universal medium of exchange
As a medium of exchange, money is the universal consideration for purchasing resources, goods, services and information. This makes payment transactions an essential element of our economy. The reliable processing of payment transactions is based on the use of trustworthy components and systems.
authentic, with integrity, confidential
For example, it is taken for granted that access to the account is possible for authorized persons only. The scope and content of a transaction must not be changed by all systems involved and must remain confidential. Technically and organisationally, in each of the participating systems and on all data transmission paths, there must be protection against any kind of misuse by third parties. This is a complex task which requires extensive agreements between customer, account-keeping institutions and payment service providers.
strong transaction chains
Account access needs to be secured by using identity-checking technologies and procedures. Chip cards are specified, card reading systems must be appropriately adjusted to this, the read information needs to be validated and transmitted to acceptance schemes, limits are being checked, transactions are released and registered in banking systems, transmitted to clearing systems, forwarded to the bank system of the receiving institution and credited to the recipient’s account. Such processes take place in the case of bank transfers, direct debits, standing orders, credit card payments and cash withdrawals. Every day. Many millions of times.
Since its establishment, SRC has been designing and specifying the required components, systems and organizational concepts. SRC advises on their implementation, carries out extensive acceptance tests and regularly audits compliance in live operation. SRC advises institutions, associations, manufacturers and stakeholders on trends and standardization. In addition, we actively engage in technology transfer in order to harness our knowledge in other areas of application, such as health care or ID systems.
Detlef KrausSRC Security Research & Consulting GmbH
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