Visa International Launches Secure E-Commerce Initiative Enhanced Authentication, Data Security Foundation of New Plan FOSTER CITY, Calif., June 19 /PRNewswire-AsiaNet/ -- Visa International today announced a new global e-commerce initiative that will make Internet shopping better and safer for both buyers and sellers on the Web. As online volume grows, the initiative will enhance Visa's global payment system and is expected to reduce Internet transaction disputes by up to 50 percent. The Visa Secure e-Commerce Initiative will leverage improvements in technology and best practices to provide an even higher level of security and authentication for e-commerce users around the globe. "As the global leader in online payments, Visa is absolutely committed to helping the Web reach its full potential as a new channel for commerce," said Visa International President and CEO Malcolm Williamson. "We believe this new initiative will help do that by combining state-of-the art technology, global standards and best practices, and the promise of the Visa brand." The global initiative includes two major components. First, the Payment Authentication Program is designed to reduce the risk of unauthorized use of a cardholder account and to improve customer service for buyers and sellers on the Web. Second, the Global Data Security Program establishes standards and best practices for e-commerce merchants allowing them to better ensure the security of cardholder data on their sites. "Ultimately, we want to bring an extra measure of confidence to the Internet by delivering higher levels of security," said Executive Vice President Philip Yen, head of Visa's Internet and Access Channels group. "This initiative builds upon many of the security and authentication measures we have already developed for the Web." The Payment Authentication Program is based on a new "3-Domain" model, which was recently approved as part of Visa's Secure e-Commerce Initiative by the Visa International Board of Directors. Using a globally interoperable approach to authentication, the model provides participants with the confidence that an Internet transaction has been conducted by legitimate parties, thus reducing the potential for disputes. Visa's European region today announced deployment of the 3-Domain model for implementation of server-based SET (Secure Electronic Transactions(TM)) in the European Union marketplace, with full implementation scheduled for 2001. The Visa Latin America and Caribbean region has also recently endorsed the 3-Domain model for server-based SET. And, Visa U.S.A. will pilot a new 3-Domain SSL-based (Secure Socket Layer) authentication protocol beginning this summer. The 3-Domain model provides the flexibility required for customization according to the market conditions of Visa's member banks around the world. The model also ensures that regional solutions will be globally interoperable and can evolve along with the Internet. "While there are good security solutions in the marketplace today, the Payment Authentication Program will provide an even higher level of confidence," Yen said. "Visa has always taken a leadership role to protect its cardholders and we will continue to stay one step ahead of Internet fraud and disputes. By providing better protection for buyers and sellers on the Internet, we expect to reduce fraud and significantly decrease disputes -- all leading to better customer service for everyone in the Visa system." The 3-Domain model provides options to authenticate the payment online, protect the privacy of transmissions, and ensure that data in transmission remains unchanged. The model will also work with new payment products and channels, including chip cards, mobile phones, personal digital assistants and set-top boxes. The second half of the Visa Secure e-Commerce Initiative will enhance the protection of transaction information on a merchant Web site. The Global Data Security Program, to be rolled out later this year, will include a series of standards and guidelines for e-commerce transactions that both buyers and sellers should follow. Additionally, a self-certification tool will be available to help merchants evaluate and improve the security of their sites. The self-certification tool, standards and guidelines will all be available to merchants on the Web later this summer. Additionally, technology to upgrade merchant sites once the self-certification has been completed will be available from a variety of Visa approved vendors via direct links on the Web. Visa has long been a leader in the field of electronic commerce and Internet security, spearheading programs that monitor disputes on a global basis and track the growth of e-commerce in general. As the "World's Best Way to Pay," Visa is the world's leading payment brand and the largest payment system worldwide with more volume than all other major payment cards combined. Visa plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa has more than 80 smart card programs in 35 countries and on the Internet, with 23 million Visa chip cards, including 8 million Visa Cash cards. Visa is pioneering SET Secure Electronic Transaction(TM) programs to enable and advance Internet commerce. There are over 1 billion Visa, Visa Electron, Visa Cash, Interlink and PLUS cards in the market. Visa-branded cards generate US$1.6 trillion in annual volume and are accepted at over 19 million worldwide locations, including at more than 627,000 ATMs in the Visa Global ATM Network. Visa's Internet address is www.visa.com. SOURCE Visa International CONTACT: Casey Watson of Visa International, 650-432-4110, or [email protected]; or Suzy Bauter of GCI Group, 415-974-6200, or [email protected] Web site: http://www.visa.com