News & Views - Savantor

But where are the flying cars?

Thursday, 09 October 2014
In 2000, IBM ran its iconic ad campaign for Lotus software that touched home for many people – promises of a technologically advanced future offering solutions to today's problems that don't transpire because the world moves on and the envisioned 'future solutions' become redundant. 10 years ago, the UK started the roll-out of EMV chip and PIN, resulting in a significant downturn in POS card fraud. The same results were seen across Europe and subsequently around the world as EMV chip and PIN was adopted in more and more markets. Despite this success, the US remains something of a quandary with its frustrating inertia. However, recent high-profile events at Target and Home Depot among others seem to have garnered a reaction. This month, Barack Obama has decreed that all US Government-issued payment cards used for the purpose of distributing benefits must be chip and PIN cards from January 1st and that all terminals acquired by the Treasury must be suitably upgraded. The call for chip and PIN in the public sector is a shift from some initial recommendations for US EMV that openly encouraged signature as a CVM – to ease the US into EMV adoption – with PIN being just an optional extra. There is no indication that the issuing and acquiring banks supporting day-to-day payments in the private sector will follow suit – embedded as they are in a culture where a signature (often unchecked) remains an acceptable proof of identity – but this may come. The US financial industry has looked long and hard for a solution and has considered a range of options over time. They will all incur deployment costs for the banks in putting the infrastructure in place and updating their own back-end processing platforms. They will all cause some level of culture pain for their customers as well but, in this case, EMV is a well-trodden path and an enduring solution to a problem that has blighted card payments everywhere since day one. Sometimes a solution does remain viable for long enough to solve the problem long-term. Flying cars were never the solution to increasingly congested roads, but in EMV chip and PIN there is a robust weapon against POS card fraud in the US which we know works.
Savantor Services

Savantor Services

Savantor services are tailored to Client needs based on our core service areas

Specialist Resourcing Payments Strategy Platform Transition Operational Efficiency
Savantor Services

Job Opportunities

Consulting and contracting roles in the payments, mobile and banking arena within the UK and across Europe

View more
Savantor Services

Savantor Views

Find out more from our Savantor brochures, MarketEye back copies and Industry opinion

Collateral Market Eye News & Views Sign Up to receive MarketEye

Client Quotes

Platform Selection & RFP Management

"OP-Pohjola Group has used Savantor in both acquiring and issuing for platform/service provider research, RFI/RFP processes and subsequent contract negotiations. Savantor's approach and commitment have always been very professional and transparent. They have been of great help for the company in providing us important insights and background information beyond vendors sales speeches."

Kai Lindstrom, Head of Acquiring - OP-Services Ltd - Finland

Complex Cards Business Transformation

"This was a major business transformation that required us to build an excellent team made up of internal bank specialists, supported by external card business, technical and operations expertise. Savantor provided specialists from the local market and with international experience to fill a variety of important roles. The Savantor resourcing team are professional, reliable and good people to work with."

Ricardo Gomez, Director - Operations & Technology - WiZink Bank - Spain

Market Insights

"Savantor did a good job in helping us understand the dynamics of a key growth area for Trionis. Savantor's ability to listen and their degree of commitment have always impressed me. They have been of great help in providing us important market insights and I would not hesitate to work with them again in future."

Ernst Verbeek, Managing Director - Trionis - Belgium

Platform Selection

"Savantor's support in our platform selection process has enabled us to sustain our profitability and positioning for the future. Their advice and guidance was essential to our decision-making."

Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

Issuer and Acquirer Transformation - Assessment and Mobilisation

"We were in urgent need of external independent expertise to supplement our internal resources. Senior consultants had to quickly integrate with a diverse team from across the bank and actively contribute. I am pleased to say that Savantor was able to deliver on our needs as well as being good people to do business with."

Lars Bostrom, Head of Cards - Nordea - Scandinavia

Collections Transformation

"Savantor did an absolutely superb job for us on the Collections programme. The professionalism, hard work, courtesy and tenacity of their experts is a credit both to the individuals and to Savantor."

Peter O'Dea, Senior Manager - Collections Department - Permanent tsb bank - Ireland

New Payments Initiative

"In moving our new initiative into reality, we required specialist payments knowledge and forward thinking in the retail sector. Savantor supplied this and provided very effective guidance throughout. We enjoyed working with them."

Sophie High, Head of Innovation Delivery - Cancer Research UK

Card Processing Migration

"Disciplined methodology and effective teamwork, guided by Savantor's migration expertise and operational knowledge, were the hallmarks that led to the resounding success of this project, enabling us to maintain and develop our business capability."

Robert Lambert, Head of Cards Strategy - Permanent tsb bank - Ireland

Clients - Request Support

Send us a support request and one of our specialists will be in contact to assist you.

Consultants – Upload your CV

Register your CV with us and gain access to a range of job opportunities through our online job search portal.