The first version of EMV standard was published in 1995. Now the standard is defined and managed by the privately owned corporation EMVCo LLC. The current members of EMVCo are JCB International, American Express, MasterCard Worldwide, China UnionPay, Discover Financial Services and Visa, Inc. Each of these organizations owns an equal share of EMVCo and has representatives in the EMVCo organization and EMVCo working groups.
Recognition of compliance with the EMV standard (i.e., device certification) is issued by EMVCo following submission of results of testing performed by an accredited testing house.
EMV Compliance testing has two levels: EMV Level 1, which covers physical, electrical and transport level interfaces, and EMV Level 2, which covers payment application selection and credit financial transaction processing.
After passing common EMVCo tests, the software must be certified by payment brands to comply with proprietary EMV implementations such as Visa VSDC, American Express AEIPS, MasterCard MChip, JCB JSmart, or EMV-compliant implementations of non-EMVCo members such as LINK in the UK, or Interac in Canada.
The EMVCo standards have been integrated into the broader electronic payment security standards being developed by the Secure POS Vendor Alliance, with a specific effort to develop a common interpretation of EMVCo's place relative to, and interactions with, other existing security standards, such as PCI-DSS