Changing the ATM key to global EMV migration
Issa Keshek, regional director, Middle East and Asia Pacific, Level Four, feels the global impetus to migrate to EMV has identified several best practices. October 13, 2011 | Issa KeshekThe migration to chip cards is one of the biggest recent impacts on the ATM. More than one billion EMV cards are active as of September 2010, according to EMVCo, the industry association that maintains and enhances the EMV specifications; this represents 36% of all cards in circulation worldwide. The biggest impetus to move to EMV is that its improved card security can reduce fraud losses. WIth the roll out of EMV in the UK in 2004, card fraud fell 25% within the first two years. Fraud mitigation is a driving factor in the Asian market’s move towards EMV, and many nations are now fully compliant and enjoying the same drop in fraud as the UK. However, there are many other benefits that can be achieved through EMV migration, and several progressive countries in the Asian region are leading the way when it comes to getting maximum ROI from chip cards. But in order to be in a position to deliver advanced customer service and personalisation, banks must ensure that the migration process itself is smooth, which means carefully managing the ATM as a critical channel through this transition. According to a Retail Banking Research report, Asia Pacific accounts for more than half of all new ATM installations worldwide, in particular, China, India, Indonesia and Thailand—whose combined population exceeds 2.8 billion—are all experiencing strong customer demand for ATM services. This is creating competition between financial institutions which are looking to increase their foothold in the market. Historically, EMV migration has triggered a technology refresh across the ATM estate as seen in the UK, where ATMs now run on modern Windows-based machines with much more sophisticated capabilities. The removal of proprietary ATM software and hardware shackles then also enables deployers to adopt a multi-vendor strategy for their ATM networks, giving them greater flexibility and letting them benefit from a more competitive hardware market. New technology a... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: ATMs & Kiosks, Cards, Retail Banking, Technology & OperationsATMsKiosks,Cards,retail,technology, ATMs & Kiosks,Cards,Retail Banking,Technology & Operations, Keywords:Level Four, EMV Migration, Chip Cards, ROI, Fraud Mitigation, Visa, MasterCard Level Four, EMV Migration, Chip Cards, ROI, Fraud Mitigation, Visa, MasterCard
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