Moneris, the Toronto based payments processing firm, has received accreditation to self-certify EMV based transactions for merchants in North America on five major credit card brands. Expectations are that this will lead to faster EMV authorization, alleviating the delays that consumers are experiencing with the new POS approval protocol.
Moneris Solutions Corporation (“Moneris”), one of North America’s largest processors of debit and credit card payments, announced recently it has been accredited to self-certify EMV-chip and PIN, and chip and signature terminals for five major credit card brands. With this authorization, Moneris is the only processor in North America with the ability to perform self-certification for merchants on behalf of American Express, Discover, MasterCard, Visa and Union Pay.
Today, businesses making the transition can have their EMV contact- and contactless-enabled solutions certified faster, easier and more affordably. Payment processing self-certification eliminates the need to engage third party service providers that review payment terminal tests and sign-off for these solutions to go to production. As an accredited processor for payment self-certification, Moneris is able to complete these requirements in-house, offering greater control and faster time to market.
“The ability to self-certify our EMV-ready terminals means we can work with our partners to get merchants up and running on the latest payment technology quickly and efficiently,” said Chris Lee, President of North American Strategic Partnerships and Emerging Markets at Moneris. “With this authorization we are able to provide an enhanced customer experience for businesses across North America.”
The U.S. experiences $8.5B in annual fraudulent transactions; however, with the migration to EMV, 92 percent of professionals believe that these chip-enabled cards will be effective in reducing point-of sale (POS) fraud.¹ Moneris has helped more than 95 percent of its merchant base in Canada become EMV-enabled and is equipped with the necessary resources to support chip-cards in the U.S. today.
Moneris may be benefitting from working more extensively on the Canadian EMV transition which is significantly ahead in card conversions, compared with the US. The Canadian EMV conversion has seen dramatically lower fraud levels as Interac reports that fraud losses are down 92% from a peak of CDN$142 Million in 2009.
Overview by Raymond Pucci, Associate Director, Research Services at Mercator Advisory Group
Read the full story here