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Leading Credit Card Companies Create SET Initiative

[November 18] American Express, JCB Company Ltd., MasterCard International, and Visa International announced today a joint initiative to promote the SET protocol for use in secure electronic commerce.

In support of the initiative, the companies reported they have formed an entity entitled "SETCo" that will manage SET (Secure Electronic Transactions) specifications, monitor software compliance testing and related activities, and promote the adoption of the global payment standard.

With the finalization of the SET 1.0 protocol, software vendors need to create products that support the protocol for a SET infrastructure to be established.

To assist in these efforts, SETCo will work to develop and maintain an Industry Root Key Certificate Authority that will manage the Industry Root Key, a major component of all SET-compliant software. The company will also establish and run SET Software Testing and Compliance Services to ensure software compatibility with the protocol.

"SET 1.0 is a big step forward in securing payment card transactions over the Internet and will pave the way for establishing trust for consumers and merchants conducting electronic commerce," said Steve Herz, senior vice president of Internet Commerce, Visa International.

JCB, American Express, Visa, and Mastercard will be the original charter members of SETCo with equal voting rights on SET issues and initiatives. They will jointly work with and encourage other financial institutions and vendors to join SETCo.

"JCB is pleased to join the world's leading credit card brands to promote global adoption of the SET protocol," said Masanori Maeda, general manager of the Electronic Commerce Department at Japan-based JCB Co. Ltd.

"JCB is satisfied that we are able to contribute to this global joint effort as the only global payment brand based outside of the United States. Widespread adoption of the SET protocol will help facilitate global e-commerce, opening the vast Internet marketplace to our cardmembers and merchants, and providing greater security and convenience for their online transactions."