PRINCETON JUNCTION, N.J. (4/30/14)--The Europay-MasterCard-Visa (EMV) Migration Forum, a cross-industry body focused on introducing a secure EMV chip technology in the U.S., has released a technical EMV debit framework detailed in a new white paper.
"This technical framework addresses the fundamental challenge faced by the U.S. debit payments industry: how to implement EMV for debit cards with the flexibility to meet compliance guidelines established by the Federal Reserve rulemaking that may change over time," said Randy Vanderhoof, EMV Migration Forum director. "The solution provides an approach for the debit card processing scenarios we know of today, so debit industry organizations can continue on the way to chip implementation with confidence."
The publication of the framework and white paper follows an industry review that included merchants, issuers, acquirers/processors, regional debit networks, global payment brands and the ATM industry, with members agreeing that it addresses key debit industry challenges. The white paper provides a description of the technical solution, which follows the EMV specification and accommodates flexibility to meet debit routing regulatory requirements and principles and guidelines for implementation.
The technical proposal white paper includes:
A description of the challenges with EMV debit implementation;
Key stakeholder expectations for the EMV debit solution;
A proposed approach to meet current regulatory requirements and accommodate potential future requirements known today; and
The transaction flow, messaging implications, acquirer routing guidelines and point-of-sale acceptance considerations for the proposed EMV technical solution.
To download the paper, use the link.