Four Corners Model for Payment Security information
Most used card scheme in card payment systems worldwide
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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.[1][2]
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[2]
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.[3]
^Rupp, Martin (April 22, 2021). "Cardholder, Merchant, Issuer & Acquirer - The Four Corners Model for Payment Security and Key Management". Cryptomathic.
^ abÉtudes et activités bancaires et financières (January 2013). "An interbank payment card system for the benefit of all" (PDF). Fédération Bancaire Française. Archived from the original (PDF) on 2013-09-25. Retrieved 2021-05-17.
^PCI Security Standards Council. "Payment Card Industry (PCI) Data Security Standard Requirements and Security Assessment Procedures Version 3.2.1 May 2018" (PDF). PCI Security Standards Council, LLC.
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