RIVERWOODS, Ill.--(BUSINESS WIRE)--Sep. 3, 2013--
Discover Financial Services has become the latest payment network to
join the growing membership of EMVCo, the EMV® standards body. Discover
will work alongside EMVCo’s existing members to manage and evolve the
contact and contactless EMV industry specifications to facilitate
worldwide interoperability and acceptance of secure chip payment
instruments.
Discover has acquired a one-sixth share of EMVCo from the respective
holdings of its current member-owners American Express, JCB, MasterCard,
UnionPay and Visa. It will therefore have an equal interest in the
standards body, actively contributing to the management, technical work
and operations of EMVCo.
“Discover becoming an equity member of EMVCo further underlines the
importance of the EMV standard for the global payments industry,”
explains Dave Meadon, current EMVCo Executive Committee Chair. “The
existing members of EMVCo value the additional resources and
contributions that new members provide as we address the broad and
diverse needs of the international payments community. As an established
end-user of the EMV Specifications, we welcome the industry knowledge
and extensive chip card experience that Discover will bring to EMVCo’s
work program.”
A key area of interest for Discover is the rapid growth and expansion of
new payment methods and how these are being supported by EMVCo. Beth
Horowitz, Senior Vice President, Discover Network, adds: “Discover is
committed to achieving a global, ubiquitous payments landscape that is
based on universally defined industry specifications and standards. This
is particularly important as innovative transaction solutions are
introduced such as contactless and mobile chip-based payments. We look
forward to adding our expertise to these discussions and contributing to
the global specification development efforts of EMVCo.”
Discover is the second new member to join EMVCo in 2013. In May, the
standards body announced that UnionPay had become its fifth
owner-member. Christina Hulka, current EMVCo Board of Managers Chair,
concludes: “EMVCo is keen to engage with the payments community to
ensure the continued evolution of its standards as the payments industry
advances, rapidly offering new and exciting innovations. As part of this
drive, EMVCo has established an Associates Programme, which encourages
all payment stakeholders – including payment card issuers, acquirers,
merchants, processors, card and terminal vendors, networks and their
representative associations – to provide input into the advancement of
existing and new EMV Specifications. We advise all interested parties to
get involved in this program, join our technical discussions and shape
the future of their payments landscape.”
To find out more about the EMVCo Associates Programme and how to join
visit www.emvco.com.
About EMVCo:
EMVCo's primary role is to manage, maintain and enhance the EMV
Integrated Circuit Card Specifications to ensure interoperability and
acceptance of payment system integrated circuit cards on a worldwide
basis. EMVCo also maintains type approval processes for terminal
compliance testing and Common Core Definitions (CCD) and Common Payment
Application (CPA) card compliance testing. These testing processes
ensure that a single terminal and card approval process is developed at
a level that will allow cross payment system interoperability through
compliance with the EMV Specifications. Additional information can be
found at www.emvco.com.
About Discover:
Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company issues
the Discover card, America's cash rewards pioneer, and offers home
loans, private student loans, personal loans, home equity loans,
checking and savings accounts, certificates of deposit and money market
accounts through its direct banking business. It operates the Discover
Network, with millions of merchant and cash access locations; PULSE, one
of the nation's leading ATM/debit networks; and Diners Club
International, a global payments network with acceptance in more than
185 countries and territories. For more information, visit www.discover.com/company.
Source: Discover Financial Services
Media Contact:
Discover Financial Services
Katie Henry,
224-405-4437
kathrynhenry@discover.com
or
iseepr
Sarah
Jones, +44 (0)1943 468007
sarah@iseepr.co.uk
or
iseepr
Kirsty
Pearson, +44 (0)1943 468007
kirsty@iseepr.co.uk