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New report examines FIs' EMV preparedness

ATM operators have until 2017 to achieve compliance, but for card issuers it's an 11-month countdown to the liability shift.

November 6, 2014

Harland Clarke Corp., a provider of integrated solutions to financial institutions, has released "The State of EMV: Countdown to 2015," a special report on financial institutions' preparedness for the October 2015 EMV liability shift.

Harland Clarke surveyed 750 financial institutions of various asset sizes and annual card volumes in May 2014. The resulting report looks at progress toward EMV readiness since last year, when the company conducted a similar survey. This year's findings:

• financial institutions have shortened their implementation time frames;
• nearly three-quarters (73 percent) of financial institutions are engaging EFT processors in their research, up from 47 percent in the previous survey;
• the growing specters of fraud and liability shift continue to drive implementation; and
• financial institutions are still largely undecided about EMV programs — more than half have not yet decided on a specific EMV program.

"Though they still face some challenges — including the cost of implementation — financial institutions are seeking more information and moving steadily toward next year's deadline," said Nicole Machado, director of card services for Harland Clarke.

Download the full survey report.