Source: First Data International
TeleCash, part of First Data International, and one of the leading network service providers for card payments in Germany, is one of the first providers capable of processing card payments according to the EMV security standard.
To speed up the availability of EMV-compliant terminals, TeleCash is now offering credit card acquirers a customised acceptance procedure.
Working with the acquirers Acceptance, ConCardis, as well as the acquiring processor CardProcess, TeleCash is one of the few network service providers able to process EMV-compliant credit cards in Germany today. The company already has 2,000 terminals that are approved and activated for EMV and is committed to working with acquirers and merchants to make secure devices available across Germany as quickly as possible.
The EMV term derives from the initials of Europay, MasterCard and Visa and is a common technical security standard, which should make worldwide payments more secure and help to reduce card fraud at the point-of-sale (POS).
In future, ATMs and card devices at the POS will no longer read the magnetic stripe for security checks, but rather an "intelligent" chip. To process credit cards with the EMV chip, EMV-compliant POS terminals must be equipped with new functionality. While a general procedure has been agreed for the approval of EMV-capable terminals in Germany, no terminals have yet been issued using this procedure.
The EMV standard has been binding since January 2005. The introduction of this security standard brings with it a liability shift, which means that a payment partner that does not support EMV is liable for any fraud that could have been avoided with the use of EMV technology. This liability shift affects card issuers and those companies (acquirers) signing an acceptance contract with merchants. It can even result in a liability of the merchant.