Almost exactly a year ago, EMVCo identified setting security standards for remote payments among its technical priorities for 2021. Last week, the consortium, which is owned by the four major U.S. payment card networks, Union Pay and JCB and sets specifications and standards for the payment community, published its 2021 annual report detailing how the organization did fulfilling those priorities—especially the ones around e-commerce.
In the annual report, EMVCo noted its release of 3-D Secure version 2.3 (online commerce authorization for merchants and issuing banks), guidance for optimizing 3DS, and a roadmap for releasing specifications around its Secure Remote Commerce initiative as milestones reached over the previous 12 months.
Heading into 2022, the consortium identified its commitment to reducing payment fraud in e-commerce as a priority, and one it will seek comment on from various industry stakeholders throughout the year.
“The publication of EMV Secure Remote Commerce (SRC) Specification v1.3 is scheduled for 2022,” said Jianhua Ni, chair of the EMVCo board of managers. “The work aligns all elements of the EMV SRC Specifications to simplify the usability of the technical documents, as well as ease and facilitate product development updates for specification users in the future. In line with EMVCo’s standard process for specification development, there will be opportunities throughout this phased approach for EMVCo associates, subscribers and the wider public to comment on the updates before the document is finalized and published.”