This morning, Visa announced new liability shift dates for its EMV roadmap — these affecting third-party acquirers of ATM transactions. And the Visa dates represent a significant move forward from the existing MasterCard timeline.
The Visa deadlines are as follows:
- April 1, 2015, U.S. third-party ATM acquirer processors and sub-processors must be able to support EMV chip data;
- Effective Oct. 1, 2017, liability will shift in the United States.
Already, liability shifts are in effect for Europe, Canada, Latin America and the Caribbean, Central and Eastern Europe, and the Middle East and Africa.
According to Visa, the newly added dates ensure that by 2017, a single global liability policy will be in place that encourages chip-on-chip (EMV chip card read by an EMV chip card reader) transactions at both the POS and the ATM.
Most in the industry expected that Visa, the first mover on the EMV roadmap, would eventually add ATM deadlines to its roadmap. However, few might have guessed that they would come with the unwelcome surprise of an effective date a full year-and-a-half earlier than MasterCard’s. Read more.