EMV is the de facto standard in the area of credit/debit card systems managed by EMVCo. EMVCo is a body formed and conceived by Europay, MasterCard and Visa -- hence the acronym EMV -- to introduce integrated circuit card technology (also called chip card or smart card technology) for all credit and debit products. EMVCos charge is to manage, enhance and maintain EMV integrated circuit card specifications. The adoption of this new technology is the first major change in payment card operating structure since the magnetic stripe came to market over 30 years ago. The international card companies have promoted and encouraged the industry -- members banks, retailers, EFTPoS suppliers, and processors -- to convert to the integrated chip-based technology. In the Nordic region and other European countries, from January 1, 2005, liability rules are changing to provide greater protection against fraud to merchants who have deployed EMV card acceptance devices that meet the global EMV standard. If the merchant uses an EMV compatible credit card or debit card the transaction WILL NOT be charged-back. If THAT transaction is later determined to be fraudulent or the card was lost/stolen at the time of transaction authorization, the merchant faces no liability for the loss and keeps the funds for the transaction. However, if a merchants payment processing device is not EMV compatible on or after that date, then the merchant must absorb the transaction loss plus any ancillary charges, such as chargeback penalty fees assessed by its acquiring bank or processor. Rahaxi has made significant investments to make sure its authorization, data capture and routing processes can manage the new and additional messages and security parameters from the smart card to the terminal to the appropriate financial endpoint. End-to-end EMV compliance is a subject merchants needs not grapple with; partnering with Rahaxi for transaction processing means time, cost and management resources savings.
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