New study of payment types lifecycles

The Secure Payments Task Force has announced its publication of Payment Lifecycles and Security Profiles, educational materials regarding the lifecycles, security characteristics and relevant laws and regs for most common payments. The materials were developed through the collaborative efforts of 200+ task force participants with diverse payments background and security expertise. Payment Lifecycles and Security Profiles provide perspectives related to:

• The lifecycles of the most common payment types, covering enrollment, transaction flow and reconciliation
• Security methods, identity management controls and sensitive data occurring at each step in the payment lifecycle
• Relevant laws and regulations, and other references, as well as challenges and improvement opportunities related to each payment type

Consumers and organizations have a variety of options for making and receiving payments, and while these payment types share the ultimate goal of transferring funds from payer to payee, the path those funds travel can vary. Payment Lifecycles and Security Profiles can help financial institutions better understand the lifecycle of various payment types and potential improvement opportunities to help strengthen their payment security practices.