The EMV standard utilizes dynamic authentication to deliver a higher level of security than is provided by the magnetic stripe technology widely deployed in many large markets. The EMV standard allows for more payment card interoperability across borders and throughout the world. However, the rollout of EMV introduces many challenges to the business models of financial institutions, payment network providers, payment processors and payment technology companies.
When introducing EMV into existing payment infrastructures, organization must analyze, evaluate and adjust their security practices to prepare for this increase in other fraud types. Also, converting then testing all nonstandard terminals to EMV is not the only step that must be considered. All existing loyalty, discount and incentive programs currently linked via the magnetic stripe technology will need updating to accommodate the new standard.
With the deadline for EMV approaching, leading payments providers are turning to RS Software to help them meet the challenges. Our proven delivery methodology and knowledge transfer processes mitigate risk, improve time to market and deliver attractive price performance. Also, because we have focused on the payments industry for over two decades, we have the depth of experience necessary to assist clients who want to rollout other products and services as part of their EMV projects.