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<\/p>\nBancNet and Visa recently signed a memorandum of agreement to help the country\u2019s largest interbank network accelerate migration to EMV chip cards, as mandated by Bangko Sentral ng Pilipinas (BSP).<\/p>\n
The agreement allows BancNet to access Visa\u2019s EMV implementation standards to facilitate EMV chip conversion for all domestic transactions. This includes, not just issuing chip-enabled cards, but also working to ensure ATMs and point-of-sale terminals meet the internationally recognized chip-standards by January 1, 2017.<\/p>\n
EMV cards contain an embedded microprocessor, which creates a new transaction code every time the card is used. This anti-fraud solution provides strong security features previously not possible with traditional magnetic stripe cards.<\/p>\n
\u201cUpon completion of the migration, local banks and businesses will be highly protected against counterfeit fraud, and less likely to be targets for skimming and data theft. BancNet will be able to further strengthen the security of its ATMs as well as fundamentally bring greater security to the delivery of financial services across all channels,\u201d said BancNet Chairman Manuel C. Tagaza.<\/p>\n
\u201cAs the country\u2019s largest multi-bank, multi-channel payment gateway, BancNet is committed to ensuring that its members\u2019 cardholders receive the best and most stable security in all transactions. Visa\u2019s proven standard, backed by years of global experience and expertise, gives us a lot of confidence that we will succeed in our EMV migration,\u201d added Mr. Tagaza.<\/p>\n
The EMV chip standard, a global industry standard for a secure payment transaction, is developed by EMVCo \u2013 which is collectively owned by American Express, Discover, JCB, MasterCard, UnionPay and Visa.<\/p>\n
\u201cTrust underpins all transactions. As electronic payments grow in the Philippines, we are committed to ensuring consumers are protected whenever and wherever they transact electronically, be it face-to-face or online,\u201d said Stuart Tomlinson, Visa Country Manager for the Philippines and Guam.<\/p>\n
\u201cTo safeguard this trust, the cooperation between Visa and BancNet ensures that Filipino consumers will have access to secure payment options that will keep their hard-earned money safe,\u201d Mr. Tomlinson added.<\/p>\n
\u201cThe licensing of Visa\u2019s EMV standards to BancNet will be beneficial for the industry as a whole. When it comes to security, we each have a role to play and a collective interest in maintaining the highest security standards available. The integration of EMV chip is an excellent step in this direction and I am proud to see the Philippines leading in this manner,\u201d said Joe Cunningham, Visa Head of Risk, Asia Pacific.<\/p>\n
\u201cAlready there are positive signs: Philippines\u2019 domestic point-of-sale counterfeit fraud has reduced significantly since the introduction of EMV chip in 2012,\u201d added Mr. Cunningham.<\/p>\n
<\/p>\n
From left: BancNet President Roberto P. Blas, BancNet Chairman of the Board Manuel C. Tagaza, Visa Country Manager for the Philippines and Guam Stuart Tomlinson, and Visa Asia Pacific Head of Risk Joe Cunningham signed the memorandum of agreement to use Visa platform for EMV chip card migration to be completed by 2017<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"
BancNet and Visa recently signed a memorandum of agreement to help the country\u2019s largest interbank network accelerate migration to EMV chip cards, as mandated by Bangko Sentral ng Pilipinas (BSP). The agreement allows BancNet to access Visa\u2019s EMV implementation standards to facilitate EMV chip conversion for all domestic transactions. This includes, not just issuing chip-enabled […]<\/p>\n","protected":false},"author":4,"featured_media":4200,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,1],"tags":[],"class_list":["post-3909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-old","category-uncategorized"],"yoast_head":"\n