eFunds and Aconite Respond to SEPA Card Framework with EMV One-stop Shop
eFunds, a provider of electronic payments, global outsourcing and risk management solutions, is working together with Aconite to market a card portfolio management solution which will help banks comply with the requirements of the Single Euro Payments Area (SEPA) Card Framework. The SEPA Card Framework, announced in September, defines the guiding principles for all card transactions within the euro zone and requires the full implementation of EMV chip and PIN security standards in all euro countries by 2010. Magnetic stripe cards will be phased out between 2008 and 2010. In many countries the implementation of EMV is far from complete but now banks will have no option but to conform to the new guidelines. eFunds is to market Aconite’s EMV Script Processor solution as a component of its software solution for card issuing, portfolio management and back office services in the SEPA environment.