit card fraud, especially in face-to-face transactions; it is very easy for criminals to counterfeit the data from a credit card’s magnetic stripe, but it is virtually impossible for criminals to counterfeit the chip on a chip card
It is much more difficult for criminals to steal useful payment information from a chip card transaction; chip card transactions are designed to prevent the card from ever leaving the cardholder’s sight, reducing the chances of the card number being stolen and EMV allows more secure card-present transactions.
ClBC FirstCaribbean said it has upgraded all of its merchants’ terminals for clients to begin accepting chip cards and ensure a smooth transition. In addition to Cash Net, CIBC said it continues to provide customers with banking solutions that fit their lives, with its soon to be launched new user-friendly mobile banking app for smart phones for customers in St. Maarten. The app has been launched in other territories and will be launched in St. Maarten in the near future.
Managing Director of CIBC’s Customer Relationship Management and Strategy Trevor Torzsas spoke to CIBC First Caribbean staffers about these issues during a recent visit to the island. For more information contact Customer Service Support or visit cibdcib.com.
Source: Daily Herald
CIBC customers can now use cards at other ATMs