US Payments Forum Publishes Update to Payment Networks Minimum Requirements for US EMV Chip Deployment
Princeton Junction, N.J., August 11, 2016 – As U.S. issuers, merchants, acquirers and processors continue their migrations to EMV chip technology for more secure payments, many stakeholders may ask: “What is the least complex way to deploy chip for my organization?” To help merchants and acquirers develop their strategies for implementation, payment network members of the U.S. Payments Forum (formerly the EMV Migration Forum) have updated the guide outlining their minimum requirements for chip deployment, including changes to incorporate requirements for the recently announced faster EMV solutions from American Express, Discover, MasterCard and Visa.
The EMV Minimum Requirements Matrix, an easy-to-use Excel document, can be downloaded at http://www.emv-connection.com/minimum-emv-chip-card-and-terminal-requirements-u-s/.
The EMV Minimum Requirements Matrix is intended for U.S. issuers, merchants, acquirers, processors and vendors who are planning deployments of EMV chip programs in the U.S. Its primary goal is to help stakeholders understand the minimum requirements of chip deployment for the payment networks reflected in the document. The document provides a tool for stakeholders to use as a baseline from which they can work with their partners to determine their best strategy to meet implementation requirements.
“Having the most current minimum requirements for chip implementation compiled in one place provides a starting point for merchants and acquirers in their chip deployments, whether they plan to implement all of the features or choose a simpler deployment such as the new faster EMV specifications,” said Randy Vanderhoof, director of the U.S. Payments Forum. “This resource is just one example of how the U.S. Payments Forum and its members will continue to provide guidance on the most critical aspects of the chip migration.”
The matrix focuses on the minimum card and terminal requirements for payment networks Accel, American Express, Armed Forces Financial Network (AFFN), China UnionPay, Discover, Jeanie, MasterCard, NYCE, PULSE, SHAZAM, STAR and Visa for the U.S. market. These participants have documented their respective minimum card and terminal configurations for EMV compliance. While the document addresses minimum requirements, decisions regarding deployment of chip technology will differ by stakeholder and involve a balancing of considerations, such as business needs and preferences, deployment timing, complexity and associated initial and future costs.
In addition to the EMV Minimum Requirements Matrix, the U.S. Payments Forum has a variety of resources for all stakeholders across the payments industry that are interested in furthering their education and understanding of EMV chip technology in the U.S. Resources including the infographic, “EMV Chip Cards: The Future of Payments,” the “EMV 101: Fundamentals of EMV Chip Payments” webinar and the EMV Connection Press Room are available at www.emv-connection.com.
About the U.S. Payments Forum
The U.S. Payments Forum, formerly the EMV Migration Forum,is a cross-industry body focused on supporting the introduction and implementation of new and emerging technologies that protect the security of, and enhance opportunities for payment transactions within the U.S. The Forum is the only non-profit organization whose membership includes the whole payments ecosystem, ensuring that all stakeholders have the opportunity to coordinate, cooperate on, and have a voice in the future of the U.S. payments industry.
Montner Tech PR