Clear2Pay extends partnership with FIME for US EMV migration

Supporting EMV migration in the US

Clear2Pay, a payment solutions provider, is extending its partnership with FIME, a consulting and integration test service for smart devices and secure chip-based applications, to support US financial institutions and processors in their migration to EMV (view press release). The agreement continues the companies’ working relationship, having collaborated closely for several years to deliver payment testing solutions, services and EMV certification assistance in Europe and other EMV territories.

A significant number of countries around the world have adopted EMV and many more are in varying stages of migration. Recently AmEx, Discover, MasterCard and Visa released EMV mandates and timelines, making migration to EMV in the US inevitable. The adoption of the EMV payment system will provide benefits including increased security over magnetic stripe cards, worldwide acceptance of card payments and the ability to launch new added value applications. In addition, it will help accelerate the uptake of mobile and contactless payment applications. However, recent research by the ATM Industry Association (ATMIA) indicates that 75% of respondents still do not have a clear roadmap for EMV migration or insight into the costs associated with migration.

In a country where ‘plastic’ represents a very high payment volume, EMV migration heavily impacts all touch points across the entire process chain. As the ATM research underpins, it is hard for banks, processors and merchants, to understand the full impact, cost and indeed benefit upfront,” said Ian Kerr, general manager of Clear2Pay Open Test Solutions. “Both FIME and Clear2Pay have a track record in supporting EMV implementations around the world and are therefore well positioned to assist banks and processors in this challenging journey with confidence and proven methodologies and tools. Whilst the US migration to EMV is not an exact mirror exercise from expertise in other areas, there are many similar elements and the lessons learned will prove valuable for a US specific track to EMV.

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