EMV is the standard devised by Europay, MasterCard and Visa for smartcard-based credit and debit cards, to replace existing magnetic stripe cards. The EMV standards were drafted with the aim of ensuring global interoperability of smart chip based credit/debit cards and their terminals/readers. One of the prime drivers for the migration to EMV payment cards in the many parts of the world is the reduction of card fraud.

First EMV specifications, consisted of three (3) parts, were introduced in 1996 under title "EMV 3.1.1 Specifications" or "EMV '96".  In 2000 EMVCo introduced the first evolution of the specification under the title "EMV 4.0 Specifications". EMV 4.0 consisted of four (4) parts. In 2007 EMVCo introduced the second evolution of the specification under the title "EMV 4.1 Specifications". As EMV 4.0, EMV 4.1 specification consists of four (4) parts. In 2008 EMVCo presented the last evolution of the specification under the title "EMV 4.2 Specifications".

EMV migration is effectively mandatory and the timescale is short. A key component of the EMV chip migration plan is the shift of liability for fraudulent transactions.

Is your business the weakest link?

By the mandated deadline, every financial institutions, issuer and retailer - every part of the payment network will need to change to accept EMV cards. All cards will carry an EMV standard chip; all retailers and merchants will need to accept EMV cards using EMV certified devices. All transaction processing platforms will need to be upgraded for the new formats.

For your organization to be ready for EMV you will need to instigate a plan to migrate to this solution as soon as possible, this will ensure you receive the maximum benefit from the program and protect you from the threat of increased fraud. Your aim will be to do this with as little disruption to your business as possible.