Issuing EMV is not as simple as just ordering a new batch of cards. To properly convert to EMV issuance, a number of issues need to be addressed. The following are five key issues credit unions interested in pursuing an EMV initiative will want to put at the top of their focus list.

Assess the impact of EMV issuing. Does the credit union have the controls, procedures and systems in place to support EMV? Understanding the financial impact and budgetary preparation of card issuance is an important aspect. Integration of Instant Issue, changes in member behavior and operational support are all aspects to consider. Vendors will be involved in this process as your card brand, card processor, PIN network, and core vendors will all need to be in sync here. There is a certification process to go through from a processor and network standpoint as well as obtaining certification for credit union-issued cards.
Devise an issuance strategy. Determine what your chip card replacement strategy will look like. EMV cards cost more than conventional cards, but they also last longer. It should coincide with card reissue cycles and coordinate with the Oct. 1, 2015 timeline.
Define your EMV card details. The EMV card design requires personalization for each credit union as well as certification. This is in addition to the typical artwork approval and design process.
Educate staff. Credit union employee education is a critical step in the process as the front lines will be fielding a number of member questions about the little gold chip on their new cards.
Market the card. Implementing EMV can be seen as a one-time opportunity to present a positive message relating to fraud to members. Design of the cards, branding and member education are all very important aspects of a successful EMV rollout.

As the credit union industry matures with EMV deployments, this technology will transition into the mainstream. Converting to EMV is not really a question of if any more but rather, when. Credit unions need to begin preparing and planning for this or risk missing the bus.

Instant Insights /

5 Issues to Address Before Boarding the EMV Bus

Related Stories

Recommended For You