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

American Express acquires EMVCo stake

03 February 2009  |  10583 views  |  0 credit card chip

American Express has joined MasterCard, Visa and JCB as an owner-member of EMVCo, the standards body set up to manage and maintain the global EMV specifications.

EMVCo was formed in February 1999 by Europay, MasterCard and Visa to manage and maintain EMV standards to ensure interoperability and acceptance of chip-based payment applications on a global basis.

Europay was merged with MasterCard in 2002, with its stake in EMVCo divided between the other two. JCB joined in 2004, buying a one-third stake.

Amex has now acquired a one-fourth share from the holdings of the other three and gains representation on the organisation's executive committee and board of managers.

It will also have equal participation in working groups, which cover a range of issues, including security and contactless and mobile payments.

Susan Hillel, SVP, global network operations, American Express, says: "We are committed to driving interoperability in payments and know that our participation in EMVCo will facilitate this for our merchant, issuer and cardmember customers. Involvement by the four major payment organisations will drive secure and interoperable payments globally for transactions made with chip cards by aligning and progressing EMV Specifications."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Canada begins Chip and PIN roll out

Canada begins Chip and PIN roll out

28 October 2008  |  10506 views  |  0 comments
Visa upgrades payWave contactless spec to EMV standard

Visa upgrades payWave contactless spec to EMV standard

02 July 2008  |  11490 views  |  0 comments
EMVCo introduces common payment application spec

EMVCo introduces common payment application spec

04 January 2006  |  8728 views  |  0 comments
Contactless payments and EMV to drive smart card market in Americas

Contactless payments and EMV to drive smart card market in Americas

29 September 2005  |  8547 views  |  0 comments
JCB acquires a one-third stake in EMVCo

JCB acquires a one-third stake in EMVCo

21 December 2004  |  6355 views  |  0 comments | 1 tweets
EMVCo establishes executive committee, expands charter

EMVCo establishes executive committee, expands charter

26 June 2003  |  4745 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit capgemini.com

Who is commenting?

Top topics

Most viewed Most shared
Banks face big profit loss to digitisation - McKinseyBanks face big profit loss to digitisation...
16002 views comments | 91 tweets | 110 linkedin
Seven banks plan blockchain platform for SMEsSeven banks plan blockchain platform for S...
12714 views comments | 48 tweets | 44 linkedin
Accenture beats Brexit blues with largest-ever London startup programmeAccenture beats Brexit blues with largest-...
10964 views comments | 31 tweets | 20 linkedin
US fintech firms join forces to push data sharing via APIsUS fintech firms join forces to push data...
6414 views comments | 39 tweets | 39 linkedin
HSBC forms tech advisory boardHSBC forms tech advisory board
6333 views comments | 21 tweets | 23 linkedin

Featured job

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

Find your next job