Revel Systems' tablet point-of-sale (POS) system is now the first iPad-based platform to support EMV compatibility - which offers a new standard of security and interoperability when it comes to card processing.
The so-called Europay, Mastercard and Visa (EMV) specification supports credit and debit cards that include an integrated security circuit (aka chip). It is widely used in places like Europe, but is relatively new in the United States.
The standard is part of the next wave of retail security and PCI compliance that will sweep across the retail industry, forcing merchants to improve their ability to reduce fraud. That's because unlike cards that use magnetic swipes, they are mcuh harder to hack.
Under a product improvement announced this week at the National Retail Federation conference in New York, the Revel tablet POS system will now be able to support EMV readers.
"The industry at large is faced with a major need to reduce credit card fraud and increase security," said Revel co-founder and chief technology officer Chris Ciabarra. "Revel is the first to anticipate impending changes for industry standards for point of sale. Integrating directly with EMV readers is the logical next step for us to provide the most innovative technology solutions to our customers and also give them the surest and most secure means to reach EMV certification by the 2016 deadline."
Revel's technology will integrate initially with payment technologies and solutions from Ingenico Group and Quest Payment Systems. Support for VeriFone Systems, Genius and Tyro Payments are anticipated in the near future.
Reporting and tracking functions for EMV will be built directly into Revel's backend management console, which will save time on transactions.
The launch this week covers the United States and Australia. Revel also plans integrations for the United Kingdom, the European Union and Japan.