Group to tackle Internet credit card transactions

Nineteen computer and credit card companies in Japan plan to begin work on a system to link credit reference systems over the Internet.

A group of 19 computer and credit card companies in Japan plan to begin work on a system to link credit reference systems over the Internet, according to press reports.

Led by systems integrator NTT Data, the group will base the system on the Secure Electronic Transactions (SET) protocol developed by Visa International and MasterCard International and on a protocol from NTT Data, according to the reports.

The partners -- including American Express and Japanese credit card companies JCB and Sumitomo Credit Service -- expect a prototype of the system to be operational by the middle of 1997, the reports says.

The system will both run on the Internet and be used to check the credit of buyers attempting to make purchases on the Internet.

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