Electronic banking and payment network BancNet recently received its certificate of compliance after passing the assessment for the Payment Card Industry Data Security Standard (PCI DSS) version 3.2.1. PCI DSS is a global data security standard used by all major card brands, including American Express, Discovery Network, JCB, Mastercard Worldwide, VISA International, and VISA USA.<\/p>\n
The PCI DSS assessment covered payment processing through electronic channels which are the ATMs, POS terminals, and the BancNet Online payment gateway. Payment processing includes payments and fund transfers through instaPay, a real-time fund transfer service operated by BancNet. Its transaction processing switch and clearing and settlement system also underwent the review and passed the rigid tests. The assessment was completed on October 25, 2020.<\/p>\n
Full compliance with PCI DSS version 3.2.1 is the latest measure undertaken by the banking consortium to protect its members\u2019 and international partner networks\u2019 cardholders from fraud and other malicious activities. BancNet is the first multi-channel payment network in the Philippines to be certified PCI DSS compliant and has been certified compliant with previous versions since 2014.<\/p>\n
The PCI DSS was developed to encourage and enhance cardholder data security and facilitate the broad adoption of consistent data security measures globally. It aims to build and maintain a secure network, to protect cardholder data, to maintain a vulnerability management program, to implement strong access measures, to regularly monitor and test networks, and to maintain an information security policy.<\/p>\n
BancNet CEO Aristeo Zafra, Jr. said, \u201cWith this certification, cardholders of our members and partners are assured that their account and transaction data that pass through our network are securely processed in accordance with strict global standards.\u201d <\/p>\n
The certificate of full compliance was issued by ControlCase, LLC, a U.S.-based Qualified Security Assessor Company (QSAC) certified by the PCI Security Standards Council.<\/p>\n
Currently, BancNet has 123 members, consisting of banks, cooperatives, electronic money issuers, affiliate switch networks, and independent ATM deployers with a nationwide network that spans more than 21,000 ATMs and over 280,000 POS terminals.<\/p>\n","protected":false},"excerpt":{"rendered":"
Electronic banking and payment network BancNet recently received its certificate of compliance after passing the assessment for the Payment Card Industry Data Security Standard (PCI DSS) version 3.2.1. PCI DSS is a global data security standard used by all major card brands, including American Express, Discovery Network, JCB, Mastercard Worldwide, VISA International, and VISA USA. […]<\/p>\n","protected":false},"author":4,"featured_media":1796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\n