BankNews April 2015

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Search Results: EMV

EMV Card Distribution Does Not Equate to EMV Cardholder Awareness

June 26 – EMV has been widely perceived as more stick than carrot, with both issuers and merchants dragging their feet on the October 2015 readiness milestone. However, the actual state of EMV card penetration — and, more important, the extent of cardholder awareness — has been elusive. Now, JAVELIN has released State of EMV Cardholders: Opportunities to Capitalize on the Halo Effect, which provides a diagnostic snapshot of the state of cardholder awareness of EMV, and looks at the differences (and similarities) between EMV cardholders and non-EMV cardholders.

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EMV Migration Forum Provides Guidance on ATM Implementation of U.S. Common Debit AIDs

June 16 – In order to help ensure that an ATM can process transactions using U.S. Common Debit AIDs, the EMV Migration Forum has announced an update to the white paper, “Implementing EMV at the ATM: Requirements and Recommendations for the U.S. ATM Community,” that adds guidance on the use of the U.S. Common Debit AID in various ATM transaction scenarios.

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EMV: The 35 Billion Dollar “Money Pit” for Retail

June 5 – The date October 1, 2015 looms as a deadline for U.S. retailers to conform to the new EMV card payment mandate being pushed by the credit card brands; if retailers are not compliant by that date, then liability for fraudulent card transactions shifts from the banks to the retailers. According to new research from IHL Group, most retailers will never recoup the expense that EMV imposes, and the study says there is a much better approach to protecting retailers and consumers.

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EMV Migration Forum Provides Explanation of Fraud Liability Shifts

June 3 – The EMV Migration Forum has released a new document, “Understanding the 2015 U.S. Fraud Liability Shifts,” to provide information to assist merchants, acquirers, processors and others implementing EMV chip technology in the U.S. to better understand liability shifts.

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Defining a Strategic Path for Banks Regarding EMV, Tokens, Apple Pay, and Mobile Apps

June 3 – A new research report, “Defining a Strategic Path for Banks Regarding EMV, Tokens, Apple Pay, and Mobile Apps,” presents consumer research evidence for why most banks will adopt Apple Pay, forecasts m-commerce dollar volume out to 2025, and identifies the gaps that Apple Pay adoption creates, including the lack of ATM support and the inability to enable payments in the banks’ existing mobile application. The Research and Markets report evaluates different approaches financial institutions can take to fill these gaps while also establishing a strategic plan that minimizes risk by establishing gap-filling relationships that may also offer a second-source supplier for mobile payments.

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Identification Systems Group Announces Financial EMV Certification Program

May 28 – Identification Systems Group (ISG), the nationwide network of local identification system integrators, has announced its Financial EMV certification program. The certification program is called IFCC, which stands for ISG Financial Card Certification. The result of this certification program is a more highly educated representative that can assist financial institutions with navigating the complex EMV landscape.

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CSI White Paper, Expert Available: The Road to U.S. EMV Migration

May 18 – In an effort to provide financial institutions with the knowledge and tools needed to successfully deploy EMV technology, Computer Services, Inc. (CSI), has published a white paper detailing key considerations and best practices banks can use as EMV becomes a reality in the U.S.

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EMV Migration Forum Provides Guidance for Contactless Debit Transactions in White Paper Addendum

May 8 – The EMV Migration Forum is providing new guidance to the U.S. debit payments industry by releasing a document to enhance their technical EMV debit framework.

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EMVCo Reports 3.4 Billion EMV Chip Payment Cards in Global Circulation

May 8 – Official figures for Q4 2014 released by the global technical body EMVCo show that significant advances are being made globally in the adoption of EMV® chip technology. By the end of last year, the number of EMV payment cards in circulation rose by 1 billion, up 43%, to 3.4 billion, from 2.37 billion in Q4 2013.

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U.S. shift to EMV gathers momentum

May 5 – America will have finally completed the shift to EMV chip cards by the end of 2017, according to a trade body set up to push the migration from magstripe plastic.

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