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E Commerce: Payment Systems And Security The List Of Payment Solutions

2523 words - 11 pages

E-Commerce: Payment Systems and Security The list of payment solutions for e-commerce seems to be endless. Many banks and ISPs have adapted their own e-commerce payment systems where compatibility has not been considered. However, it seems that everything is currently pointing towards SET (Secure Electronic Transaction) as becoming the standard to follow.The first payment methods for services that took place over the internet were conventional. Users of services would transfer periodically the amount directly from their bank account to the provider's account. This type of payment takes a great deal of time to go through.In the case of product purchase the same method would be used, the ...view middle of the document...

This requires the registration of the involved parties, where the identities and the solvency of both sides would be checked. Possible limitations of this method are that, on one hand, the possibility that some payments could be refused because the credit limit has been reached, and on the other hand, the accumulation of data from the participants in the hands of the third party could be attempting against the right of the persons' privacy.A different method aims to the reproduction of the characteristics of physical money (cash), especially, the anonymity cash provides. The idea is that the user could have in its computer (or in an intelligent card, such as the internet credit cards banking companies have come up with) "anonymous money", that can be used to carry out payments. Always with a bank behind that supports the value of this money representation.Some problems appear like protecting against money theft and the payment of different products with the same money.In the methods that are going to be discussed in this paper it can be observed most of them introduce specialized agencies capable of carrying out transactions over unsecured media and with out physical presence of the involved parties. Because of this, the requirements point to the confidentiality, integrity, and authentication of the implied parties. The need for encryption is obvious and all methods use it.The DigiCash proposal is the only one that breaks away from the usual, using the desired anonymous cash. DigiCash has a few interesting characteristics, such as anonymous payment, no profiling possible by third parties, and the ability to recuperate the money in case of theft. These characteristics make it a very attractive method, but up until now it has been considered a very complex method.Logically, being the matter on hand money, the present systems are very conservative. All the businesses adopt numerous cautions facing frauds and technical failures. If the number of incidences was high, the commissions would increase rapidly and the associated prices to e-commerce would not be tolerable.Leader solutions: CheckFree is an integrated system for Electronic Commerce based on its own protocols, between clients and specific servers. It works under the Windows9X platform and it is under the sponsorship of Compuserve.The orders are transmitted through Internet, coded using the RSA algorithm and utilizing public keys of 756 bits. The size of this key one is considered sufficiently secure being used in commercial transactions.Businesses have to be registered in CheckFree (www. checkfree. com). The buyer sends information to execute the payment to the business, which sends it to CheckFree. Once the payment is authorized, the client receives a proof of purchase, and the commerce receives the authorization to deliver the order. CheckFree deals with the banks to carry out the transfer of funds.FirstVirtual sponsors a system known as Green Commerce Model, acting like a banking entity...

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