- The common solution allows the use of all three card-verification methods (CVMs): PIN, signature, and no-CVM by all debit networks.
- The solution allows individual network CVM capabilities and provides the types of transactions supported to be managed through existing infrastructure, such as the BIN file. Today, the BIN file identifies which issuers participate in which networks, as well as the transactions each network supports.
- All networks must support the common AID and application card and consumer authentication and authorization.
The good news is that the common AID and application could significantly speed up and ease the transition to EMV. If all networks, both PIN and signature, participate and all CVM are supported, it would be as flexible as magnetic-stripe cards today… all with the added security of EMV chip cards.
To successfully sustain a common AID and application, central governance is a must. Only with buy-in and accountability from all the U.S. PIN networks can we create a system of checks and balances. If all networks come together, we have a better chance of developing technology and implementing rules that spark (rather than limit) innovation, competition, and growth.
In my next post, I'll explore the potential complexities that could arise from a lack of support from all U.S. debit networks.