Ten PIN debit networks in the US have formed a new company, Debit Network Alliance, to provide a structure for the governance, deployment and implementation of the Europay, MasterCard and Visa (EMV) debit standard.
The PIN networks of Debit Network Alliance include AFFN, ATH, CO-OP Financial Services, NETS, NYCE, Presto!, PULSE, SHAZAM and STAR.
The move by the networks was to facilitate the acceptance of EMV standard for debit payments made in the US.
Debit Network Alliance executive director, Paul Tomasofsky, said the formation of the Debit Network Alliance is a continuation of the cooperation that the founding networks have had since coming together in April 2012.
"We believe that debit chip solutions in the U.S. must be governed by all U.S. debit networks, in a manner that benefits industry stakeholders and supports the levels of flexibility and innovation necessary to maintain a healthy and robust U.S. payment system," Tomasofsky added.
"The Debit Network Alliance is ready to work with all payment networks to define business terms, technical requirements and legal agreements required for industry stakeholders to realize the benefits of a single, common standard. Once these are in place, the industry can truly move forward with EMV in the U.S."