Simplifying the EMV Card Issuance Process for Financial Institutions
In the world of financial technology, the transition from magnetic stripe cards to EMV (Europay, Mastercard, and Visa) chip cards has undeniably enhanced security. Yet this shift has introduced a new level of complexity in the card issuance process. This article explores the challenges of EMV card issuance and identifies the need for comprehensive solutions in the market.
The Evolution and Complexity of EMV Card Security
As cases of payment card fraud increased in the late 1990s, a more secure solution became necessary. Enter EMV chip cards. Unlike magnetic stripe cards, which store static data, EMV chip cards create a unique transaction code for each payment. This innovation significantly reduces the risk of data theft, but it also means banks need to change their card issuance process.
Issuing EMV cards involves several steps: data preparation, card personalization, and key management. Each step requires specific technical knowledge and expertise, making the process both complex and time-consuming. Moreover, compliance with various industry standards adds another layer of difficulty.
The Need for Simplified Solutions and the Role of Advanced Profile Development
Given the complexity of EMV card issuance, there is a growing need for solutions that can simplify the process. These solutions should be able to consolidate all necessary EMV functions into an end-to-end platform, allowing for easy profile development and self-service capabilities. They should also offer a user-friendly interface for configuring EMV profiles based on common industry standards.
Advanced Profile Development (APD), a feature of the Entrust Dynamic EMV Solution for smart card personalization, makes EMV profile development simple for card issuers. With APD, users can create new EMV profiles or make profile changes themselves, without external help. This not only reduces costs but also leads to quicker time to market for customers to incorporate new chips into production.
As the financial technology landscape continues to evolve, the need for simplified and efficient solutions for EMV card issuance becomes increasingly important. Solutions such as Entrust’s Dynamic EMV Solution not only help businesses navigate the complexity of EMV card issuance but also enable them to stay ahead in a competitive market.
Learn more about our how our Dynamic EMV Solution can support your issuance strategy.
