News and commentary.
News and commentary from industry insiders and experts regarding the approaching EMV transition and what it means for your credit union.
What Credit Unions Should Know About Fallback Transactions • October 21, 2015
As more POS terminals are being upgraded to EMV chip-ready, and more credit unions are getting chip cards in the hands of their members, questions regarding fallback transactions are being generated.
Six Things to Know About Chip Cards (EMV) • Mastercard.com • January 17, 2014
Carolyn Balfany, SVP Product Development at MasterCard explains what EMV is and how it will benefit the entire payments ecosystem.
Visa, MasterCard Agree on Common AID for EMV Debit Routing • Payments Source • July 30, 2013
Visa and MasterCard have agreed to share their common application identifier technology, enabling EMV chip-based debit transactions to originate from a single application while allowing merchants a choice of networks for routing.
Debit Networks Offer EMV Compromise That Would Allow Visa, MasterCard Apps • DigitalTransactions.net • July 24, 2013
A trade group representing most of the nation’s debit networks has agreed to allow EMV applications other than its own to work on chip cards in the United States. The new position taken by the Secure Remote Payment Council represents what the group calls a “major compromise” and opens the door for chip applications from Visa Inc. and MasterCard Inc., which the SRPc had previously barred. The compromise could speed U.S. deployment of EMV.
Ten Debit Networks Adopt Common U.S. Debit Aid • cardnotpresent.com • March 19, 2013
The Secure Remote Payment Council (SRPc) announced that the 10 debit network members of its Chip and PIN Workgroup have agreed to adopt a common U.S. debit application identifier (AID) and work with Discover Financial Services to license the D-Payment Application Specification (D-PAS) as the foundation of the common U.S. debit chip payment solution .
EMV Migration Forum Releases Standardized Terminology to Promote Consistent Communication in U.S. Move Toward Chip-Based Payments • smartcardalliance.org • March 5, 2013
To promote clear and consistent communication as EMV technology is introduced in the U.S., the EMV Migration Forum released its first official publication, The Standardization of Terminology.
Debit Networks Pick Discover's Common Code for EMV Routing • PaymentsSource.com • March 2013
About a month after declaring dissatisfaction with Visa or MasterCard's options for a common code to allow routing options for EMV debit transactions, regional debit networks have chosen to work with Discover Financial Services.
Debit Network Routing Debate for EMV Transactions under Durbin Simmers • Paybefore.com • February 2013
With less than three years to go before U.S. EMV liability-shift deadlines begin to take effect, payment industry participants beginning to make their plans are facing their first obstacle, as the U.S. debit networks wrestle with options for choosing a technology approach for routing chip-based debit transactions under the Durbin Amendment network non-exclusivity rules .
Visa Expands U.S. Roadmap for EMV Chip Adoption to Include ATM and a Common Debit Solution • Visa.com • February 4, 2013
To help facilitate chip adoption and issuer compliance with U.S. debit regulations, Visa plans to provide some of its proprietary EMV chip technology to the industry. This approach will simplify EMV chip implementation for debit, reduce migration costs and increase flexibility for card issuers, acquirer processors and merchants.
MasterCard Strengthens Commitment to Make U.S. EMV Migration Easier • Mastercard.com • January 18, 2013
MasterCard announced it is making some of the company’s proprietary technology solutions available to other U.S. debit networks to provide an option to support debit EMV transactions and reinforce the company’s continued support of the U.S. migration to the EMV standard.
EMV: On Your Mark, Get Set, Start Planning! • CreditUnions.com • September 10, 2012
Recent announcements from Visa and MasterCard have set the stage for the U.S. implementation of EMV chip cards, driving toward widespread EMV adoption by October 1, 2015. Credit unions will need to roll up their sleeves and face new challenges to reach implementation goals.
MasterCard Extends U.S. EMV Migration Roadmap to ATM Channel • MasterCard.com • September 10, 2012
MasterCard announced the expansion of its U.S. electronic payments roadmap to include the ATM channel. Beginning in October 2016, a liability shift hierarchy will be introduced for ATM transactions in the U.S. as part of an effort to globally align the use of EMV technology to prevent and manage fraud in the payments ecosystem.
Bank of America Offers EMV Chip Technology • wall street journal • July 23, 2012
Bank of America announced that it is offering chip technology for many of its consumer credit cards, increasing the acceptance and security of cards for international travelers. The cards are embedded with a chip that stores the account information and enables secure payment transactions.
EMV in the U.S. • Frequent Business Traveler • July 17, 2012
Chip cards are taking the place of both cash and credit cards and can contribute to lowering credit card fraud. Learn more about EMV’s “smarter cards” here.
Calming the EMV Storm • FISTM • March 2012
All this talk about EMV has raised a number of questions among many financial institutions. The FIS Strategic Insights article, Calming the EMV Storm,
answers questions such as: Why is there such a frenzy associated with EMV? What will ultimately drive EMV adoption in the U.S.? What are the cost implications for banks and credit unions? What are the opportunities? Where do we go from here?