Enabling card issuers and acquirers to convert to the EMV payment standard
Compass Plus, an international provider of retail banking software and electronic payments systems to financial institutions, announced the launch of its EMV Empowerment Toolkit in the United States.
In recent months, payment networks MasterCard, Visa and Discover have each laid out roadmaps and deadlines for the implementation of EMV in the United States with financial institutions and merchants expected to be in compliance within the next two to three years. Through the EMV Empowerment Toolkit, Compass Plus provides an inexpensive EMV compliance solution for issuers and acquirers to simplify implementation. The solution works together with the existing magstripe card management system ensuring the implementation requires either minimal changes to the existing system, or in certain scenarios - none at all.
With this technology, the legacy magstripe system continues to manage card issuance while the EMV Empowerment Toolkit enables the EMV component in areas such as online transaction processing, data preparation, profile management and clearing data handling. There is no need to migrate the card and customer base already in place, helping users avoid costly integration and migration scenarios.
“Compass Plus has more than 10 years experience in EMV migration across the globe, and in that time we have found that an incremental, phased approach to migration provides the best results,” said Anthony Genovese, vice president of consulting services at Compass Plus. “This process is less costly and time-intensive for the issuers and acquirers and will help them meet the deadlines set forth by the payment networks.”
For additional information on the pending EMV migration in the United States and best practices for making the switch, download the recent white paper from Compass Plus, “Making EMV Work Across New Markets.”