EMVCo LLC this week launched an initiative enabling all payments-industry stakeholders to participate in guiding the organization’s strategic and technical direction.
EMVCo oversees the chip-and-PIN security standards and is owned by American Express Co., MasterCard Worldwide, Visa Inc. and JCB International, the international subsidiary of JCB Co. Ltd. A representative from EMVCo was unable to comment on the initiative by PaymentsSource deadline.
In a news release, Art Kranzley EMVCo executive committee chair, notes that EMV has become the global payments-industry standard with an increasing number of stakeholders worldwide. Because of this, it makes sense to expand the industry’s participation in EMVCo’s standardization practices, he says. Kranzley also is MasterCard chief emerging technology officer.
Opportunities EMVCo provides card issuers, acquirers, merchants, processors, card and terminal vendors, and networks and their representative associations include the option to give input into the enhancement of existing EMV specifications and in creating others, the release notes.
Organizations may become involved in two participation types: EMVCo Business Associate or EMVCo Technical Associate. Some organizations, however, may participate at both levels if they meet qualifying criteria.
The business associate level enables all payment card issuers and acquirers and networks and their representative associations the option to provide input on strategic business and implementation issues related to the use of the EMV specifications. The most recent specification is EMV 4.2. The annual fee for the business associate level is $12,500.
Technical associates have the option to provide input and receive feedback on detailed technical and operational issues tied to the EMV specifications and related processes. Participating organizations also may interact with EMVCo’s technical work groups through quarterly workshops, offer meeting agenda input, gain early access to draft specifications and other technical documents, and submit technical contributions. EMVCo’s board of advisors has six reserved seats in this level, identified through an election process. The annual fee for technical associate participation is $25,000.