Global technical body EMVCo said that it plans to increase its payments industry role in advancing the next generation of the online authentication protocol 3D Secure (3DS), to support new and emerging technologies in the remote payment environment.
3DS was initially invented by Visa to enable PC-based shopping through standard web browsers, supporting authentication between the cardholder and the issuer. Since the commercialisation of 3DS by the major payment brands, however, new consumer devices such as smartphones and in-app purchases have changed how consumers interact online and make purchases. An enhanced industry specification is therefore required to enable the authentication protocol to support and fully optimise new technologies.
EMVCo – which is collectively owned by American Express, Discover, JCB, MasterCard, UnionPay and Visa – will now be responsible for further developing the EMV 3DS 2.0 Specification and associated certification programme.
The enhanced specification will support additional data available during the transaction that will enable more intelligent risk-based decision making. It will also offer a more seamless consumer experience and reduce reliance on the cardholder to authenticate themselves via a password prompt, better integrating with a merchant’s offering and brand. The specification will also be enriched to support non-payment user identification and verification, as well as country-specific and regulatory requirements regarding cardholder authentication in the card-not-present environment.
“As e-commerce continues to gain popularity it is vital that the payments community ensures the security of card-not-present transactions,” said Tac Watanabe, EMVCo executive committee chair. “3DS 2.0 will provide an infrastructure that allows cardholders, issuers and merchants to establish a secure link to authenticate each party.
“Increased security, however, should not cause product abandonment or make online shopping inconvenient. It also needs to align with the needs of today’s market stakeholders. The EMV 3DS 2.0 specification will address this by enabling the merchant to offer a better, more streamlined authentication experience across different devices and channels.”
EMVCo plans to work with industry stakeholders throughout 2015 to advance the enhanced specification and receive industry feedback as the work progresses. Interested parties can engage via EMVCo’s associates programme, an initiative that enables payment stakeholders to contribute to the activities of the technical body. The 3DS 2.0 specification is expected to be published and ready for market deployment in 2016.
Visa will maintain sole ownership of the 3DS version 1.0 specifications. When released, the 3DS 2.0 specification will be operated by EMVCo separately and in parallel with version 1.0. Visa plans to phase out version 1.0 over time once 3DS 2.0 reaches maturity.
There are various ways for financial institutions to benefit from advanced technologies and business models provided by FinTech's. Whether a business' approach is radical or incremental, data management can help a company to increase their return on investment, argues André Casterman, INTIX.
Tim de Knegt, strategic finance and treasury manager for the Port of Rotterdam, discusses how he is using blockchain, the challenges he will face in his role of treasury over the next 12 months and the advice he would give to someone starting out their career in treasury.
As the May 25 deadline for Europe’s General Data Protection Regulation (GDPR) inches closer, many treasurers are being lumped with the task of ensuring their wider company is compliant.
Apps are a critical part of treasury's shift into mobile banking as 67% of treasury and corporate finance professionals said mobile banking services are of particular interest to them in a recent survey.