EMV Standard Implementation in Iranian

EMV standard Implementation in Iranian Banks Risks & Challenges

In order to successfully migrate to EMV system of payment/transactions, the Iranian banks must be able to consider a series of factors that are all crucial to the successfully rolling out of the banking technology across the entire nation. An analysis of the extant literature as well as the various research outcomes coupled with Iranian unique and troubled financial system calls for extra caution and procedures to be adopted. The following are recommenced in order to successfully adopt and implement EMV in the Iranian banks.

Incorporation of strategic thinking into the process

As pointed out earlier in this paper. It is important to involve key strategies in the implementation of the EMV migration process so as to ensure that the available resources are adequately utilized while ensuring that a smooth transition period is achieved.

The need for more education

The process of upgrading the existing facilities to the meet the EMV standards is never easy unless adequate understanding of the functionality and capabilities of the infrastructure is comprehended. This therefore means that the education must be treated as a prerequisite in the process of EMV migration. There is a need for educating the internal support teams as well as training them on how to use the EMV technology (Chase,2010).The Iranian banks must therefore fully understand all the steps that are necessary to ensure that the EMV technology is rolled out successfully across the entire nation without any form of errors and delays that can be attributed to the lack of proper knowledge of the system's operation.

There are several organizations that are operating in Asian pacific region that can aid the Iranian banks in successfully migrating to the EMV infrastructure. These are vendors and training organizations such as Gemalto (Al Bawaba,2010).It is important to ensure that the organization that is appointed to spearhead the rolling out of the EMV technology ensures that the knowledge on how to use EMV technology. While equipped with the right technology as well as the appropriate justification for business and a concise definition of all the requirements, the Iranian banks can then forge their way forward with the adoption of EMV.It is worth noting that the process of migrating to EMV is not an easy one. This is because it requires a multi-thronged approach as a result of the various dynamic variable that are always in play in the Iranian somehow unstable banking system. The long-term goals of the EMV migration exercise however what is important is. This is true even from the mere fact that projects that involve infrastructure are not usually known for giving or rather providing quick returns.

The business needs

Before embarking on EMV migration exercise, the Iranian banks must first of all evaluate their business needs in order to decide if such a move would satisfy these needs. The strategies that were first drawn are then converted appropriately into tactical plans. The definition of the business requirements however, must first be evaluated.

Concluding remarks on the most important challenges and risks that Iranian banks faced, face or will face associated with EMV standard implementation in Iranian financial institutions.

In order to facilitate a smooth migration to EMV system, appropriate regulatory and compliance measures must be enacted by various bodies. 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 of the Iranian banks as well as their internal processes (OVCMarketing, 2010). The internal processes are to be reviewed in terms of the operational and business aspects. The review will ensure that all of the changes to the organization's internal process are appropriately addressed as a move targeting the overall implementation of the plan. Such a move is expected to impart positive momentum on customer service strategy which is equally important under the new EMV environment. The move would then facilitate the dynamics necessary for the training of the staff as well as the communications between the customers as well as the merchants. This is coupled with a succinct definition of roles as well as responsibilities of the various banks' branches for the process of EMV roll out and the ever necessary requirement of programme support.

The main areas to be addressed are:

The impact that the introduction of EMV would have on the operations of the existing cards and infrastructure

The effects of EMV implementation on the processes and operations of dispute resolution

The effects of EMV migration on the customer service processes as well as procedures