28. July 2021

This article has been indexed from IT Security Expert Blog

Introduction
Online shopping digital payment transactions may seem quite simple, but in reality, just one single transaction sets off multiple, long-chain reactions. The Payment Card Industry comprises debit cards, credit cards, prepaid, e-purse/e-wallet, and POS payment transactions that enable easy payment transactions for consumers. However, the card scheme is a popular payment transaction process which is also a central payment network that uses credit and debit cards to process payments. 

The card scheme comes in two variants namely the Three-Party Scheme and the Four Party Scheme payment model. The Four Corner Model also popularly known as Four-Party Scheme is the model under which most of the payment systems in the world operate. It is used in almost all standard card payment systems around the globe. So, explaining in detail the payment model, we have shared details on how the Four Corner Model works while also explain the role of every entity involved in it

The Payment Network: Four Corner Payment Security Model

The Four Corner Model of Payment Security and How it Works
The card payment network, often called the Four Party Scheme, comprises multiple entities involved in an online transaction. The entities involved would include the Cardholder, the Merchant, the Issuer, and the Acquirer. So, before moving on to understanding how the Four Corner Model works, let us briefly learn about the entities involved and their role in the process.

[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.

Read the original article: Payment Security: Understanding the Four Corner Model