19 January 2017
visit http://www.wolterskluwerfs.com

Philadelphia Fed hosts meeting on new standards for chip card payments in US

16 January 2014  |  1085 views  |  0 Source: ATMIA

Twelve AMTIA members were among more than 50 exclusive guests attending an invitation only meeting hosted jointly by the Federal Reserve Bank of Philadelphia and the X9 Accredited Standards Committee.

The topic of the December 9-10 was "Integrated Chip Payment Standards: the Next Generation."

Amid the ongoing challenge of finding a workable EMV debit solution, the group was tasked to:
• Identify/address gaps in the current ecosystem;
• Determine whether standards are needed, and if so,
• What standards would be helpful; and,
• Suggest next steps.

Representatives from ANSI, ASC X9 and SWIFT discussed the value of standards and how proprietary standards can become part of a new open standard. Most agreed that standards should be performance-based, feasible for implementation and that a new, open consensus standard could begin with existing standards. There also was a review of the current state of EMV, including an overview of the Canadian EMV migration by Interac.

Attendees then broke into smaller groups to identify the top five "pain points" of the current EMV roadmaps and to outline what gaps could be filled by an open standard.
The top five points appeared to be:
• The need for a common AID/solution;
• Potential security gaps;
• Migration of fraud to CNP;
• The proprietary nature of the EMV spec; and,
• Fraud and future proofing Mobile in general.

"The results of these discussions were quite interesting in their similarity to those already taking place within ATMIA and other industry groups," said David Tente, ATMIA U.S. Executive Director who attended the meeting. "I was pleased to be included and I am eager to see how much progress can be made in the forthcoming meetings."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comVisit contisgroup.com

Top topics

Most viewed Most shared
Banks face big profit loss to digitisation - McKinseyBanks face big profit loss to digitisation...
14889 views comments | 85 tweets | 105 linkedin
Blockchain impact timeline speeds up, massive cost savings forecastBlockchain impact timeline speeds up, mass...
13519 views comments | 39 tweets | 36 linkedin
Seven banks plan blockchain platform for SMEsSeven banks plan blockchain platform for S...
12007 views comments | 47 tweets | 40 linkedin
Accenture beats Brexit blues with largest-ever London startup programmeAccenture beats Brexit blues with largest-...
10250 views comments | 30 tweets | 20 linkedin
Deloitte to open Wall Street blockchain labDeloitte to open Wall Street blockchain la...
7198 views comments | 15 tweets | 20 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job