EMV is the abbreviation for Europay, MasterCard and Visa. This abbreviation is used to refer to an international security standard which is to be converted into a national regulation by each country. The national regulation of the EMV is called ‘ep2’ in Switzerland. EMV is a standard regarding the transfer of transaction data between the terminal and the acquirer. ep2 is a committee of Swiss terminal manufacturers, acquirers, issuers and the association of electronic payments (Verband elektronischer Zahlungsverkehr – VEZ), which is responsible for the consistent definition of standards for the chip-based EMV payment methods of the Swiss market. Concardis is an active member on the board of the ep2 committee and actively collaborates in all working groups.
The primary objective of the system is to optimise the security of card transactions. In order to achieve this goal, the data exchange for all debit and credit card transactions must be carried out via EMV-enabled cards (‘intelligent chip cards’) and an appropriate EMV-enabled terminal infrastructure and network services. The payment terminals – if they are not EMV-enabled – must be replaced by EMV-enabled terminals by the end of 2017 at the latest. This will allow transactions to be carried out within a few seconds – reliably and with the highest security.
The ep2 standard defines the entire EFT/POS infrastructure of credit and debit card terminals as well as vending machines in Switzerland. The result is an open system based on international standards and recommendations.