Savantor Ltd., a specialist in the provision of business and technical expertise to many well-known banks, card schemes and third parties in the card payment industry, is pleased to announce its formal accreditation by MasterCard to offer their customers advice and guidance to help them take full advantage of their migration to EMV chip.
EMV chip and PIN is rapidly becoming established as the global standard for secure card payments. In Europe, for example, EMV is an integral part of the SEPA Cards Framework and banks which have not complied with the framework by the end of 2010 may be subject to non-compliance assessments. But EMV migration is far more than just a compliance issue: EMV chip brings many benefits to banks and EMV deployment needs to be treated as a strategic business imperative which impacts the whole bank.
- For banks new to chip, there is significant pressure to complete the migration process. Savantor can bring them the distinct advantage of lessons learned elsewhere so they can ensure that they make the most of EMV chip from the outset.
- For banks which have completed the first wave of migration, Savantor can help develop the outstanding opportunities to use chip to add value to card payments and gain competitive business advantage.
Innovative banks are now riding a second wave of chip deployment, leveraging their investment in the new EMV infrastructure with a host of new initiatives, for example:
- Extending chip & PIN to tackle the virtual world fraud in online banking and e-commerce.
- Using the security and contactless capabilities of chip to displace cash payments.
- Enhancing and enriching payments with new, multi-application propositions which improve customer recruitment and retention, boost card usage, and may generate completely new revenue streams.
Rod Nixon, Managing Director of Savantor International said "Achieving MasterCard EMV accreditation underlines Savantor's commitment and capability to bring the latest knowledge and techniques to banks and therefore fast and effective delivery of their business goals. MasterCard's Chip Solutions & Engineering has always led the world in the development of exciting new EMV-based business propositions and we are delighted to be working with them".
Christian Delporte, Head of Chip Engineering for MasterCard Worldwide commented "It is crucial for us to ensure our customers are supported by third parties who have full knowledge of MasterCard requirements and processes. Savantor has extensive practical experience about managing and advising on large international payment projects. They successfully passed the most stringent training requirements that are mandatory to be awarded the accreditation. MasterCard will inform its customers about the Savantor accreditation via the MasterCard OnlineTM website."