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Finextra
2 days ago
- Business
- Finextra
Understanding PCI DSS, PSD2, and AML in Payment Processing: A Practical Guide: By Nikunj Gundaniya
Belonging to a fintech field, you know how much trust matters. Yes, trust is everything. And if your customers don't feel safe while making payments, they won't return. You know this already. But what's often unclear is how to stay secure and compliant in a space that's constantly changing. That's where PCI DSS, PSDS2, and AML come in. These compliance standards aren't just check boxes; they are tools that protect your business and build confidence. In this guide, you'll understand what digital payment security is and what these regulations mean, how they impact your payment operations, and what you need to do to meet them. Most importantly, you'll see how the right digital payment solution can make compliance simpler and more effective. So, let's dig in. Why compliance matters in digital payment processing Staying compliant isn't a choice. It's your way of showing your customers that their money and data are safe. So let's dig into the compliance part in more detail: Protects trust and prevents fraud Payment compliance gives your customers peace of mind. They want to know that their personal and financial data is secure. When you follow compliance rules, you reduce the risk of fraud, chargebacks, and penalties. It also shows regulators that you're serious about safety. Non-compliance, on the other hand, can lead to data breaches and legal troubles. That's why digital payment security should always be a top priority in your business. PCI DSS: Safeguarding cardholder data If you handle card payments, PCI DSS compliance is non-negotiable. It keeps your customers' card details safe and your systems strong. What is PCI DSS? PCI DSS stands for Payment Card Industry Data Security Standard. It applies to any business that stores, processes, or transmits cardholder data. Whether you're a bank or a fintech company offering e-wallet services, you must meet PCI DSS standards. This standard was created by major card brands like Visa and Mastercard to protect card data from theft. Key PCI DSS requirements for you You need to meet several requirements, but here are the most critical ones: Build and maintain a secure network Protect stored cardholder data Use strong access control measures Regularly test your security systems Maintain a policy that addresses information security These steps may sound technical, but with the right digital payment partner, they become easier to manage. How PCI DSS affects your digital payment operations When you're PCI DSS compliant, you reduce the risk of costly breaches. You also improve customer trust, especially when they use your wallet or e-wallet solutions. More importantly, it helps you future-proof your business. Compliance today means fewer disruptions tomorrow. PSD2: Enabling secure and open payments PSD2 is changing how you offer payment services. It pushes you to be more secure, transparent, and open. Understanding PSD2 in simple terms PSD2 drives innovation. It encourages banks and financial institutions like yours to open up your systems through secure APIs. This allows you to connect your customers' accounts to trusted third-party services while keeping full control. It helps you offer smarter, faster, and more personalized financial experiences without compromising security. It also brings in stronger customer authentication (SCA) to prevent fraud during digital payments. While it's European, its impact is global, especially if you deal with cross-border payments. Why PSDS2 is important for banks PSD2 drives innovation. It encourages banks and financial institutions like yours to open up their systems through APIs. That means your customers can connect their accounts to third-party services easily and securely. It also demands stronger verification steps before approving transactions. This adds a layer of protection to every payment. Why PSD2 compliance matters to your business By complying with PSD2, you gain more than legal coverage. You offer your customers better experiences. You reduce fraud. And you create opportunities to expand services using open banking models. The result? More trust. More innovation. More growth. AML compliance: Fighting financial crime Criminals always look for ways to misuse payment systems. AML compliance helps you stop them before they succeed. What is AML in payment processing? AML stands for Anti-Money Laundering. It's a set of rules and practices designed to detect, prevent, and report financial crimes. Banks and payment providers must follow these rules to stop money laundering and terrorist financing. The Financial Action Task Force (FATF) sets global AML guidelines. Most local laws follow their recommendations. Core AML requirements you must follow Here's what you need to put in place: Know Your Customer (KYC) checks Real-time transaction monitoring Risk-based assessments Suspicious Activity Reports (SARs) These steps help you identify and stop illegal transactions before they harm your business. How AML compliance protects your business AML compliance protects your institution from reputational damage and heavy fines. It also builds trust with regulators, customers, and partners. When your platform has built-in AML compliance tools, you spend less time worrying and more time serving your customers. Bringing it all together: Why an integrated approach matters Each compliance framework is important on its own. But when combined, they create a powerful layer of protection. The synergy between PCI DSS, PSD2, and AML PCI DSS protects cardholder data. PSD2 strengthens customer authentication. AML stops financial crime. Together, they create a secure, open, and trustworthy payment system. By following all three, you create a system that is efficient, compliant, and ready for future challenges. Real-world benefits for your institution When you follow an integrated compliance strategy, you: Minimize the risk of fraud Speed up payment processing Improve the customer experience Reduce the cost of compliance over time And most importantly, you protect your brand's reputation in the market. How the right digital payment solution helps you stay compliant Staying compliant can be complex. But the right technology simplifies it. Seamless compliance with modern infrastructure You need a payment solution that is built with compliance in mind. It should offer: Real-time monitoring tools Strong API security Automated KYC and AML checks Support for PSD2 authentication methods End-to-end PCI DSS card data protection With these features, you stay one step ahead of regulators and threats. Focus on security, interoperability, and transparency A powerful solution ensures your customers can send money anytime, anywhere, and in any way they want. But it also ensures every transaction is secure, compliant, and transparent. At your payments are protected from start to finish. You get full visibility, built-in compliance, and the freedom to scale without friction. Conclusion Payment compliance is no longer just a legal obligation. It's a strategic advantage. When you align with PCI DSS, PSD2, and AML, you protect your customers and position your business for long-term success. To simplify compliance and strengthen your digital payment services, choose a platform built with security, speed, and transparency at its core. Let technology handle the complexity so you can focus on growth.
Business Wire
24-06-2025
- Business
- Business Wire
TNS' Smart SIM Enhanced with Industry-Leading Connectivity and Resilience
RESTON, Va.--(BUSINESS WIRE)-- Transaction Network Services (TNS) today announces a significant update to its innovative Smart SIM product, further strengthening its industry-leading global wireless connectivity solution. Included in this upgrade are new local breakout capabilities in Asia, which means traffic remains in the region, helping to significantly reduce latency. TNS' Smart SIM is designed to deliver resilient and secure mobile connectivity for payment terminals, ATMs, and IoT devices. Unlike traditional IoT SIM cards, Smart SIM leverages a multi-network approach to ensure seamless, uninterrupted service by automatically and autonomously switching carriers when it detects the connectivity path is no longer working. Payment transactions and other traffic continue to work, avoiding downtime and interruption to merchants and other users. With more than one million TNS Smart SIMs and a two million+ SIM portfolio, TNS continues to set the standard for secure and reliable wireless access for payments even when faced by common service issues such as poor signal, data congestion and local operator outages. 'This update represents a major leap forward in connectivity solutions for mission-critical payment and IoT devices,' said John Tait, Global Managing Director, TNS Payments Market. 'Our Smart SIM technology already provides unparalleled network redundancy, and this latest enhancement will further optimize performance, reliability, and ease of management for our customers.' The Smart SIM's managed service solution offers full visibility into SIM estates, real-time performance monitoring, and proactive issue resolution through TNS' 24/7/365 global support centers. Acquirers, processors and ISOs benefit from reduced administration with a single contract and supplier, as well as streamlined setup and deployment with pre-activated, plug-and-play SIMs. Security remains a top priority for TNS. Smart SIM operates within TNS' Level 1 PCI DSS certified network, ensuring encrypted and secure data transmission. Additionally, the intelligent routing software maximizes uptime and helps to ensure seamless transactions for businesses worldwide. 'TNS' Smart SIM is trusted by leading merchant acquirers, financial institutions, processors, POS terminal deployers and self-service industries like vending, laundromats and kiosks, to deliver mission-critical connectivity,' added Tait. 'With Smart SIM, we are reinforcing our commitment to providing the most secure, reliable, and high-performance mobile connectivity solution on the market.' For more information about the latest Smart SIM update, visit: About TNS TNS is a global leader in providing full-stack, modern and secure payment and network solutions. As a leading provider of Infrastructure-as-a-Service (IaaS) solutions with more than 30 years' experience, TNS has been offering managed service solutions to more than 1,400 organizations in over 50 countries. TNS' comprehensive portfolio spans from cutting-edge unattended and in-store payment terminals, online solutions to secure global network connectivity and seamless payment processing through its cloud native payment orchestration platform. With TNS' portfolio of industry leading services, customers can reduce the complexities of fragmented payments and connectivity with just one trusted managed service partner. For more information, please visit:
News18
24-06-2025
- Business
- News18
A Step-By-Step Guide To Add Credit Card To Amazon Via Mobile App
Last Updated: If you want to add your credit card to Amazon, it can be done by following a few simple steps on the app. India is witnessing an unprecedented boom in digital payments. With rapid fintech innovation and growing smartphone penetration, more Indians are turning to digital transactions for everyday needs—from online shopping to utility bill payments. Amid this digital shift, credit cards have emerged as a preferred payment tool for many. The reasons are clear, rewards on spending, EMI options, secure payments and hassle-free transactions across platforms. From cashback to travel miles, consumers are keen on maximising their purchases with credit cards due to multiple benefits. E-commerce giant Amazon India offers multiple benefits on credit card transactions, like heavy discounts, zero EMI options and attractive deals on top brands, among others. If you're looking forward to linking your credit card to Amazon for faster checkouts and exclusive bank offers, the process is quite simple. You can add your credit card via the Amazon mobile app. Steps to add a credit card to Amazon using the mobile app 1. Install the Amazon mobile application and then log in to your existing account using your registered email ID or phone number. 2. You might be required to enter an OTP (One Time Password) if you're a new user. 3. Tap on the menu icon (three horizontal lines) located at the bottom right (iOS) or top left (Android). 4. Scroll down and select 'Your Account'. 5. Under the 'Amazon Pay' section, tap on 'Manage Payment Options'. 6. Select 'Add a Payment Method', then choose 'Add a Credit or Debit Card'. 7. Enter your card details: card number, expiry date, CVV and cardholder name. 8. Tap 'Add your card' to save the information. 9. Complete the verification using the OTP sent by your bank, and your card will be securely added to your Amazon account. 10. You can also select the option to save your card details as per the RBI guidelines to avoid entering your credit card number for each transaction. Amazon ensures secure payments with encryption-based systems and PCI DSS (Payment Card Industry Data Security Standard) compliance. Users are advised to add cards only over safe networks and never share sensitive details like OTPs or CVVs. The app allows storing multiple credit or debit cards, offering flexibility. Users can also edit or remove saved cards anytime under the 'Manage Payment Options' section, ensuring full control and a seamless transaction experience. First Published:
Mint
24-06-2025
- Business
- Mint
How to add a credit card to Amazon using the mobile app? A step-by-step guide
As digital payments gain traction in the country with more shoppers and general card users, most of them are opting for credit cards for their rewards, EMI options, seamless payments and overall financial safety. The Amazon mobile application permits users to add and efficiently manage credit cards easily in just a few clicks. To help you with the same, you must check out this simple guide if you are looking to link your credit card on the Amazon application. Open the Amazon mobile application and then log in to your account using your registered mobile number or email. You might be required to enter an OTP i.e., one time password to initiate account creation if you are a new user. Then click on the menu icon. This icon is usually found at the bottom right or top left corner of the application. If in doubt you can take help from the Amazon customer support assistant. Then click on the 'Your Account' option from the menu. Through this you will be able to update or edit your bill payment options. Post the same scroll down and then click on the 'Manage Payment Options' under the 'Payments' section. Tap on 'Add a Credit or Debit Card'. Through this you will be provided the option to add your credit card in the application and allow seamless transactions for any future purchases. Following the steps as given in the application enter your card number, name on card, expiry date and CVV. Complete verification using the OTP sent by your bank, and your card will be securely added. You should also check the 'remember me option' so that you are not required to add the details again. Amazon uses a highly secure encryption based payment system and complies with the Payment Card Industry Data Security Standard i.e., PCI DSS security standards. Due to the same credit card users are encouraged to add cards only over secure internet connections and never share OTPs, CVVs or any other confidential information with anyone else while going through the process of credit card addition. The application permits users to store several different credit cards or debit cards at a time. To ensure seamless transactions. The users are also permitted to edit or delete any saved card anytime under the same option of 'Manage Payment Options' segment. According to NPCI data, it is important to acknowledge the fact that the UPI transactions in the country have crossed 25,14,297.01 in May 2025. This clearly signifies the rise in digital commerce and credit cards remain a preferred option for users shopping online. As this provides them with seamless credit card transactions, smooth purchases and easier product deliveries. That is why adding your card to Amazon streamlines the entire checkout process and fosters faster and more secure payments. Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
Express Tribune
22-06-2025
- Business
- Express Tribune
Banking institute, cyber firm collaborate on security
As per Accenture's report in 2023, cyber-resilient CEOs are already seeing healthier financials with security investments – 16% on incremental revenue growth and 21% on cost control measures. photo: file Listen to article The National Institute of Banking and Finance-Pakistan (NIBAF) and Risk Associates have formalised a landmark partnership through the signing of a memorandum of understanding (MoU), aimed at strengthening cybersecurity and compliance readiness of the financial sector. The agreement was signed by Lubna Farooq Malik, Co-CEO of NIBAF-Pakistan and Dr Aftab Rizvi, CEO of Risk Associates. The MoU establishes a strategic framework through which both institutions will collaborate to develop and deliver advanced training programmes, advisory services and capacity-building initiatives focused on cyber risk, governance, digital forensics and compliance with international standards including the PCI DSS and ISO/IEC 27001. Lubna Malik, while emphasising the critical significance of cyber risk for the financial industry, observed that the financial industry stands at the forefront of profound digital transformation and, consequently, must also be at the very forefront of protecting itself. In this context, she highlighted that the collaboration between NIBAF and Risk Associates would benefit industry professionals, especially in the banking sector, by enhancing their cybersecurity skills and knowledge through capacity building. Risk Associates CEO Dr Aftab Rizvi remarked that static defences are no longer enough in today's regulatory climate. Through this partnership, both sides aim to embed technically rigorous frameworks.
