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This standard was released May 31 1997 and is designed to support electronic bankcard transactions i.e. to enable electronic shopping on the Internet(Web)
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http://www.mastercard.com/set and http://www.setco.org/download.html have complete specification for users and developers (about 1000 pages!)
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Partners were Mastercard, GTE, IBM, Microsoft, Netscape, SAIC, Terisa Systems, Verisign and Visa
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Goals included rapid development of this application in an interoperable fashion consistent with world wide standards
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make certain technology meets US export rules
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Need to authenticate cardholders, merchants and financial service operators.
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Provide confidentiality and integrity for payment data
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