A countdown to the age of secure electronic commerce
Article Abstract:
MasterCard International Inc and Visa International Inc jointly developed an open industry standard for electronic commerce called the Secure Electronic Transaction (SET) to make online payment transactions more secure for consumers. SET uses reliable encryption software and digital signatures to confirm the identity of both consumers and merchants in all Internet transactions. MasterCard is spearheading industry efforts to test and implement SET programs worldwide by ensuring that traders understand the benefits of using the standard and have a strong commitment toward the implementation of SET solutions. The company introduced a rule change that aims to encourage businesses and member financial institutions to process SET-compliant payment transactions. It is hoped that the SET initiative will result in an increase in the volume of transactions over the Internet.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1998
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Building trust in electronic commerce
Article Abstract:
Electronic commerce promises new revenue opportunities for the financial services industry. Financial institutions are projected to facilitate seven billion electronic payment transactions by the year 2000, generating about $10.5 billion in transaction fees alone. However, security issues must first be resolved before on-line commerce can gain mainstream acceptance. Many consumers are still wary about conducting their most important personal transactions on the Internet because of security concerns. The technology, financial and credit card industries are responding to these concerns by reassuring consumers and business people that on-line commerce is safe and by developing technological solutions to security issues. Such technologies include SET (Secure Electronic Transaction) from MasterCard and Visa, and a new secure electronic container technology from IBM.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1997
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PC banking: a brief overview
Article Abstract:
PC banking is flourishing as a result of the phenomenal growth of the Internet and online services. As of 1996, about one-and-a-half million to two million households in the US were estimated to be engaged in PC banking, a marked increase from just one million in 1995. The number of households expressing interest in this type of banking is also on the rise, from 9% in 1991 to 18% in 1996. Through PC banking and other related services, financial institutions can enjoy lower expenses, greater ability to sell new and current products, and additional consumers in distant geographic areas. The latest form of PC banking to emerge is the Internet-based bank or a bank headquartered on a World Wide Web. Banks currently offering Internet banking are Wells Fargo, First Union and Bank of America.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1997
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