London, 30th August 2016: Proxama PLC (AIM: PROX), the international mobile commerce company specialising in end-to-end digital payment solutions for card issuers and processors, is pleased to announce that Navy Federal Credit Union has successfully commenced the roll-out of EMV debit cards driven by Proxama’s Payment Application Manager, our flagship card lifecycle management system, and has to date issued over 1.25 million cards with chip data created by the Proxama system.
Navy Federal is the world’s largest credit union serving Active Duty military, retirees and their families across the world. It has approaching $78 billion in assets and over 6 million members globally. Navy Federal issues in excess of 4 million Visa-branded debit cards and is aiming to complete migration of its portfolio within twelve months. Proxama’s Payment Application Manager is responsible for creating the EMV data and managing the cryptographic assets that are required for EMV card issuance. Payment Application Manager is supporting both central card issuance through a personalization bureau and real-time instant issuance in multiple locations around the world, with Navy Federal’s first EMV debit card being created and issued from Navy Federal’s Bahrain location.