Tech issues make now important card planning time

Summer is coming to a close and you and your management team will most likely begin your annual planning cycle for 2014 shortly, if you have not already..As you consider planning for 2014, there are undoubtedly many topics that you will be challenged to address. These include an environment of increased regulation and corresponding regulatory oversight as well as a complex web of emerging and evolving technology related to how your members or customers do business with your financial institution..Among those topics, be sure to consider how your institution will address EMV technology for issued cards, ATMs, and point-of-sale devices. It is an important issue because Visa, MasterCard, Discover, and American Express have published liability shift deadlines that begin in October 2015. Here are the key dates:.• April 2013: Platform readiness deadline for acquirers, processors and direct connect merchants.• October 2015: Liability shift for all merchants except automated fuel dispensers.• October 2017: Liability shift for all remaining merchants.If your cards have a three-year expiration date, cards issued today will expire after the first liability shift date has passed. There are a number of configuration options available for EMV cards including whether or not to issue cards that support both contact and contactless (e.g. payWave/PayPass) type technology. It is recommended that you review these options and associated costs with your card vendors and payment network partners so you can meet the long-term objectives of your company..Planning for upgrades to your ATMs to support EMV technology should also be underway. This can range from a minor to significant change, depending on the age and type of your ATMs. .Mobile wallets and/or mobile payments will likely come up in your planning discussions. A mobile, or digital, wallet is essentially a software and, in some cases, hardware solution that securely stores payment credentials and other information to simplify the consumer shopping and payment experience. Visa, MasterCard and others currently offer digital wallet solutions. To learn more, contact your payment network representative or payment-processing partner. .Like every year that preceded this one, new technology options are emerging and vying for the attention of your institution. Considering these options during the planning cycle will ensure that you are prepared for the future..Dominic Venturo is Chief Innovation Officer, Payment Services, for U.S. Bank.