April 17, 2012 09:15 AM Eastern Daylight Time
Provides Options and Guidelines for Successful EMV Roll-out
MIAMI--()--Compass Plus, an international provider of retail banking software and electronic payments systems to financial institutions, has released a white paper, Making EMV Work Across New Markets, which discusses the prevalence of EMV, the advantages of the payment standard, as well as the best practices for making the switch.
“Although EMV will provide significant long-term benefits for U.S. financial institutions and cardholders, the migration phase could suffer setbacks if not handled correctly”
According to the paper, EMV has become firmly established as the primary payment standard worldwide, with more than 60 countries leveraging EMV chip technology. Today, 42 percent of all global payment cards and almost 76 percent of all terminals use the EMV payment standard. The success of EMV at curtailing fraud in compliant countries has led to a concentration of card fraud in countries such as the United States that have not yet deployed the infrastructure.
As financial institutions in the United States begin making the migration to EMV in accordance with the deadlines established by Visa and MasterCard, Compass Plus offers guidelines for successful EMV implementation that include:
- Consider the whole customer journey, not just the plastic
- Shore up security across your card-not-present channels
- Use innovative tools to leverage existing infrastructure and ensure ROI
- Understand that EMV isn’t a quick fix; it’s a long-term commitment
“Although EMV will provide significant long-term benefits for U.S. financial institutions and cardholders, the migration phase could suffer setbacks if not handled correctly,” said Anthony Genovese, VP Consulting Services at Compass Plus. “EMV should be integrated into the overall payment infrastructure and considered as a platform for numerous fraud fighting tactics as well as for value-added services; it should not be treated as a standalone solution in order to reap the full range of benefits it has to offer. Compass Plus has been implementing EMV across the globe since 2002 and we would like to share our experience and best practices with the U.S. market.”
Making EMV Work Across New Markets can be downloaded here: http://compassplus.com/collateral/whitepapers/279.
About Compass Plus
Compass Plus provides comprehensive, integrated and flexible software and services that help financial institutions meet rapidly changing market demands. Our diverse customer base spans more than 100 retail banks, processing centres, national switches and personalization centers in dozens of countries across Europe, Asia, Africa, the Middle East, and North and South America. With almost 20 years experience, Compass Plus helps build and manage electronic payment systems that generate new revenues and improve profits for its customers. For more information visit: www.compassplus.com.
