EMV: Ready or Not, Here It Comes

EMV: It is an inevitable shift that will affect all areas of the payments industry. The impending migration from traditional credit cards to smart cards with chip technology, or EMV, represents yet another major technological change within the bankcard industry, demanding a level of attention equivalent to PCI DSS, the Durbin Amendment, and the most recent IRS-1099K reporting compliance.

EMV has been used widely around the world for years. As the U.S. catches up with this capability, we anticipate huge changes in the landscape of payments acceptance and beyond — for the better. Not only will security be vastly improved, but the ease and speed with which transactions can be authenticated both on- and offline will help enhance convenience for shoppers, changing the face and pace of credit card usage and acceptance.

Migration to EMV is an immediate challenge we all face: Upgrading POS equipment and making transitions seamless for issuing banks, acquirers, and merchants all over the country is a tall order. Vercity’s early experience with chip-card integration with euroConex’s Technologies* has taught us that a clear, well-developed plan is crucial. Communicating your strategy, both internally and to your customers, is key. In addition, understanding the full implications of product offerings and program support is vital for assessing the impact of EMV. Being well prepared in all aspects of the EMV migration can only mean a smoother transition with beneficial long-term payoffs.

With the shape of the financial world changing at a dizzying rate and mobile payments growing exponentially each year, Veracity has put forth great effort to keep pace with technological and logistical opportunities. We offer you and your merchant customers deep resources to make the EMV transition smooth and seamless for both merchants and end customers.

We look forward to working with you in the months to come so that you and your staff will be ready and able to support your merchants as they move to EMV.

Best regards,

Brenda L. Stein
Senior Vice President, General Manager

*As former executive members of euroConex Technologies, headquartered in Dublin, Ireland, Veracity’s founders were crucial in the strategic development of the European cross-border processing regulations, multi-currency, and foreign exchange, as well as the chip-card integration and pan-European point-of-sale design and development.