Currency handling technology provider Cummins Allison said on Tuesday that credit union investment in EMV-capable ATM technologies may be able to make the transition to EMV easier and increase security.
EMV, a joint effort between Europay, MasterCard and Visa, is widely considered to be the global standard for the interoperation of payment cards. The 2015 EMV migration deadline and a string of recent data breaches have made the EMV transition a hot topic in the financial services industry.
According to a study from The Members Group, over 50 percent of credit unions are working to comply with the EMV standards by October 2015. The transition, however, will be major because many institutions will have to issue new cards and align ATM technology with the standards.
Cummins Allison said EMV-capable ATM technologies will help credit unions ease the transition to EMV.
“These machines are already equipped with the proper hardware features, allowing credit unions to make the transition to EMV software at their own pace,” Cummins Allison said. “This capability is an advantage in the long run because financial institutions will be able to improve their overall services without incurring unnecessarily large upgrade costs.”
The company said that for credit unions to succeed in the coming year, they must “be careful not to ignore” the implications of the EMV transition.
“Making large-scale changes to enterprise technology can be a headache for organizations that lack the necessary resources,” Cummins Allison said. “Advanced ATMs will help these institutions offer their members the most secure and reliable financial services with minimal complications.”