A new open payments standard coming out soon from the Secure Remote Payments Council aims to not only enhance card security but also improve and expand the functions available through EMV chips, says Roger Applewhite, a board member of the SRP Council and the Electronic Funds Transfer Association. This new standard will open new doors for cryptology and transaction routing, he adds.
See Also: Balancing Fraud Detection & the Consumer Banking Experience
Applewhite says the standard will set the groundwork for applying the technologies of the EMV chip in a more "open manner."
In this video interview at Information Security Media Group's recent Washington Fraud and Breach Prevention Summit, Applewhite also discusses:
The ability to put multiple payment profiles on an EMV chip; How the new open standard can enable issuers to develop payment applications that break free of current debit routing requirements; and Why EMV alone is not enough to ensure the long-term security of card payments.Applewhite is a 20-year veteran of the payments industry. In addition to serving as a member of the board of the Electronic Funds Transfer Association and the Secure Remote Payments Council, Applewhite is vice president of strategic initiatives at MagTek and chief operating officer of Magensa, MagTek's card payments processing subsidiary.