Cayan unveils EMV transactions at mag stripe speeds

Payments Technology Innovator Cayan announced Monday the exclusive ChipIQ technology built into its Genius platform will bring EMV processing times up to speed with those of mag stripe transactions.

“Looking at the last million transactions we processed on our Genius platform, we consistently see EMV transactions at speeds that rival traditional swipe transactions,” said Cayan Co-founder and CEO Henry Helgeson. “We applaud the recent announcements by major card brands to help speed up EMV transactions, but they don’t address the root cause of the issue.”

In their study of approximately one million EMV transactions, Cayan’s ChipIQ technology was able to process a chip-and-terminal interaction as quickly as 1.60 seconds, with the average time clocking in as fast as 2.56 seconds. With the Genius platform boasting chip-and-signature times as quickly as 3.66 seconds, compared to 15 seconds with other platforms, Cayan has the chance to boost EMV acceptance.

“Our ChipIQ technology was built into the Genius platform from the beginning,” said Cayan VP of Product Management Marc Castrechini. “It works with every card brand and requires no software upgrades or additional testing for the merchant. We have thousands of merchants already using our platform and seeing these results.”