National ATM Council asks MasterCard to delay EMV liability shift

EMV

The NAC asks MasterCard to delay the date required for EMV compliance

Even though EMV standards have been adopted across the globe, here in the United States it sometimes seems like we are just getting started. But with various deadlines approaching, we are starting to note an increase in chatter about various target dates. The following is an article about the National ATM Council (NAC) regarding the liability shift from Maestro (a debit card service owned by MasterCard). Specifically, there is concern and confusion regarding which of the deadline dates apply, .e.g April 2013 or October 2016. It is worth noting that Visa has set a target compliance date of October 2017 for ATM Manufacturers to embrace the EMV standard.

One of the issues is in regard to “AID” which is a byproduct of the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act. AID is an application identifier used for financial transactions where the article notes there is no universal method of implementation. ATM Manufacturers argue that the shift in liability isn’t really possible until there is a universal standard for AID.

Here’s the link to the full story:

http://www.finextra.com/News/Announcement.aspx?pressreleaseid=48529

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