PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Senator Durbin Challenges EMVCo’s Representational Balance Regarding Chip Card Standards

Tim Sloane by Tim Sloane
March 18, 2016
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Jim Daly at Digital Transactions has the scoop and it appears Senator Durbin is challenging EMVCo’s position as standard bearer for the payments industry:

“U.S. Sen. Richard Durbin, author of 2010’s controversial Durbin Amendment, wants to know about the inner workings of EMVCo, the chip card standards body owned by the six largest global payment card networks. A statement Thursday from the Illinois Democrat says Durbin is ‘seeking information on whether the deployment of this technology in the United States is adequately preserving competition and protecting consumers.’

Durbin listed 10 questions related to EMVCo itself and the U.S. chip card initiative in a letter addressed to Mike Matan, an American Express executive who is chairman of EMVCo, the standards body owned by Visa, MasterCard, Discover, AmEx, China-based UnionPay and Japan-based JCB.

An EMVCo spokesperson did not reply to aDigital Transactions News request for comment.

Thursday’s letter suggests that the big networks have all the power over chip cards. Durbin says EMVCo is managed by a board of managers and an executive committee, “both of which appear to consist entirely of representatives from the six giant networks.” He asks how those managers and committee members are selected.

‘EMVCo does not appear to provide other U.S. stakeholders in the electronic payment system with any meaningful decision-making authority in the development of its specifications or certification processes,’ the letter says. ‘Smaller payment networks and those who accept electronic payments (such as merchants) are relegated to ‘associate’ status in EMVCo, which appears to be purely advisory in nature. Please explain why these stakeholders are unrepresented on EMVCo’s executive committee and board of managers.’ “

Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group

Read the full story here

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023
    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023
    SASE, security-as-a-service

    Security-as-a-Service Secures
    Distributed IT Models

    May 23, 2023
    mule. real-time

    Early Detection of Mule Activity Requires Real-Time Solutions

    May 22, 2023
    embedded finance, ecommerce

    How Retailers Can Enter the World of Embedded Finance Confidently 

    May 19, 2023
    cross-border

    Cross-Border Trade is a Cinch with the Right Payments Partner

    May 18, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download this complimentary report from Brightwell: