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Merchant & POS
In payment systems, every exchange between POS devices and bank or payment institution systems runs on a specific messaging standard, generally based on ISO 8583. However, each country, bank, or switch network defines its own version of this standard.
Open Banking
NextGenPSD2 is the set of API standards launched by the Berlin Group in 2017, now involving more than 1,700 banks from 20 countries. This post explains what the framework offers to banks, fintechs and third-party providers under PSD2.
Open Banking
The Open Banking Implementation Entity (OBIE) is a body set up by the UK's CMA to design and implement Open Banking, developing standards for APIs, security and the wider ecosystem together with other stakeholders.
Debit Card
Debit cards and prepaid cards are generally closed to Mail Order transactions. The same usually applies to Non-3D (non-3D Secure) online transactions, which banks keep disabled by default to limit fraud risk.
Payment Systems
A non-secure transaction is an e-commerce transaction approved without any verification before authorization, such as SMS OTP. In short, authorization is obtained by verifying only the card number, expiration date, and CVV2.
ISO 8583
F64 — Message Authentication Code (MAC): verifies the origin and text of the message between the sender and the receiver.
Agentic Commerce
The next customer on the internet may not be human. If AI agents become part of purchasing decisions, the rules of e-commerce, marketing, and payment systems could change.
Fraud
Fraud monitoring refers to tracking card transactions through scenarios to detect potential fraud and taking rapid action immediately before or after a transaction occurs - such as identifying a suspicious transaction, calling the customer, or temporarily blocking the card to prevent authorization.
HSM & Security
RSA, first used by Rivest, Shamir and Adleman, is a security algorithm used in digital cryptography. RSA differs from older symmetric algorithms because it enables digital signing and advanced encryption for e-commerce systems and high-profile institutions.
HSM & Security
PEK is the abbreviation for Pin Encryption Key. The role of PEK is to encrypt PINs. There are two types of PEK: TPK (Terminal Pin Key) and ZWK (Zone Working Key).
Online & Authorization
Electronic Commerce Indicator (ECI) is a 2-digit value generated by payment schemes (Visa, MasterCard, etc.) in 3D Secure transactions to determine the transaction's security level (Full 3D Secure, Half 3D Secure, Non 3D Secure), and it varies by payment scheme.
ISO 8583
DE 52 — Personal Identification Number (PIN) Data: the field that holds the PIN data. PIN verification is carried out based on this field.