JHA Payment Processing Solutions is the latest company to embrace EMV technology, announcing it will begin issuing chip-and-signature cards to its credit union customers. The more secure EMV technology has become the international standard over the past decade. The United States however, has been slow to adopt the standard, often frustrating U.S. citizens traveling abroad. Consequently, the few large banks and credit unions implementing the technology are for the most part, only offering it to their clients traveling internationally.
“EMV (Europay, MasterCard and Visa) cards have been widely adopted in international markets and are expected to gain traction in the United States because of their enhanced security, said the payments division of Jack Henry & Associates in Monett, Mo.”
“There are only a few institutions in the nation currently issuing microchip cards, and we believe PPS is ahead of the curve and well-positioned to take advantage of the growing demand for this technology,” said John Postle, general manager of JHA Payment Processing Solutions.
One reason the United States has been slow to adopt E.M.V. technology is historically low card-related fraud costs compared to most European countries. Another is the operational complexity of the payments industry; the networks, issuing banks, and merchants must all act in unison when implementing new standards, a process that is never easy.
See what Mercator Advisory Group is reporting on EMV implementation at: http://mercatoradvisorygroup.com/index.php?doc=Emerging_Technologies&action=view_item&id=604&catid=5
Read the full article at:http://www.cutimes.com/2011/07/13/jack-henry-to-offer-chip-and-signature-cards