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MONTVALE, N.J. -- Ten PIN debit networks in the United States formed a new company to provide a structure for the governance, deployment and implementation of the Europay, MasterCard and Visa (EMV) debit standard.
Called the Debit Network Alliance, the goal of the collaborative effort is to help facilitate the adoption of an interoperable EMV standard for debit payments in the U.S. through a common governance structure intended to foster regulatory compliance, equal access and the ability to innovate for all debit networks, routing choice for merchants and portability for issuers.
The founding of Debit Network Alliance include AFFN, ATH, CO-OP Financial Services, NETS, NYCE, Presto!, PULSE, SHAZAM and STAR.
"The formation of the Debit Network Alliance is a continuation of the great 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," said Paul Tomasofsky, executive director of Debit Network Alliance. "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."
Under EMV guidelines, convenience store retailers need to upgrade their in-store point-of-sale terminals by Oct. 1, 2015 and pumps by Oct. 1, 2017.