After the successful completion of an EMV chip transaction using the Durbin-compliant methodology, known as US Common AID, Vantiv is set to launch Durbin-compliant EMV card solutions in 2015.
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Currently, Vantiv is in pilot with a joint EMV issuing and merchant certification program that will help both financial institutions and merchants prepare for the EMV liability shift next year.
The Durbin Amendment rule requires support for two unaffiliated networks on a debit card, creating significant technical challenges for payment processors to implement EMV.
Charles Drucker, CEO of Vantiv, said: "EMV chip will help better secure the millions of consumer transactions made every day.
"Our innovative approach to distributing EMV chip cards to financial institutions while also simplifying merchant EMV testing and validation underscores how we are leveraging our industry expertise to quickly deploy new payments technologies and get them in the hands of merchants and consumers."
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By GlobalData"Vantiv will begin production of EMV debit and credit cards certified by Visa and MasterCard in January 2015. Already, more than 200 banks and financial institutions have requested to issue the new chip cards," Vantiv said in a statement.
