EMVCo, owned by American Express, Discover, JCB, MasterCard, UnionPay and Visa, manages, maintains and enhances the EMV®1 Integrated Circuit Card Specifications to ensure global interoperability of chip-based payment cards with acceptance devices including point of sale terminals and ATMs.
EMVCo also administers a testing and approval process, and oversees the procedures for confirming compliance with the EMV standards. These activities include compliance testing for both chip-based payment accepting devices and payment cards for both the Common Core Definitions (CCD) and Common Payment Application (CPA) Specifications. The testing process and procedures help ensure cross-payment system interoperability, which is the over-arching goal of the EMV Specifications and EMVCo.
American Express, Discover, JCB, MasterCard, UnionPay and Visa, which each own a sixth of EMVCo, have representatives in the EMVCo organisation at both management and working group levels. The six organisations make every decision on a consensus basis to assure card-infrastructure uniformity.
1 EMV is a registered trademark in the U.S. and other countries, and is an unregistered trademark in other countries, owned by EMVCo.