Problem Solving Enterprise Overseas Payment Process Amazon Cloud Technology Launches Payment Encryption Service

Global Network Technology Reporter Lin Mengxue: Buying a cup of coffee at a coffee shop and placing an order for a product on an e-commerce platform all involve multiple stages of financial payment, and encryption of financial data storage and circulation is an important aspect of ensuring financial security.Encryption is the biggest challenge in ensuring the security of consumer payment processes

Global Network Technology Reporter Lin Mengxue: Buying a cup of coffee at a coffee shop and placing an order for a product on an e-commerce platform all involve multiple stages of financial payment, and encryption of financial data storage and circulation is an important aspect of ensuring financial security.

Encryption is the biggest challenge in ensuring the security of consumer payment processes. Jiang Xuesen, Chief Security Evangelist of Amazon Cloud Technology, stated that, Firstly, the password of a consumer payment card can only be compared with the issuing bank of the card. Other participants in the middle (merchants, payment gateways, acquiring banks, card organizations) cannot have any clear text exposure, and any intermediate link cannot be decrypted. Secondly, for cross bank transactions and encrypted information, it is necessary to ensure that the intermediate participants cannot see the password, but at the same time, they also need to know who the next information will be sent to

In the payment process of the financial industry, the process of encryption and decryption, as well as the comparison process, requires that it must be carried out in a dedicated encryption machine (HSM) to ensure its security. No one is involved, and no one can steal this key. What Amazon Cloud Technology is doing is providing encryption and keys for financial payments, "he said.

Recently, Amazon Cloud Technology announced the launch of Amazon PaymentCryptography, a financial payment encryption service, which provides encryption and key functions for payment processing applications, and simplifies the encryption operations for data protection in the process of processing debit card, credit card and Stored-value card payment applications.

Financial service providers and processors can use Amazon PaymentCryptography to migrate their payment specific encryption and key management functions to the cloud, without the need to pre install and manage local financial data encryption machines, while meeting compliance requirements.

It is reported that applications using HSM typically have high requirements due to the complexity, time sensitivity, high regulatory requirements of payment processing, and the need for multiple financial service providers and payment networks to work together. Each payment will exchange data between two or more financial service providers, and each step must be decrypted, transformed, encrypted, or authenticated. This requires the financial service providers involved in the processing to have high-performance encryption capabilities and key management programs.

And these providers may have thousands of keys that need to be protected, managed, rotated, and audited, making the entire process expensive and difficult to scale. In addition, in the past, using HSM would adopt complex and error prone processes, such as using key components printed on paper to exchange keys, and then delivering them separately to multiple key custodians, who would combine these components in a safe room.

Currently, cross-border e-commerce is becoming increasingly active, and Chinese enterprises entering the white-hot stage of overseas travel are facing difficulties in handling payment processes.

Jiang Xuesen introduced that during the payment process, small merchants going overseas usually look for third-party payment gateways, but the handling fees are very high. However, larger offshore enterprises may consider establishing their own payment system and require the use of payment encryption technology, which typically requires the use of encryption machines that are essential for standard payment encryption processes.

To purchase an encryption machine, you need to use a computer room and hire people. These are all costs. The cost of a single encryption machine is generally around 400000 to 500000 units internationally. For a merchant going overseas, if they want to go to different locations around the world, they may have a scale of around 10 or 20 units as soon as they go online, "said Jiang Xuesen.

It is reported that Amazon Cloud Technology's latest Amazon PaymentCryptography can generate keys, import and export them electronically, and automate key management (storage, rotation, backup, and recovery). Bai Fan, Director of Security Compliance and Governance Products for Amazon Cloud Technology Greater China, stated that, Smaller scale merchants no longer need to pre install and manage local financial data encryption machines, while meeting compliance requirements in different regions. Small and medium-sized enterprises can use this service to pay according to the actual usage based on the number of active keys and API calls, avoiding the high transaction fees charged by third-party payment platforms. At the same time, for PCI (payment card industry) Regarding certification, Amazon Cloud Technology not only provides technology, but also provides courses and coaching training to customers

At present, Amazon Payment Cryptography has been officially available in the eastern United States (Northern Virginia) and western United States (Oregon) regions of Amazon Cloud Technology, and other regions will also be launched soon.

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