While the Internet has certainly flattened the playing field for merchants that want to open an online storefront, it has not freed them from many of the same regulatory obligations that larger, more established firms must meet. This can only serve for optimal business development scenarios in an ever-evolving digital economy around the globe.
We will now explain what the PCI Standard is and why it is important for merchants to stay on top of their compliance with this nearly universal covenant.
We will also highlight why strict adherence to these measures can help give some merchants a competitive advantage over others in the marketplace.
PCI Standard, which stands for Payment Card Industry Data Security Standard is a comprehensive system of digital measures agreed upon by payment processors around the globe and that is predicated upon six groups united in a frame, called “Control Objectives.”
Build and Maintain a Secure Network and Systems
These networks and systems not only have to comply with ongoing procedures but also be adaptable to future changes and developments.
Protect Cardholder Data
Proper encryption and other digital banking security measures make sure that a payee and recipient information is protected from theft.
Maintain a Vulnerability Management Program
Having a plan for responding to breaches and recovery from data loss is requisite for certification as being PCI Standard compliant.
Implement Strong Access Control Measures
This includes proper hierarchy protocols and appropriate training for company officials with access to the system.
Regularly Monitor and Test Networks
Testing for both vulnerabilities as well as the ability to handle increasing workloads or new protocols.
Maintain an Information Security Policy
This is for transparency with both clients and internal actors as well.
For businesses, the benefits of digital banking services that comply with the PCI Standard mechanisms are myriad but we’ve narrowed it down to five major areas.
Maintaining PCI Standards shows your clients that your company is reliable and, indeed, there is more substance than marketing hype to this claim. PCI Standards ensure that your system is capable of handling the rigors of modern business.
Agreeing to and maintaining an international standard takes much of the burden of compliance off of the shoulders of the company or companies that would otherwise have to develop their own standards and processes. Iteration, change, and progress are managed by a controlled process that makes rules for all adherents to the standard, giving everyone a common reference point when it comes to data security and digital banking processes.
Because the PCI Standard is developed with multiple platforms and segments in mind, it is adaptable to a range of businesses and their needs.
Because of the controlled iterative process, the PCI Standard is future-proof in that anticipating tomorrow is already baked into the standards issued today.
Adhering to compliance standards based upon international agreements establish trust between companies and those that work with them.
Digital banking solutions for B2B merchants
All the aspects of the PCI Standard that we have covered so far may appear heavy to digest at first sight and also a bit frustrating. But it is quite the opposite. Those can only help your business operate within the safe zone of digital payments and this means a lot for your business in the first place, for your clients, for your partners, and for your core business models as a whole.
If you are interested to know more details on how we at Monneo deliver world-class digital banking services to our clients, you can contact our team and also learn more about how we can help you and your business with cross-border digital payment solutions.