ATLANTA & NORTHBROOK, Ill.--(BUSINESS WIRE)--First Data, the global leader in payment technology and services solutions, and UL, an industry leader in payment security and compliance, today announced a collaboration to help U.S. merchants expedite their acceptance of EMV-enabled credit and debit cards.
Large-scale theft of consumer payment data from merchants’ integrated point-of-sale (POS) systems is among the biggest issues facing the payments industry. Another challenge comes from the significant number of merchants, POS integrators and other payment providers looking to certify new EMV-capable devices in response to the October 2015 fraud liability shift from bank to retailer.
“The integration of EMV technology is a massive operational undertaking for our merchant clients across the country,” said Steve Mathison, Vice President of Payment Acceptance at First Data. “Coupled with a multi-layered security program that includes tokens and encryption, EMV adoption will greatly reduce the threat of fraudulent payments at the point of sale, but the implementation can be complex and burdensome. We believe this collaboration with UL will help to simplify the process a merchant must complete to certify compliance with EMV standards.”
The solution will give large and mid-size merchants with integrated POS systems a one-stop EMV migration and certification solution for all major payment networks. Combining UL’s accredited testing tools and centralized certification management platforms streamlines EMV migration by combining training, test tools and testing services, while eliminating the inefficiencies found in the current process of certifying to multiple end-points and certification authorities. UL Transaction Security is a division within UL that guides companies in the payments, mobile, government and transit domains through the complex world of secure electronic transactions.
Sajeev Jesudas, Senior Vice President at UL, said, “We are very pleased with this strategic alliance with First Data, which ensures a timely EMV migration for merchants and reinforces First Data’s mission to help clients grow their business. The aim of UL’s Transaction Security division is to help the U.S. payment industry stakeholders, including merchants, migrate towards more secure payment technologies. We are confident that UL’s extensive payments and security experience, formal testing and certification capabilities, and more than two decades of experience running EMV migration projects globally will help U.S. merchants achieve smooth and timely EMV migration and certification.”
EMV™ is a trademark owned by EMVCo LLC.
About First Data
First Data is a global technology leader in the financial services industry. With 24,000 employee-owners and operations in 35 countries, the company provides secure and innovative payment technology and services to more than six million merchants and financial institutions around the world, from small businesses to the world’s largest corporations. Today, businesses in nearly 70 countries trust First Data to secure and process more than 2,000 financial transactions per second, totaling $1.8 trillion a year. First Data’s unparalleled infrastructure, scale and partnerships go “beyond the transaction” with next-generation point-of-sale technology fueled by powerful analytics to detect fraud, gain insights into consumer spending, and strengthen customer loyalty. All day, every day, First Data helps its clients thrive in the evolving world of commerce.
About UL
UL is a premier global independent safety science company that has championed progress for 120 years. Its more than 10,000 professionals are guided by the UL mission to promote safe working and living environments for all people. UL uses research and standards to continually advance and meet ever-evolving safety needs. We partner with businesses, manufacturers, trade associations and international regulatory authorities to bring solutions to a more complex global supply chain. For more information about our certification, testing, inspection, advisory and education services, visit http://www.UL.com.
