Compass Plus has unveiled a solution called EMV Empowerment
Toolkit that it says can ease the migration to EMV based
payments in the US market.
The EMV Empowerment Toolkit is intended to provide a
cost-effective compliance solution for issuers and acquirers.
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Compass Plus assures this solution works with
existing magstripe card management systems. This way, the EMV
migration requires less changes to the existing system and in
certain scenarios none at all, according to Compass Plus.
With the EMV Empowerment Toolkit
there is no need to migrate magstripe card management
system.
“This process is less costly and
time-intensive for the issuers and acquirers and will help them
meet the deadlines set forth by the payment networks,” said Anthony
Genovese, vice-president of consulting services at Compass
Plus.
Globally, 45 % of all payment cards and 76 %
of all payment terminals in circulation are based on EMV
technology, according to data released by EMVCo, the EMV standards
body jointly-owned by American Express, JCB, MasterCard and
Visa.
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By GlobalData“The implementation of EMV technology enables
the industry to create a truly interoperable chip-based consumer
payment infrastructure which supports contact, contactless and
mobile interfaces for both online and offline payments,” said
Patricia Partelow, chair of the EMVCo Executive Committee.
There are over 1.5bn EMV payment cards in
circulation and 21.9m EMV terminals active worldwide, according to
the latest figures by EMVCo.
