Four Corners Model for Payment Security

rdf:langString Four Corners Model for Payment Security

rdf:langString The Four Corners model, often referred to as the Four Party Scheme is the most used card scheme in card payment systems worldwide. This model was introduced in the 1990s. It is a user-friendly card payment system based on an interbank clearing system and economic model established on multilateral interchange fees (MIF) paid between banks or other payment institutions. The most significant benefit of using the Four Corners Model is that bank cards are accepted everywhere. Additional benefits include: * A guarantee that the merchant will receive payment * Reliability and security because of a lower risk of fraud * Traceability as a weapon against money laundering Security in the Four Corners Models is standardized through the Payment Card Industry Data Security Standard (PCI DSS). The PCI Standard is mandated by the card brands but administered by the Payment Card Industry Security Standards Council.