Secure Remote Commerce Specifications Have Been Released24th October 2018
A draft of the technical specifications for Secure Remote Commerce (SRC) has been released by EMVCo on October 19th.
SRC is a technology created by EMVCo intended to facilitate payment checkout for eCommerce platforms and will be interoperable with EMV payment tokenization and EMV 3-D Secure 2.0. EMVCo has stated SRC will address rising fraud levels in eCommerce, cart abandonment rates and reduce friction in online checkout.
The draft, EMV SRC Specification V0.9, will be available for public comment until December 3rd. The specification draft was released to allow as many merchants, card issuers, processors and payment networks as possible the chance to review and contribute to version 1.0, which is set to be published in 2019. Merchants operating eCommerce platforms should be keen to understand the potential implications of SRC and take this rare opportunity to comment on its specification.