Could there be an open, industry-based alternative to EMV? The Accredited Standards Committee X9 Inc. seems to think so.
In a Jan. 20 letter addressed to committee members and obtained by Digital Transactions News, the Annapolis, Md.-based X9 introduced the possibility of a two-day meeting to "discuss the best way forward on U.S. standards (for card and mobile payments)."
The meeting would only take place if sufficient interest were expressed by recipients of the letter, which requested feedback by Feb. 11. The meeting objective would be to discuss the introduction of an alternative to the current EMV standard, not its replacement.
The letter mentions the age, proprietary nature and inconsistent roadmaps for EMV implementation as reasons for seeking an alternative authentication standard. And while some agree that an alternative is desirable, others worry that it would slow the introduction of improved payment card security standards in the U.S.
The X9 committee includes about 150 members who develop standards for U.S. financial services, including payments networks, processors, technology vendors, security solutions providers, merchants, and banks. Committee standards are embraced by the American National Standards Institute (ANSI).
Read more about EMV.