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CubeIQ Solutions and Systems

Welcome to CubeIQ products and systems web pages.

CubeIQ Products and Systems

Group: Enterprise Software Applications

 

Card Management Systems

EMV Migration Solutions

 

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 an evolution of the specification under the title "EMV 4.2 Specifications".

In 2011 EMVCo presented the latest release of the specification under the title "EMV 4.3 Specifications" which consist also of four (4) books available at EMVCo web site to download.

Today there are EMV Specifications based on contact chip, contactless chip, common payment application (CPA), card personalization, tokenization and mobile contactless also available at EMVCo web site.

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.

 

Visa and MasterCard have mandated that from January 2005 liability automatically is shifted to any non-EMV compliant party involved in a fraudulent transaction.

 

In USA, one of the last remaining non-EMV markets, as of October 1, 2015 liability will shift to acquirers for domestic and cross-border counterfeit fraud card-present POS transactions if the merchant does not have an EMV-enabled POS device.

In October 1, 2017 liability shift takes effect for transactions generated from automated fuel dispensers also (this allows more transition time to account for higher equipment/pump costs).

 

All major markets having already deployed EMV are predominately utilizing chip and PIN as the authentication method, as this has proven to be the most secure. With the dynamic authentication feature (DDA), the “chip” in the card is the authentication component of the card, and the PIN is the authenticator of the cardholder. Some of the data on the chip changes with each transaction, allowing the issuer to confirm that the card is authentic.

 

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.

 

CubeIQ offers EMV Migration Strategies and Solutions in terms of: Consulting, Systems Implementation and Project Implementation and Project Management Professional Services.

 
 
 
 

For more information please visit:

 

EMVCo

 

MasterCard Worldwide & MasterCard Europe

 

VISA International & VISA Europe

 

Related products:

 

 
 

For any question or comment please contact our support team at support@cubeiq.gr 

For product or services inquiries please email to: sales@cubeiq.gr

 

 
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