EMVCo, the company set up by MasterCard and Visa to manage and maintain the global EMV specifications, has established a new executive committee and expanded its charter in a bid to improve lines of communication and promote closer interoperability.
The primary role of EMVCo is to maintain EMV standards to ensure interoperability and acceptance of chip-based payment applications on a global basis.
EMVCo says the establishment of the executive committee will increase its focus on business and implementation matters and enable it to provide communications to issuers, acquirers, geographical payment systems and technology suppliers. The committee will include global and regional senior managers from both MasterCard and Visa and will be chaired by Gaylon Howe, executive vice president, consumer product platforms, Visa International.
In addition, a newly created Common Core Requirements Working Group (CCWG) will develop and recommend strategies to reduce the divergence between compliant card implementation specs, specifically for multi-brand issuers of EMV cards. MasterCard and Visa say any new EMV Common Core Requirements will support both new and existing implementations.
Howe comments: "We have also expanded our Communications Secretariat to ensure a more consistent and proactive communication approach to allow the EMV community ready-access to our technology and developments."
As part of the new structure, EMVCo Advisors will provide a business-orientated direct consultation to the Executive Committee on EMV implementation issues.