EMV Overview - Vantivinfo.vantiv.com/rs/vantiv/images/EMV-Fact.pdf · EMV Overview What is EMV? EMV is a set of international standards that defines interoperability of a more secure
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
EMV Overview
What is EMV?
EMV is a set of international standards that defines interoperability of a more secure transaction type crossing the international payments landscape.
• FirstUSacquirertocertify EMV with Visa and MasterCard intheUS
• FirstUSserviceproviderto certify ATM upgrades with MasterCardandNCR
• FirstUSserviceproviderto certify American Express for ATMacquiring
Frequently Asked Questions
Q When do I have to issue EMV?
A AlthoughEMVisnotamandate,thepaymentsindustryintheUnitedStatesiscurrentlymovingtoacceptEMVasthenewstandardforpayments. While Issuers do not have to issue EMV cards, due to the counterfeit liability shift, whoever has the least secure technology will be liable if the counterfeit fraud occurs.
Q IfI’mconvertingtoVantiv,canIreissuemycardsatconversion as EMV cards?
A Yes, once the Vantiv EMV product is released in Q1 2015, conversion to EMV is recommended.
Q Can Vantiv help me determine which cards should be reissued first (highrisk,internationaltransactions,etc)?
A Yes,VantivwillprovideconsultativeadviceforourFI’sbasedonallofthefactors they should consider when deciding which cards to reissue as EMV.
Q Will Vantiv assist me with the communication to my clients about EMV cards?
A Yes,Vantiv’sPortfolioOptimizationteamandyourRelationshipManagerwill assist you with executing communication pieces to your cardholders.
Q Will the cardholder experience be different when paying with an EMV card?
A Yes,thecardholderexperiencewillbedifferentatthePointofSale.Acardmust be inserted into a terminal and remain there during the transaction. Often,aPINwillneedtobeenteredaswell.
A There is much to consider, EMV adds a significant amount of complexity to the card issuing strategy. The first step is to begin educating your card production,operations,IT,marketingandchargebackteamsonwhatEMVisin order to begin planning an EMV conversion.
Secondly,asyou’remakingthisbigdecision,it’sagreattimetoevaluateother aspects of your card program such as the items listed below. Your RelationshipManagercandiscussanyoftheseitemsinfurtherdetail.