CCUL Headlines: Compliance

CU Insight: Are your ATMs EMV-ready?

Wednesday, May 17, 2017   (0 Comments)
Posted by: CU Insight
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If you haven’t updated your ATMs to accept the newer EMV-chip technology, it’s time to review your existing service specifications to determine what changes are required to ensure that your equipment is capable of meeting users’ demands. For example:

  • Do you have the appropriate hardware and software to support the new industry expectations?
  • Does your current operating system provide adequate processing and/or memory capacity to support current and emerging technology?
  • In addition to ensuring EMV compatibility, are your ATMs in line with the Americans with Disabilities Act (ADA) requirements that specify special-use features to accommodate hearing and/or visually impaired users?

Managing the impact of equipment upgrades

If your financial institution doesn’t have the internal knowledge of what to look for when reviewing existing ATM or card contract terms and conditions, a professional review can most likely uncover areas for potential savings and improved service, or lead to recommendations for alternate providers that might offer better service and pricing options. With this information in hand, you can make a more informed decision regarding whether your existing agreement or vendor is meeting your needs, or if it is time to consider other options that offer better value, service, security and peace of mind.

A card brand vendor contract agreement review can offset ATM upgrade costs

If your financial institution hasn’t yet converted to EMV chip-enabled debit cards, consider this: A review of your existing card brand vendor agreement can lead to better overall contract terms and increased revenue opportunities that may help cover the cost of necessary ATM product upgrades.

Act now to increase ATM security and improve vendor contract terms

Whether your financial institution has one ATM or a fleet, providing safeguards against the threat of potential fraud is essential for maintaining trusted account holder relationships and reducing your liability risk. An expert in contract review and negotiations can help to ensure that your ATM products are EMV-ready, while also providing valuable recommendations for better service and potential revenue opportunities that can have a major impact on your bottom line.

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