EMV has taken the U.S. by storm over the last 12 months. As financial institutions, large and small, consider their EMV migration plans, many have more questions than answers when it comes to choosing a plan that works best for them and their customers.
Before setting the migration wheels in motion, decision makers need more information about their options. Here are some of our customers’ frequently asked questions that might help your financial institution be more comfortable with the EMV switch:
Q: How long will it take to make the transition to EMV?
A: To comply with the mandates of the Fraud Liability Shift set by Visa, MasterCard, AmEx, and Visa, you’ll need to consider a realistic timeline for transitioning all of your card portfolios before the liability shift takes effect in October 2015. While Javelin Strategy thinks it could take the U.S. as a whole until 2018 to fully make the transition, the timing doesn’t have to be that long for you if you prepare your financial institution now.
There are popular services and products that are EMV-ready now and that you can integrate into your branches. For example, Shoreline, a Gemalto Company offers a card personalization software as a service (SaaS), AllAboutMe, which can be integrated into your financial institution within six to eight weeks.
In addition, Shoreline’s instant issuance platform, Cards in an INSTANT, can be installed and ready to use in as little as 45 days.
Q: What type of equipment will we need?
A: To begin your EMV program, here are the basic things you’ll need: cards, acquiring systems (i.e. AMTs, POS), issuing systems, an authorization system and clearing system, and a card management system. You can read more about a first-time EMV rollout case study here.
Q: Is issuance any different?
A: There are a number of EMV options to choose from, such as Contact EMV, Contactless EMV and Mobile EMV. You can read more about these in our blog post here.
A seamless transition to EMV is possible with the right partners and equipment. Together with Gemalto, we can help you make a smooth transition from magnetic strip cards to EMV chip technology and beyond. We’re making sure our latest solutions are EMV ready in order to help you meet the EMV migration deadline.
If you have questions about our EMV-ready solutions, contact Shoreline here to learn more.