Elan Financial Services will use MasterCard's common debit application identifier technology when processing transactions through its MoneyPass ATM network.

Elan, a division of U.S. Bank, signed an agreement with MasterCard to adopt the EMV chip-based card routing capabilities through what is known as the common AID, the Minneapolis-based processor announced Nov. 17.

The payments industry spent nearly two years debating how best to comply with the Durbin amendment's mandate for providing two non-affiliated routing network choices for  merchants accepting EMV debit transactions.

MasterCard and Visa ultimately developed a shared technology, inviting independent debit networks and processors to use the common AID.

After First Data and Visa agreed in late February of 2014 on use of the common AID technology, numerous agreements between the network operators and the major card brands quickly followed.

Elan said it processes more than four billion transactions annually. In using the common AID, MoneyPass will be able to facilitate U.S domestic debit transactions on the network, including contact or contactless, and surcharge-free transactions at more than 24,000 ATMs across the U.S., Elan said.

"Our collaboration with MasterCard will enable the MoneyPass Network to process chip-based ATM transactions on MasterCard debit cards," Troy Cullen, president of Elan Financial Services, said in a press release. "We are confident the agreement we have reached with MasterCard will further expand EMV adoption goals within the United States."

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry