Terminals
The budget should include the cost associated with the updating of terminals, Point of Sale (POS) devices and ATMs, in all types of environments. These must however be considered as new ongoing expenses and should include installation and maintenance of compliant terminals. However, the costs of infrastructures elements are not as they used to be in the past and have been continually reducing. These considerations must be clearly noted in the budget
Systems
The budget should include the cost required by the banks in upgrading the system so as to be able to deal with elements of the new standards and its corresponding features that could entail many changes in almost all portals that are in communication with the system. The budget must also include the cost associated with staff training as well as the learning of new special skills necessary for operating the EMV platforms. It should be noted that the updating the banking system is quite a costly component of EMV implementation.
The time required completing the EMV implementation project
A considerable amount of time and resources is required in order to ensure that the EMV migration process takes place seamlessly and the required outcomes achieved. A review if literature indicated that the industry average time for the smooth implementation of EMV projects in Asian countries is a period of six months. Shorter period of implementation can be achieved resulting in the saving of a good amount of operational resources (Gemalto,2010).In order to avoid the usual pitfalls associated with poor time management, it is imperative that appropriate strategies be put in place so as to ensure that the project commences and is accomplished in good time.One of the best methods of ensuring that the planned aspects of EMV migration happen at the appropriate time is called guesstimation. It involves the process of coming up with a realistic estimate of the amount of time needed in the execution of the project at hand (Blair,2010).
The general lack of guidance that is observable in the Iranian banks can be attributed the ones observed in other countries as out lined by Ward (2006).This is mainly due limitations in the guidance that is offered by EMVCo to the financial institutions regarding areas such as functionality, approval type as well as security which usually give rise to additional costs of implementation. In order to get rid of these complications, EMVCo must always to keep their guidance...
The implementation process must be regulated by the various card associations, government legislations as well as network mandates (Spidle,2010). A thorough and comprehensive analysis of the Operational Impact of EMV implementation In order to mitigate the various threats faced by the Iranian banks while implementing the EMV standards, it is necessary to conduct a thorough and comprehensive analysis of the impact that such a move would have on the general operation
The rates of reduction of these cases were noted to be about 20% per year as from 2004 when the standards were introduced (UK Payments Administration LTD 2009). The exact phenomenon observed is as indicated in Appendix A. Mechanism The mechanism involved in the protection of the card details by means of the EMV technology is discussed by various scholars and organizations. SPA (2010, 1) clearly explains that the need for
This is largely due to time and logistical issues involved in conducting the face-to-face interviews. However, this still represents 50% of the entire sample population. Therefore, it is expected that the opinions expressed in the interviews will be a good representation of Iranian banks. 3.5 Data Collection The primary aim of the study is to identify the challenges that Iranian banks face in the implementation of EMV. This research is divided
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