Migrating from magnetic stripes to EMV based smart cards is a challenging endeavour for banks and their IT teams. Even for small banks, necessary card data preparation rapidly overshoots the level of millions of data entries. In the frame of the migration process, banks need new systems and new processes, interweaving additional external entities.
There can be high levels of risk in the migration, including the risk of handling multiple independent service or solution providers without any overall ownership or responsibilities.
This article discusses the migration process of banks that shift from credit cards based on magnetic stripes to EMV based smart cards. It sheds light on the technology, the reasons for it, the involved players and what to plan for.