In compliance with the BSP mandate, all RCBC Bankard Mastercard, Visa, JCB, and UnionPay credit cards are now 100% EMV chip compliant.
RCBC Bankard Services Corporation (RBSC), the credit card servicing entity of Rizal Commercial Banking Corporation (RCBC), made good on its promise to comply with the transition to EMV chip cards.
BSP (Bangko Sentral ng Pilipinas) mandated all banks to make the transition to Europay Mastercard Visa (EMV) chip enabled cards before January 2017. EMV chip technology is currently a global standard for all credit and debit card transactions. Many banks across the world have foregone the magnetic stripe cards for the use of safer EMV chip cards, ensuring that their cardholders are constantly protected from the threat of fraud and ATM theft.
“The protection of our clients’ personal and spending information has always been a top priority of RCBC Bankard. Migrating to the new EMV Cards not only furthers this goal but also signifies RCBC Bankard’s dedication to synchronize with global advancement in order to provide better services for our cardholders.” says Simon Calasanz, RCBC Bankard President and CEO.
RCBC Bankard officially completed their EMV chip transition for all new and existing RCBC Bankard credit cards last November 29, 2016. The transition began in 2015 and has reached a 100% re-issuance status by the end of 2016. Existing RCBC Bankard credit cardholders, be it Mastercard, Visa, JCB, or Unionpay were sent their upgraded cards in the mail at no additional cost.
“We are one with the BSP in the thrust to address increasing concerns on cyber security, and our completion of EMV Cards issuance signifies our commitment to address risks related with emerging shifts in technology and implement sufficient safeguards to protect consumer payment information.” says Regina Y. Millare, RCBC Bankard Chief Operating Officer and Chief Information Officer.
RCBC Bankard wishes to assure its credit cardholders that if they have yet to receive their EMV chip card in the mail, they are not to worry because they can continue to use their magnetic stripe cards until they finally receive their new EMV credit card.
RCBC Bankard is a key player in the credit card industry, having been recognized in the international arena, six times for 2016, by different independent award-giving bodies. At present, RCBC Bankard has over half a million cardholders across the country. RCBC Bankard’s issuing billings grew by 23% compared to the previous year and has posted a lower delinquency rate of 4.66%.
Clients with further inquiries can call 888-1-888 to follow-up or check on the Card Delivery Status of their EMV card.