Credit unions march forward with EMV chip card conversion

by TMG

by: Brandon Kuehl

Financial institutions (FIs) across the country are continuing their EMV chip card preparations. Harland Clarke Corporation’s recent “State of EMV: Countdown to 2015” survey takes a look at FIs’ EMV preparedness as compared to 2013.

The report, which polled 750 FIs, found 90 percent of the FIs participating in the survey have begun researching the technology. That’s up from 74 percent in 2013. While 58 percent have yet to commit to a particular program of either EMV-only or dual-interface, 70 percent reported they would implement EMV within 18 months. Just 22 percent felt it would take more than 18 months.

Further, the survey saw a significant increase in FIs working with electronic funds transfer (EFT) processors in their EMV research. In 2014, 73 percent of those asked had engaged their EFT processors. That’s an increase from 47 percent in 2013. This jump signifies an overall increased commitment to EMV conversion.

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