Electronic payments supplier Paynet has received the Payment Card Industry Data Security Standard (PCI DSS), a vital security certification in the monetary and payment sector.
The award ensures that card management center and the Paynet substitution are safest surroundings managing sensitive payments data belonging to customers, authorities and fiscal institutions.
“I can actually say that in my 27 years in Information Technology, we’ve never undertaken this type of complicated endeavor given the extensive payment services that Paynet offers. Certifying conformity to the international standard needed executing new variants of applications, hardware and applications at each stage alongside some other 350 new processes and procedures. We’re pleased to direct Kenya as well as the East African banking and payment card business right into a world of high security payments,” remarked Mr Matthewman.
Paynet places the biggest monetary substitution in the East Africa region. This peerless switch is utilized by over 72 banks in the area. It powers millions of ATM established MPESA withdrawals for Vodacom in Safaricom and Tanzania and the interlinking of tens of thousands of ATMs to the PesaPoint inter-bank network.
Based on an updated registry of service providers by Visa and MasterCard and other international card partners, Paynet is now a “Level 1 service provider” and the only institutions certified because of this rigorous security certification in Kenya. Card processors as well as switch providers, banks must certify because of this standard to ensure protection of consumers of Debit, Credit, ATM Cards.
Paynet lately formed business mix with Interswitch Transnational in an East- West payments partnership that will further expand the region’s pan-African payments vision.
It will be a welcome improvement for the ever growing digital industry in many Eastern African countries. Such businesses have been at a significant disadvantage particularly when trying to make or receive payments online with accounts often refused or declined. In fact many African entrepreneurs try to hide their location in order to open accounts, a typical tactic is to use something like a UK VPN such as this one, which enables people to operate online as if they were from the UK.
PCI Security Standards Council (PCI SSC) is an open global forum, started in 2006, that’s responsible for the development, direction, instruction, and comprehension of the PCI Security Standards, including the Data Security Standard (PCI DSS), Payment Application Data Security Standard (PADSS), and PIN Transaction Security (PTS) requirements. The Council’s five founding international payment brands — American Express, Discover Financial Services, JCB International, MasterCard, and Visa Inc. — have agreed to incorporate the PCI DSS as the technical necessities of each of their data security compliance programs.