US Payments Forum demystifies EMV migration

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fintech insurtech wealthtech regtech ai cybertech esg news

The US Payments Forum has updated the minimum requirements guide for the deployment of EMV technology for all companies looking to transition.

The goal is to provide a good starting point for all issuers, merchants, acquirers, processors and vendors across the US interested in launching EMV chip programs.

The new EMV Minimum Requirements Matrix was changed to include the latest requirements for faster EMV solutions from American Express, Discover, MasterCard and Visa.

The matrix contains all information on card and terminal requirements in the US for payment networks including Accel, American Express, Armed Forces Financial Network, China UnionPay, Discover, Jeanie, MasterCard, NYCE, PULSE, SHAZAM, STAR and Visa.

It provides a tool which companies could use as blueprint to develop the best strategy to meet those requirements.

Randy Vanderhoof, director of the US Payments Forum, said merchants and acquierers can choose a minimal deployment strategy or decide to implement all features.

He added, “This resource is just one example of how the US Payments Forum and its members will continue to provide guidance on the most critical aspects of the chip migration”.

Copyright © 2016 FINTECH GLOBAL

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