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EMV and the Changing Processing Environment

John Revilla

With all of the discussions about EMV Cards and many community financial institutions trying to evaluate their options, our first recommendation is to review all of your ATM/Debit processing agreements and Network agreements.

There will be some significant cost associated with migration to EMV but for the prudent Financial Institution there may also be significant opportunity.

This opportunity will come in many areas.

If you have a processing agreement maturing anytime between now and the end of 2015 notify your current processor of your intent not to renew. Be sure not to miss the notification period stipulated in the agreement and always send certified and general mail as well as e-mail return receipt.

Review all existing network contracts and provide notification where required.

In the post Durbin environment all networks are not equal and every merchant is an ATM. You want to evaluate your network offering as part of this process.

In negotiating new ATM/Debit and Credit processing agreements over the past few years CUSAG has been able to improve our client’s savings in the range of 37% - 51%.

The marketplace is very competitive and the opportunities to improve service level, interchange incomes and reduce operating expenses significantly is the norm in today’s environment.

EMV will change the liability exposure for those FIs that issue by October 2015.

Be sure to work with your core processors to assure they are working on certification with your ATM/Debit card processor.

It will be the squeaky wheel that gets certification done in a timely fashion. Remember your core and your processor only have so much programing capability.

If your organization is one of the lucky ones to have a contract renewal coming up between now and the end of 2015, I recommend you get started now engaging a good consultant.
 



EMV: Chip and Signature or Chip and PIN
EMV and the Changing Processing Environment
Best Practice: Supervisory Committee/Audits
Internal Controls: Board of Directors/Supervisory Committee’s/CEO’s Best Friend
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CUSAG, LLC
P. O. Box 892
Alstead, NH 03602
Cell #: 603-667-3607
Fax #: 603-835-6231
Office #: 603-439-6110
Email: jrevilla@cusag.com


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