The Secure Remote Payment Council (SRPC) may have a solution to the problems arising from the EMV chip card standard, debit card transaction routing and the mandates from the Durbin Amendment, reports Digital Transactions.
The SRPC, a trade group representing EFT networks, has proposed to create a common application to give merchants choice in routing and ease the ability for issuers to switch or add new networks.
This proposal would solve the problem that EMV technology only supports one network, which doesn’t comply with the Durbin Amendment regulation that merchants must be able to choose from at least two unaffiliated networks to route debit card transactions.
Visa and MasterCard are expected to weigh in on whether or not they’d go along with that proposal in mid-January.
Read more here.