American Express Joins EMVCo as its Fourth Owner-Member
EMVCo, the EMV standards body jointly owned by JCB International, MasterCard Worldwide and Visa Inc., has announced American Express as its fourth owner-member. The addition of this latest international payment organisation aligns with EMVCo’s intent to attract further industry participation in the development of the EMV Specifications.
American Express has acquired a one-fourth share of EMVCo from the respective holdings of JCB International, MasterCard Worldwide and Visa Inc., and will therefore have an equal interest in the organisation. EMVCo’s management structure has been changed to give American Express representation on the organisation’s executive committee and board of managers, in addition to equal participation in its working groups.
“EMVCo welcomes American Express as its fourth global payment system member,” said Tad Fordyce, chairman of the EMVCo executive committee and head of global cross product platforms at Visa Inc. “American Express will be able to lend expertise at both the technical and management level which will directly support the EMVCo goal to enhance global chip standards, and offer secure and interoperable payments at the point of sale around the world.”
Susan Hillel, senior vice president of global network operations at American Express, says: “American Express is delighted to join and become a member of EMVCo. We are committed to driving interoperability in payments and know that our participation in EMVCo will facilitate this for our merchant, issuer and cardmember customers. Involvement by the four major payment organisations will drive secure and interoperable payments globally for transactions made with chip cards by aligning and progressing EMV Specifications. We look forward to working with JCB, MasterCard and Visa on this very critical industry initiative.”