EMV Standard Implementation in Iranian Conclusion

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The implementation process must be regulated by the various card associations, government legislations as well as network mandates (Spidle,2010).

A thorough and comprehensive analysis of the Operational Impact of EMV implementation

In order to mitigate the various threats faced by the Iranian banks while implementing the EMV standards, it is necessary to conduct a thorough and comprehensive analysis of the impact that such a move would have on the general operation of the Iranian banks as well as their internal processes (OVCMarketing, 2010). The internal processes are to be reviewed in terms of the operational and business aspects. The review will ensure that all of the changes to the organization's internal process are appropriately addressed as a move targeting the overall implementation of the plan. Such a move is expected to impart positive momentum on customer service strategy which is equally important under the new EMV environment. The move would then facilitate the dynamics necessary for the training of the staff as well as the communications between the customers as well as the merchants. This is coupled with a succinct definition of roles as well as responsibilities of the various banks' branches for the process of EMV roll out and the ever necessary requirement of programme support.

The main areas to be addressed are:

The impact that the introduction of EMV would have on the operations of the existing cards and infrastructure

The effects of EMV implementation on the processes and operations of dispute resolution

The effects of EMV migration on the customer service processes as well as procedures

The need for various rigorous marketing and promotion operations aimed at supporting the newly acquired EMV programmes

A precise outline and definitions of the various roles as well as responsibilities of the various Bank Branches and other necessary distribution channels.

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The impact of EMV implementation on the merchants and the need for merchant training

The training of customers, staff as well as merchants

The handling of various legal agreements such as the changes in the existing merchant agreements, internal procedures as well as cardholder terms of usage.

The compliance and coordination with the various international card payment associations

Further research

Further research on EMV should be dedicated on how it can be integrated with other payment technologies and transactions such as CPN with the aim of improving the security of transactions conducted across several banks.

Conclusion

EMV technology is an important milestone in the global financial sector as it helps to reduce various investment and transactional risks such as fraud.Its implemetaion is however a nightmare for various financial institutions.It must however be remembered that since it involves an extensive infrastructural upgrade and acquisition, its benefits are long-term and might not be seen within a short time after its implementation......

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