MONTVALE, N.J. (12/12/13)--Ten U.S. PIN debit networks have formed a new company, Debit Network Alliance (DNA), to provide a structure for the governance, deployment and implementation of the Euro Mastercard Visa (EMV) debit standard.
The collaboration is designed to help facilitate the adoption of an interoperable EMV standard for debit payments in the U.S.
"Formation of the Debit Network Alliance further advances a common U.S. debit application identifier (AID) and its harmonized profiles and parameters," said Stan Hollen, president/CEO of CO-OP Financial Services, one of the alliance founders. "This is extremely important to credit unions because it preserves their routing and network choices in connection with the emerging EMV standard."
The group seeks to provide members equal access to EMV chip technology under terms that support competition, choice, innovation and delivery of value.
Members will share governance of debit application identifiers, including how the underlying technology is configured on the chip and terminal.
The group said it will provide support for all cardholder verification methods and access to technology that supports future developments.
The debit networks have a history of working collaboratively, usually on network security. The networks have worked together on chip standards under the support of the Secure Remote Payment Council's Chip and PIN Work Group since April 2012.
In addition to CO-OP Financial Services, the founding networks of Debit Network Alliance include: