Even though we can expect to see more than 100 million EMV chip cards in the U.S. by the end of the year, October 2015 is a month that has financial institutions sweating. October 1, 2015 marks the date that U.S. card issuers could be held liable for fraud-related charges on cards that are not equipped with an EMV chip.
As the deadline for EMV migration looms, credit unions and community banks especially face a unique challenge: keeping the costs down when migrating to EMV while developing programs that adhere to standards.
There’s no need to panic. The first step to fulfilling your EMV needs is deciding what EMV is right for your credit union or community bank. Here are some options:
- Contact EMV: often chosen as the first building block of an EMV program, these typical swipe cards are equipped with the chip and pin features that are necessary to meet the requirements of the fraud liability shift
- Contactless EMV: allows customers to ‘tap’ their card against a payment terminal, for convenient transactions. The latest generation of NFC contactless cards harnesses the security of EMV, offering a way to pay that is safer than ever before.
- Mobile EMV: to offer higher security to your customers’ mobile payments, mobile EMV enables you to load a customer’s account credentials directly onto a mobile phone
Shoreline specializes in supporting the needs of community banks and credit unions. We are particularly savvy to the needs of credit unions and community banks with one to 7,500 customers.
Together with our parent company, Gemalto, we understand the needs of card issuers like you. Together we’ve supported more than 3000 financial institutions and issued more than 2 billion payment cards. We are your partner through the entire lifecycle of your EMV program.