A Star is Born: EMV SRC Takes the Spotlight

A Star is Born: EMV SRC Takes the Spotlight

Lars Sandtorv

CEO at MeaWallet

Views 665

A Star is Born: EMV SRC Takes the Spotlight

28.10.2019 10:00 am

With the first implementations of EMVCo’s EMV SRC specification entering the ecosystem, now is the perfect time to ask ‘what is EMV SRC and how will it interact with tokenization?’, not least because the specification has been making waves since its publication in June 2019.

For example, in September 2019, it was announced that the Visa Checkout service would close and that the giant would migrate to a new solution based on the EMV SRC specification in 2020.

Moreover, Mastercard has also begun to talk about the technology and has developed its own offering based on the specification. Additionally, it has publicly endorsed the initiative since the launch of the draft specification in October 2018.

Described by EMVCo as a set of specifications that enable the creation of a ‘virtual payment terminal’, EMV SRC is designed to enhance the e-commerce payment experience and make it as seamless as possible.

More specifically, it defines interfaces to allow for secure exchanges of payment data between participants in the remote commerce environment. Additionally, it accommodates options for using dynamic data, such as cryptograms or other transaction unique data, to enhance the security of payment transactions on a merchant’s SRC-enabled website, mobile app or other e-commerce platform.

So, is this new specification a one stop revolution, or is it best deployed with supporting, established technologies?

Importantly, we also know from EMVCo that EMV SRC is compatible with other technologies including EMV Payment Tokenisation. It says: “EMV® Payment Tokenisation may be used, for example, to restrict usage of a digital card to the remote commerce acceptance channel at a specific merchant.”

In EMVCo’s own words, as taken from the specification itself:

The SRC System can elect to request Payment Tokens from one or more Token Service Providers as part of the overall management of the SRC Profile. As such, the SRC System participates in one or more Token Programmes and can act as a Token Requestor or Token Requestor Aggregator on behalf of one or more Token Requestors. The SRC System supports Token Requests as defined in EMV Payment Tokenisation Specification – Technical Framework and implemented by an enabled TSP(s). The SRC System interfaces with relevant Token Service Providers (TSPs). When the SRC System is acting as a Token Requestor or Token Requestor Aggregator, it is responsible for interfacing and integrating with the appropriate TSP implementation requirements in accordance with the Token Programme(s) policies and processes including the facilitation of the relevant Identification and Verification (ID&V) requirements.

This may sound technical, but sentiment is there:  EMV SRC and tokenization are a natural fit, and consensus suggests that combining both technologies will offer merchants and customers the best outcome.

In fact, Mastercard went as far to state that it believes a seamless shopping experience must also bring in tokenization and advanced authentication as a means of protecting account numbers and reducing fraudulent transactions.

As we learn more about EMV SRC we will be able to discuss further but at this point, we must at least celebrate this as a step in the right direction while remembering no technology is an island in of itself.

Latest blogs

Danny Scott CoinCorner

Bitcoin: An Explosive 2020?

“By now, a lot of people have heard of Bitcoin. It’s been running consistently for just over 11 years and has enjoyed it’s fair share of positive and negative media attention. Many eyes have been on Bitcoin since the bull run of 2017, with people Read more »

Bernard Foot MYHSM

Use of cash after COVID-19

Recently, I looked at the question of whether using cash presented more of a COVID-19 health risk than using contactless. There was no convincing evidence either way, but it’s clear that there’s a sentiment against handling cash and Read more »

Shaun Collings Pure Storage

Change Starts from Within: Overcoming Digital Transformation Barriers in the Public Sector

Across the public sector there are various forms of digital transformation taking place, at different stages of progress.  Part of the driver for this is that citizens now expect a level of service akin to what they receive from private Read more »

Jonas Andersson Fingerprints

In Consumer Biometrics We Trust: Authentication For the Data Privacy Age

Data privacy is high on the global agenda. In the wake of data protection policies such as Europe’s GDPR, ensuring the integrity of personal data is an increasingly pertinent subject. This is a governmental and corporate policy reflection of the Read more »

John Burgos Mindgate Solutions

Overcoming anxiety around mobile payments & digital payments - In the South Asia Pacific

Innovation and technology usually go hand in hand.  Therefore, for innovation to be fully realized, the technology that enables the innovation must be adopted as well.  During the last 5 years, we have had innovations from Google, Apple, Read more »

Related Blogs

Quinn Perrott TRAction

Why further Brexit delay creates greater reporting uncertainty for fund managers

There is a funny sense of déjà vu when it comes to the latest twist in the Brexit saga. The trouble is that whenever the can gets kicked down the road, market participants put Brexit to one side and allocate IT, process management and compliance Read more »

Christian Damour FIME

Flying solo with mobile payments: Why choose HCE?

Smartphones are central to our daily lives. We manage our personal and business affairs, watch movies, track our health and, increasingly, make payments. Adoption of mobile payments is rising considerably worldwide, with predictions estimating it’ll Read more »

Elina Mattila Mobey Forum

The Internet of Things Opportunity for Financial Institutions

Engaging with the Internet of Things (IoT) and the data generated by it, presents a real opportunity for financial institutions (FIs) to innovate and transform their own products and services. On the flipside, failure to do so may, in time, Read more »

Luiz Guimaraes OSPT Alliance

Why consider open standards for ID solutions

Driving licenses, transport cards, employee access control, health services… governments and associated bodies across the world are faced with a number of ID solutions to be developed, managed and delivered. And in an increasing effort to streamline Read more »

John Ocampos Mega Media Internet Advertising

Biometric Authentication: The Best Solution for Information Security

There is no doubt that the biometrics system has become one of the most popular security solutions. Before, you may only see the use of biometrics security system in offices, and commercial properties. Today, even phones, gadgets, and other mobile Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel