EMV Standard Implementation in Iranian Discussion Chapter

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They need to estimate the cost of production, personalization as well as the milling of the new chip cards.

Terminals

The budget should include the cost associated with the updating of terminals, Point of Sale (POS) devices and ATMs, in all types of environments. These must however be considered as new ongoing expenses and should include installation and maintenance of compliant terminals. However, the costs of infrastructures elements are not as they used to be in the past and have been continually reducing. These considerations must be clearly noted in the budget

Systems

The budget should include the cost required by the banks in upgrading the system so as to be able to deal with elements of the new standards and its corresponding features that could entail many changes in almost all portals that are in communication with the system. The budget must also include the cost associated with staff training as well as the learning of new special skills necessary for operating the EMV platforms. It should be noted that the updating the banking system is quite a costly component of EMV implementation.

The time required completing the EMV implementation project

A considerable amount of time and resources is required in order to ensure that the EMV migration process takes place seamlessly and the required outcomes achieved. A review if literature indicated that the industry average time for the smooth implementation of EMV projects in Asian countries is a period of six months. Shorter period of implementation can be achieved resulting in the saving of a good amount of operational resources (Gemalto,2010).In order to avoid the usual pitfalls associated with poor time management, it is imperative that appropriate strategies be put in place so as to ensure that the project commences and is accomplished in good time.One of the best methods of ensuring that the planned aspects of EMV migration happen at the appropriate time is called guesstimation. It involves the process of coming up with a realistic estimate of the amount of time needed in the execution of the project at hand (Blair,2010).

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The general lack of guidance that is observable in the Iranian banks can be attributed the ones observed in other countries as out lined by Ward (2006).This is mainly due limitations in the guidance that is offered by EMVCo to the financial institutions regarding areas such as functionality, approval type as well as security which usually give rise to additional costs of implementation. In order to get rid of these complications, EMVCo must always to keep their guidance updated and be able to cope with all forms of upcoming issues in regards to the deployments of EMV standards.

Various additional steps have been taken by EMVCo and others stakeholders in order to avoid these complications. The most two important components in this area are The Single Euro Payments Area (SEPA) as well as the Common Payment Application (CPA).

Operating Procedures

The Iranian banks should strive to make their payment systems updated and getting business competitors to work together in overcoming the EMV migration challenges. As Ward (2006) emphasized, one of the most significant factors of a successful migration to EMV the ability of the migration to EMV to be observed and regarded as providing a competitive advantage to one business over another. Evidence for this can be inferred from the existing successful deployments of EMV in pioneering countries like the UK, France as well as Malaysia.

This means that it is very important for issuers and merchants to have adequate understanding that EMV migration should be performed at a market-wide level while keeping in mind that investing in EMV needs to be done as a collective step to the future. On the other hand, this important success factor is usually a challenge factor in EMV implementation. Impediments to implementation come if some of the merchants decide not to invest in the technology for certain reasons......

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