Security News > 2020 > January > 5 predictions for protecting data in the payments and security ecosystem
"Payment players will need to get their data houses in order, given that we anticipate the introduction of new payment rails and open solutions in 2020, as well as a sustained increase in cross-border transaction volume."
"Payment tokens help make transactions safer by eliminating the transfer of actual payment data for e-commerce and mobile payments and can deliver a seamless yet secure digital payment experience."The updated 3-D Secure specification enables real-time exchange of 10 times more contextual data between merchants and financial institutions to improve decision-making.
Traditional approaches to online payments, like manually entering static passwords and payment credentials for every purchase, offer incremental security for digital channels, Fabara wrote.
Consumer expectations of speed and convenience have extended to business-to-business payments and have disrupted wire transfers and check payments with instant payments.
"As payment volumes grow among RTP networks and peer-to-peer applications, the seen and unforeseen vulnerabilities in the systems will have to be addressed as quickly, if not quicker than, the payments themselves." RTP providers, and FI's must begin thinking differently, and he predicts they will collaborate with trusted payment security partners to address the challenge.