As part of an effort to standardize online payments for greater security and interoperability, EMVco has publicly released a draft of its upcoming technical specification, encouraging all e-commerce industry stakeholders to review it and submit comments.
EMVco, the payment card network-owned consortium that developed and manages the EMV security standard for in-store card security, said it wants to adapt the technology to the remote environment and reduce complexity through simplified integration processes.
In November of last year, the organization published the first technical framework for the new standard. The draft of the EMV Secure Remote Commerce Specification takes the process a step further, defining the protocol and core functions for various stakeholders. When finalized, EMVco says the standard will enable merchants to securely request and receive payment data for the purpose of processing accepted cards in a remote commerce transaction using the existing interoperable payment processing environments.
“EMVCo recognizes the need to expediently deliver its EMV SRC Specification to help address rising fraud levels in global e-commerce while reducing consumer friction during online checkout,” said Stephanie Ericksen, chair of EMVCo’s Executive Committee. “Given the high levels of industry interest in the EMV SRC initiative, EMVCo is publishing a draft specification for wider comment before releasing the official 1.0 version.”
Merchant, issuers, acquirers, processors and other stakeholders in e-commerce have until Monday, Dec. 3 to submit comments. Interested parties can review the specification draft at the EMVco Website and submit feedback using this form. Those who wish to comment can do so publicly or privately using the form.