17 October 2017
visit www.response.ncr.com

European Central Bank looks again at e-cash

19 March 2002  |  2890 views  |  0 money in bin_1

The European Central bank is inviting comment on a draft list of common security objectives for e-money schemes, in an initiative which may form the basis for interoperability between disparate systems.

In its last investigation into e-cash in August 1998, the Eurosytstem laid down a common policy line and established a set of general requirements which electronic money schemes should fulfil, including the maintenance of adequate technical, organisational and procedural safeguards to prevent, contain and detect threats to their security.

In the four years since, the ECB has noted a rise in popularity in e-money as a means of payment in some countries of the euro area. The introduction of the euro and the switch from bank cards with magnetic stripes to smart cards could further stimulate the use of e-money and make it an attractive payment instrument for small amounts, believes the central bank.

The latest guidance is intended to develop more specific security objectives, and is based on the Common Criteria (CC) framework, the international standard for the specification of security requirements. Adoption of stronger controls would go some way to ensuring the overall reliability and technical security of the schemes and increase public confidence, says the ECB.

"These objectives are also designed to level the regulatory playing-field for the different schemes," states the bank. "Furthermore, they have the potential to facilitate the interoperability of e-money schemes."

The draft security objectives are explained in a report entitled "Electronic Money System Security Objectives" (EMSSO). Hard copies of the document are available from national central banks. Comments should be submitted by return by 18 June 2002.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Vodafone and T-Mobile to launch mobile wallet

Vodafone and T-Mobile to launch mobile wallet

14 March 2002  |  5377 views  |  0 comments
MasterCard and Europay develop secure e-payment standard

MasterCard and Europay develop secure e-payment standard

14 March 2002  |  3920 views  |  0 comments
Egg on the boil as online banking index hits new high

Egg on the boil as online banking index hits new high

11 March 2002  |  3691 views  |  0 comments
Egg to offer digital payments to Hotmail users

Egg to offer digital payments to Hotmail users

25 February 2002  |  5666 views  |  0 comments
Scandinavian tech companies pilot infrared mobile payments

Scandinavian tech companies pilot infrared mobile payments

19 February 2002  |  5114 views  |  0 comments
Payments key to profit margin for banks

Payments key to profit margin for banks

12 February 2002  |  6994 views  |  0 comments
PayPal to become e-cash standard says Gartner

PayPal to become e-cash standard says Gartner

07 February 2002  |  4567 views  |  0 comments
Chip cards are a travellers best friend

Chip cards are a travellers best friend

04 February 2002  |  3658 views  |  0 comments
Auction activity boost for P2P payments

Auction activity boost for P2P payments

21 January 2002  |  3151 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.capgemini.comRegister now

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
14622 views comments | 12 tweets | 3 linkedin
Taiwan's Far Eastern International Bank suffers malware attackTaiwan's Far Eastern International Bank su...
13160 views comments | 16 tweets | 22 linkedin
Monzo fends off suitors as current account upgrade beginsMonzo fends off suitors as current account...
9033 views comments | 17 tweets | 14 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8044 views comments | 15 tweets | 20 linkedin
Ripple blockchain network hits 100-member markRipple blockchain network hits 100-member...
7680 views comments | 13 tweets | 13 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job