RANCHO CUCAMONGA, Calif. (March 19, 2013) - CO-OP Financial Services supports and voted in favor of the Secure Remote Payment Council Chip and PIN Workgroup's agreement on a common U.S. debit AID and application for EMV deployment, announced by SRPc today.
"Adoption of this common U.S. debit AID (application identification) and application is extremely important to credit unions because it preserves their routing and network choices in connection with the emerging EMV standard," said Stan Hollen, President/CEO, CO-OP Financial Services. "As a founding member of the Workgroup, CO-OP has actively participated in the SRPc to represent the interests of credit unions, and we will continue to help drive next steps, both in governance and deployment of the common U.S. debit AID and application.
"While this solution simplifies efforts for the industry, commercialization will take time," Hollen continued. "Given that EMV is being driven by liability shifts, not regulatory or network mandates, we recommend that issuers wait until 2014 before moving forward with their business case for EMV deployment in order to ensure that the market is ready.
"In the coming months, CO-OP will be providing guidance to our client credit unions in the form of multiple tools to help them determine their own roadmap for EMV. This will include tactical advice on upgrading ATMs, issuing debit cards with the common AID, what to do about credit, how to calculate the economics of switching to EMV and related fraud trends," Hollen concluded.
The Chip and PIN Workgroup's agreement was announced today in a SRPc news release, which additionally stated, "The Workgroup will also evaluate enhancing the specification's security by including the one-time card number technology developed by First Data/STAR specifically to mitigate impact from skimming and data breach frauds."
CO-OP Financial Services will be hosting a free webinar on Tues., March 26, at 11 a.m. Pacific time on the latest developments concerning the EMV (Europay MasterCard Visa) standard. Those who would like to attend can register at www.co-opfs.org/events.
The SRPc (http://secureremotepaymentcounci.camp8.org) is a trade association focused on security standards for Internet- and mobile-based payment methods, including EMV. For more information on EMV, visit www.co-opfs.org and CO-OP's "Ask the EMV Expert" page at www.co-opfs.org/EMV. And, to register for the free webinar, please go to www.co-opfs.org/event.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company specializes in helping credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/ Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.