NationsBank announced Tuesday the successful execution of the bank’s first SET Secure Electronic Transaction, which enables a customer to securely use their credit card over the Internet without fear of another party intercepting, monitoring or changing the transactions.
This transaction differs from others announced in the United States in that it uses the 1.0 production specification and software from different technology providers.
NationsBank has been working with the 1.0 production specification for the past six months. In conjunction with IBM and MasterCard, NationsBank conducted a SET enabled transaction to purchase items from a MasterCard promotional web site. The 1.0 specification is the industry-approved standard for transmitting credit card information over the Internet.
“This SET initiative underscores our commitment to electronic commerce, the Internet and addressing customer concerns about security,” said Rick Collins, vice president of New Product Development for Card Services at NationsBank. “Our successful completion of an end-to-end SET transaction represents the first step towards offering a solution to our customers who want to securely shop on the Internet.”
Currently, the technology is available only in pilot projects. Future initiatives include expanding the technology to consumers, although no timetable has been established.
NationsBank used a branded IBM CommercePOINT Wallet(TM) and the IBM Registry for SET(TM) certificate services, which enables a consumer to securely store and transmit their credit card information to a merchant web site over the Internet.
MasterCard, working with GlobeSet(TM), provided a merchant server and payment gateway. This combination of software allows transactions to flow securely over the Internet from the customer to the merchant to the bank and back, thereby fully authenticating interoperability.
“Ensuring security is a key aspect of IBM’s focus on e-business — using the Internet to improve business efficiency,” said Mark Greene, vice president, Internet payments and certification for IBM. “IBM is delighted to work with NationsBank and MasterCard to enable secure Internet transactions for their customers. As the first SET 1.0 launch in the U.S., this is a landmark accomplishment.”
“While there has been a lot of worry lately about SET interoperability, efforts like these with leading banks like NationsBank go a long way to showing the path forward to secure and efficient Internet commerce,” said Steve Mott, senior vice president for Electronic Commerce/New Ventures at MasterCard.
“GlobeSet congratulates NationsBank on their groundbreaking achievement in the SET arena,” said Dennis Jolly, vice president of sales and operations for GlobeSet. “We look forward to more milestones in the future, helping to develop SET business solutions that further demonstrate our full interoperability with other SET vendors and customers.”
As the industry’s leading provider of electronic business solutions, IBM was the first company to bring to market in 1996 a comprehensive suite of secure end-to-end electronic commerce solutions, the CommercePOINT family of products and services. In April, IBM announced the first merchant server in the industry to use the SET protocol, Net.Commerce.
MasterCard International, a payments company with one of the world’s most recognizable brands, is dedicated to helping more than 23,000 financial institutions around the world offer consumers a variety of payment options.
MasterCard remains focused on helping shape the future of money by expanding acceptance of its global brands (MasterCard(R), Maestro(R), Mondex(R), and Cirrus(R), the world’s largest ATM network) and maintaining reliable, secure networks facilitating global value exchange.
GlobeSet is a leading developer of comprehensive, SET software solutions for secure payment card transactions over the Internet, with applications for the buyer, merchant, financial processor, and certification authority. The company is part of the SET design team and serves as a charter member of the SET Business Review Panel.
NationsBank Corporation (NYSE NB), headquartered in Charlotte, N.C., is a bank holding company that provides financial products and services nationally and internationally to individuals, businesses, corporations, institutional investors and government agencies. NationsBank has primary retail and commercial banking operations in 16 states and the District of Columbia. With its completed acquisition of Barnett Banks on January 9, 1998, NationsBank has total assets of $310 billion.Details