DES MOINES, Iowa (9/16/13)--Credit unions and other clients of payments processor The Members Group (TMG) are readying their portfolios for the U.S. migration to the Europay, MasterCard and Visa (EMV) standard.
That development was broadcast live Wednesday in a podcast by Dan Lozier, TMG director of client relations.
EMV is a global standard for inter-operation of integrated circuit cards (IC cards) and IC card- capable point-of-sale terminals and ATMs, for authenticating credit and debit card transactions.
There are essentially three EMV implementation strategies TMG's clients are pursuing, said Lozier:
- Rolling out new EMV cards at the time of a natural reissue of the cards;
- Segmenting the portfolio, issuing EMV cards to select cardholders; and
- Continuing to monitor the EMV landscape before setting a defined plan.
Each of the three EMV implementation strategies is supported by TMG, said Georgann Smith, TMG vice president of marketing, and the podcast's host. The processor is consulting with clients individually to determine the best course of action for their portfolios.
Clients' EMV roadmaps are largely determined by the number of cardholders in a given portfolio who travel, Lozier said. Limiting fraud, however, is another motivating factor as the October 2015 liability shift nears.
The podcast, titled "How Your Colleagues are Preparing for EMV," is available for on-demand listening. Use the link.
TMG podcast topics currently in the library include:
- A look at the future of compliance;
- Trends in the prepaid cards market;
- Data analytics for credit and debit card portfolios;
- Where to place your bets in the digital-wallet space; and
- How photo cards work to boost walletshare.
Financial institution leaders can access the free episodes anytime. They can also sign up for alerts on upcoming episodes by subscribing to TMG's channel at BlogTalkRadio. Use the link.
TMG creates customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America.