In the wake of the Target data breach, rivals MasterCard and Visa have joined forces to create a cross-industry group that will push for greater payment security, beginning with the introduction of EMV chip technology in the US.
It always seems odd that something that has been proven in Europe to lower fraud, and has been around for many years now, still has yet to be implemented in the USA.
The card schemes really do need to push this, and now maybe a great time
After 20 years.... Good move. And now let's get ready to support the actors in this massive implementation. Lots of resources will be required to update the legacy infrastructures: defines the road maps, define the architectures, select the appropriate vendors,
processors, define the business strategies and set up the SLAs accordingly. Lots to do. I don't see much activity around this so far. The most difficult part starts now for the many actors of this market.
None of the US interfaces on BASE24 will support EMV though and vendors will be hard pushed to modify them all in the timeframes. However, systems such as Aviso's EMV Wrapper facilitate the migration without the need for wholesale change.
CompetitiveNew York City, NY (USA)
© Finextra Research 2014