EMVco, which facilitates worldwide interoperability and acceptance of secure payment transactions, has successfully released a technical framework for the online payments environment. In an effort to standardize online payments for greater security and interoperability, EMVco recently announced this first step toward technical specifications for companies operating in the “remote commerce environment”.
What does remote commerce involve? It refers to the purchase of goods and services by consumers via applications and browsers on mobile phones, desktop computers, tablets and other Internet-connected devices. This recently released EMV Secure Remote Commerce (SRC) — Technical Framework version 1.0 benefits companies that accept or support payments via applications and browsers on any Internet-connected device.
According to the press release, “The framework describes the roles, high level processes and data descriptions that enable card data to be protected and exchanged in a consistent and secure manner within the remote commerce environment.”
EMVco’s also revealed the goals of SRC initiative:
- Extend the approach to security successfully utilized at the physical point-of-sale to the remote payments environment.
- Reduce ecosystem complexity by providing consistent and simplified integration processes and interfaces among stakeholders.
- Enhance the security of remote commerce websites and applications through the introduction of dynamic data.
- Provide integration options for other EMV Specifications, including EMV 3-D Secure and EMV Payment Tokenization.
- Reduce the requirement for cardholder data entry by enabling the consistent identification of the consumer.
Cheryl Mish, EMVco board of managers chair, explains that “While data storage solutions to protect card and account data are widely implemented, the actual method of delivering the payment card data to the merchant has vulnerabilities that can potentially be exploited.”
She went on to say, “As a result, multiple industry participants have worked to address these vulnerabilities by providing application-based solutions that deliver, among other things, a simplified consumer payment experience.”
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