STRATEGIC PARTNERS
December 11, 2013
Ten U.S. PIN debit networks today announced the formation of a new company, Debit Network Alliance, to provide a structure for the governance, deployment and implementation of the EMV debit standard. Founding networks in the alliance include AFFN, ATH, Co-op Financial Services, NETS, NYCE, Presto, Pulse, Shazam, and Star.
DNA was created to help facilitate the adoption of an interoperable EMV standard for debit payments in the U.S. A news release from the alliance said that it aims to foster collaboration in areas of common interest to networks:
According to Terry Dooley, SVP and CIO of The Shazam Network, "The formation of DNA represents a significant investment by the country's leading debit networks. My colleagues and I are ready to put in the work to ensure [that] the country's eventual implementation of EMV provides issuer choice, merchant choice, a competitive environment and the ability to continue a long history of innovative product development for the payments industry."
Stan Hollen, president and CEO of Co-op Financial Services, said that the formation of DNA will preserve credit unions' routing and network choices.
However, Holland said, "this will still take time, particularly in light of the recent judicial proceedings concerning the Durbin Amendment. Co-op encourages all PIN debit network providers to join Debit Network Alliance in order to move the industry forward in a collaborative, standardized way."
The debit networks have a history of working together to maintain the integrity and security of the U.S. payment industry. Since April 2012, they have collaborated on chip standards under the auspices of the Secure Remote Payment Council chip and PIN work group.
"The Debit Network Alliance is ready to work with all payment networks to define business terms, technical requirements and legal agreements required for industry stakeholders to realize the benefits of a single, common standard," said Paul Tomasofsky, executive director of the alliance. "Once these are in place, the industry can truly move forward with EMV in the U.S."
DNA has launched a website that offers additional information about the mission and objectives of the alliance.
Also today, the ATM Industry Association issued a news release announcing its publication of a position paper on the need for collaboration. In the same release, ATMIA also announced that it had retained Tremont Capital Group Inc.to conduct "a thorough analysis" of routing choices.
Read more about EMV.
