Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Products
Remote payment council announces debit chipPIN working group
WESTWOOD, N.J. (5/1/12)--The Secure Remote Payment Council (SRPc) has formed a working group to define and adopt a point of sale and ATM solution for chip and PIN acceptance for PIN debit networks. 

The group's goal is to provide interoperable adoption of chip and PIN debit payments to the industry, while supporting innovation, choice, and the proven track record of PIN security in reducing payment fraud, SRPc.

The working group includes leading PIN debit networks STAR, SHAZAM, PULSE, NYCE, AFFN, ACCEL/Exchange, ATH, Credit Union 24, CO-OP Financial Services and Jeanie.

SRPc  is a nonprofit, inter-industry trade association that supports the growth, development and market adoption of debit-based internet e-commerce and mobile channel payment methods that meet or exceed the security standards for PIN-based, card-present payments.  Its members include merchants, financial institutions, merchant processors, issuer processors, payment brand companies, payments authentication hardware providers, payments authentication software providers and payments consultants. 

In February, the SRPc published an open letter on chip and PIN calling on the industry to review the ramifications, understand their risks and come together to ensure that chip and PIN deployment in the U.S. is open to all market participants in an equitable manner.  This working group is a first step in answering that call to action.

The debit networks have a history of working together--especially with regard to improving security--to define standards that maintain the integrity and quality of the U.S. payment industry.

PIN debit is a growing payment method. In 2009, debit cards were used in 35% of noncash payment transactions. They eclipsed checks as the most frequently used noncash payment method, and 88% of debit cards supported both PIN- and signature-based transactions, according to Federal Reserve statistics on the debit card industry.  

The SRPc and the debit networks are concerned that the current international standards for chip technology do not consider the competitive, newly regulated, real-time payment infrastructure within the U.S. For example, the new regulations on debit card interchange fees and routing now require that issuers support at least two unaffiliated brands on debit cards to provide merchant routing choice--a requirement that will need to be accommodated within chip technology going forward, said the council.  Deployment of a single interoperable chip and PIN solution for PIN debit should put in place one of the biggest remaining puzzle pieces to spur the U.S. payment industry toward adoption of chip technology, said SRPc.


RSS





print
News Now LiveWire
Who's most adept at saving these days? The middle class, says @Bankrate http://t.co/zVi7typdVU
8 minutes ago
.@OregonCCU donates $20K in Sprint program monies to @CMNHospitals @CU4Kids via @NWCUA http://t.co/0wTAH5NTNI
34 minutes ago
.@TheNCUA posts latest economic update videol discusses 2015 outlook and "looming risk." https://t.co/hMYTAuvzMz
1 hour ago
.@TheNCUA issued orders prohibiting 7 from participating in affairs of any federally insured FIs. See #NewsNow Wed. http://t.co/UFBxuYDB8T
3 hours ago
Albuquerque biz journal highlights #NewMexico's #creditunion culture http://t.co/wpD6scAObo
3 hours ago