EMVco Announces Release of Framework for Secure Remote Commerce

Dec 28, 2017

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.”

Solutions for Safe Online Payments

Is your business concerned about providing secure and efficient payment processing options for customers? Consider what a merchant account with a provider like eMerchantBroker.com can offer your business. In as little as 24 hours, you can easily have an account setup, and provide access to industry-leading payment processing services and multiple payment gateways.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

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Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

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