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|Vantiv to Rollout Security Chip Card Solutions to Financial Institutions and Merchants|
Vantiv to Rollout Security Chip Card Solutions to Financial Institutions and Merchants
Cards with chip technology, also referred to as EMV (Europay, MasterCard, Visa), are embedded with a microchip that sends unique transaction information each time the card is used. This allows the issuing bank to know that the card utilized to create the transaction is legitimate and not a counterfeit. Many countries throughout the world have adopted EMV chip technology and it is expected to become the security standard for card payments in the U.S. over the next few years.
"EMV chip will help better secure the millions of consumer transactions made every day," said Charles Drucker, CEO of Vantiv. "Our innovative approach to distributing EMV chip cards to financial institutions while also simplifying merchant EMV testing and validation underscores how we are leveraging our industry expertise to quickly deploy new payments technologies and get them in the hands of merchants and consumers."
The Durbin Amendment rule requires support for two unaffiliated networks on a debit card, creating significant technical challenges for payment processors to implement EMV. As the only US-headquartered acquirer on the EMVco Board of Advisors, Vantiv played a leadership role in developing the US Common AID standard for EMV to address this challenge.
"The first debit chip transaction using the US Common AID is an important milestone in our journey toward chip adoption in the United States," said Stephanie Ericksen, vice president of Risk Products, Visa Inc. "Operationalizing a regulatory compliant chip solution for debit cards will help merchants and issuers adopt chip technology more quickly, especially important as we approach the 2015 counterfeit fraud liability shift."
Vantiv will begin production of EMV debit and credit cards certified by Visa and MasterCard in January 2015. Already, more than 200 banks and financial institutions have requested to issue the new chip cards.
Further EMV rules require that merchants certify their entire infrastructure - not just their ability to pass secure EMV payments. For this, Vantiv created VIABLE, which gives merchants and their developer partners the ability to both test and validate with all four network card brands without having to use a third party technology provider for each testing - significantly easing the certification process.
"Vantiv's leadership in the market is proof that U.S. debit acquiring solutions work and can be rolled out," said Carolyn Balfany, group head of U.S. product delivery for MasterCard. "This is an important step to U.S. migration to EMV."
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