The Making of the xDTM StandardBy: Heather Petersen
In March 2016, the xDTM Standard Association ratified the first standard for digital transaction management. In this blog we take a look back at the efforts of the industry leaders on our board over the past two years that led to the creation of the xDTM Standard.
In early 2014, industry, security, and policy thought leaders announced the effort to create a new global standard for secure cloud-based Digital Transaction Management. These leaders recognized a common need to protect and empower organizations and consumers to securely conduct business around the world given that the volume of online digital transactions was climbing rapidly.
Gathering Together: What is Quality in Digital Transactions?
The xDTM Advisory Board met in Aptos, California to define a comprehensive framework spanning eight key areas that the Standard would address to ensure that digital transactions are both protected and accessible. Representatives from Visa presented to the group on standards development, leveraging their experience with the Payment Card Industry (PCI) Standards. Visa executives provided the model for creating an industry standard that would have a lasting and significant impact in driving best practices in the market.
Refining the Ingredients: Going Deeper into Transactions that Matter
Following the meeting, smaller working groups were formed based on subject matter expertise and interest to define more detailed components for each specific element. These working groups outlined the specific requirements for each element that a DTM provider must adhere to in order to be compliant.
A leader from each working group presented results to the greater board at the next meeting in Sonoma, California as the board continued to refine the framework.
- Secure – Michael Higgins, NBCUniversal
- Private – Rena Mears, DLA Piper LLP
- Compliant – Margo Tank, BuckleySandler LLP
- Enforceable – Eduardo Perez, Visa
- Universal – Jason Zann, RiskIQ
- Available – Tom Pageler, DocuSign
- Scalable – Bill Schambura, Qintel
Going Abroad: A Truly Global DTM Standard
In the interest of proceeding down the path of a truly global standard, the board reconvened in Barcelona, Spain in October 2015. Incorporating critical insights from European and global attendees, the group collaborated to ensure the xDTM Standard would establish trust and confidence in digital transactions no matter where the parties reside.
As a result of the inputs of our board members’ diverse expertise and much collaboration, the Standard specifically addresses the most common concerns that customers have today regarding digital transactions: protecting data in the cloud, keeping information stored in the cloud private, ensuring compliance with applicable laws, requiring elements that promote valid transactions, and mandating that complaint solutions offer consistently available services across the globe on all common platforms over time.
For more information, review the complete standard.