Partnership to promote security and devise improvements for US card payment system
The formation of the Secure Payments Partnership (SPP) was announced this week, uniting diverse elements of the payments ecosystem in a unique partnership to promote security and devise improvements for the U.S. card payment system.
According to the announcement, SPP was formed to anticipate new and better technologies for making secure and fast payments. SPP believes all parties involved must work together in order to achieve successful payment security, increase transparency, and limit fraud. The group says it will also focus on meeting consumer expectations for security, convenience and flexibility in payment options, especially as new technologies evolve and emerge. SPP looks to harness technologies such as mobile and wearable payments, biometrics, artificial intelligence, geolocation, IP verification, blockchain, and others to benefit all users.
“The payments system has to keep pace with rapidly evolving technology and the needs of consumers and commerce,” explains Stephanie Martz, SVP and General Counsel of the National Retail Federation. “The U.S. payments infrastructure should be the strongest, most innovative and most secure in the world, but we won’t get there unless we change the way we make security decisions.”
The group will emphasize several priority areas including stronger user authentication, open standard setting and adoption, payment security innovation and network routing competition.
SPP founding members include the Food Marketing Institute, National Retail Federation, National Association of Convenience Stores, National Grocers Association, First Data’s STAR Network and SHAZAM.