News

Cayan boasts EMV transactions that approach mag stripe speeds

May 9, 2016

Cayan, a provider of payment technologies, has announced that the proprietary ChipIQ technology built into its Genius platform is helping to speed up EMV processing times comparable with those of mag stripe transactions.

Cayan examined a million EMV chip and signature transactions processed on its Genius platform, according to a press release.

The Cayan solution clocked a median chip-and-terminal interaction time of 1.60 seconds. The median time for authorization was 1.92 seconds, with an average time of 2.56 seconds.

The resulting median time for chip and signature transactions processed on the Genius platform is just 3.66 seconds — with an average time of just over 4 seconds. This compares with the current average time of approximately 15 seconds, the company said.

"Looking at the last million transactions we processed on our Genius platform, we consistently see EMV transactions at speeds that rival traditional swipe transactions," said Cayan Co-founder and CEO Henry Helgeson. "We applaud the recent announcements by major card brands to help speed up EMV transactions, but they don't address the root cause of the issue."

Cayan said that it achieved improvements in transaction speeds by developing its own Level 2 kernel. This gave the company the flexibility to re-engineer the EMV authorization process through a proprietary technology that Cayan calls ChipIQ.

"Our ChipIQ technology was built into the Genius platform from the beginning," said Cayan VP of Product Management Marc Castrechini. "It works with every card brand and requires no software upgrades or additional testing for the merchant. We have thousands of merchants already using our platform and seeing these results."