Fipay EMV - AJB Software

By: Ajb Software  09-12-2011
Keywords: payment solutions

Merchants using AJB’s payment solutions are processing EMV transactions today.  AJB has worked with multiple processors, point of sale providers and pin pad vendors to deliver EMV projects into production environments.

AJB's EMV Solutions

AJB’s EMV solution communicates with an EMV-certified pin pad to prompt the cardholder for data as requested by the chip located on the EMV card.  Once the data is received, AJB’s FiPay product formats the transaction in accordance to instructions from the EMV card.  This may include processing it locally or sending the transaction to the appropriate financial processor for approval.  FiPAY EMV CHIP software provides merchants the ability to enable an EMV transaction.

AJB’s EMV software applications are PA DSS certified enabling our product to meet all aspects of the new security standard. FiPAY EMV CHIP provides merchants with electronic payment authorization connecting stores, banks, and other points of service (e.g. Kiosk).

AJB's EMV Experience

AJB’s exposure to EMV began in 2005 when EMV was being rolled out in the United Kingdom. From 2005-2006, AJB deployed EMV solutions for a number of UK resident customers according to the APACS specification provided (APACS is the UK trade association for payments). AJB has since drawn upon its UK experience and is providing Canadian merchants with a seamless transition from their current magnetic strip technology to the new EMV CHIP technology. Already AJB has customers accepting live EMV transactions in Canada and will also be providing solutions in Mexico and Latin America in Q1 of 2010.

EMV Timeline

Canadian merchants have until October 2010 to implement the new EMV technology, at which point the liability for fraudulent Visa & MasterCard transactions will shift to the party that has not carried out the highest level of security (EMV). In other words, non EMV merchants in Canada would be responsible for any resulting Visa and MasterCard fraud as of October 2010. After the October 2010 deadline card issuing companies will not be responsible for any fraud that occurs against a non EMV capable merchant. 

A full list of important dates includes:

  • October 2010 - Visa Canada and MasterCard shifts liability to merchants who do not accept EMV transactions.
  • December 31, 2012 - Magnetic stripe debit cards no longer accepted at ABM’s.
  • December 31, 2015 - Magnetic stripe debit cards no longer accepted at Point Of Sale.

EMV Background

EMV is an internationally accepted standard for authenticating credit and debit card payments. The EMV standards were started by a working group created in 1993 by the world’s three main payment organizations: Europay, MasterCard, Visa and most recently joined by American Express. The acronym comes from the first letters of the companies which initially cooperated to develop the standards. EMV standards are now maintained by EMVCo, an organization owned and managed by MasterCard, Visa and JCB. The group’s objective is to define a common set of standards (EMV standards) for smart card or “Chip and PIN” based transactions. These “Chip and PIN” transactions require an end-user to authorize a transaction with a PIN entry rather than a traditional signature. EMV is a widely deployed standard covering Europe, the UK and Asia. EMV is being rolled out concurrently in Canada, Mexico and Spain. The greatest benefit of EMV is fraud reduction derived from the PIN entry requirement and the significantly higher level of difficulty that it takes to duplicate a chip card. EMVCo argues that the implementation of EMV forces thieves to practice their trade in non-EMV nations. AJB is ready to move merchants to EMV CHIP now.

FiPay EMV CHIP Benefits

  • Reduced fraud, and decreased fraud management costs
  • Reduced chargebacks
  • Improved processes across business units
    • Chip cards reduce the potential for errors and losses because they eliminate the need for paper reconciliation, transaction records are completely electronic., implementation and support of payment processing.
    • Chip transactions do not rely on sales assistants to make difficult judgments about signature validation.
    • Chip card are very difficult to duplicate.
  • Chip card technology can lead to speedier service, which can mean happier customers & higher volume.
  • Chip cards often do not require online PIN authentication resulting is faster processing
  • When combined with the use of a PIN,no sales slip needs to be signed or filed, and the register is opened less often reducing labor and risk
  • Chip provides merchants the opportuinity to offer customers self-service terminals to pay for products with no waiting.
  • Improved customer confidence
  • Global interoperability
  • Multi-application cards able to handle loyalty and CRM programs
  • Support for EMV on RFID

AJB's Value

AJB provides merchants with a reliable payment software solution available that is ready for install today.   AJB has delivered successful EMV projects and AJB’s customers are now processing EMV transactions. AJB’s EMV CHIP handling software applications provide merchants with a solution that is capable of multiple advanced features such as an integrated loyalty program or CRM program combined with the added security benefits. AJB’s solutions are cost effective, proven to provide a return on investment in a very short duration to make the move to EMV CHIP easy with any of the major Canadian Financial Processors. October, 2010 has strategically been chosen by Visa Canada and MasterCard as the launch date of the EMV standard in Canada and AJB is ready to make certain that any merchant using FiPAY EMV CHIP software will be ready to accept payments using the new mandated technology. AJB is ready to deliver Canadian merchants an expedited solution to handle their EMV CHIP needs.

Keywords: payment solutions

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