Latest news with #PaymentCardIndustryDataSecurityStandard
Finextra
a day 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.
Channel Post MEA
5 days ago
- Business
- Channel Post MEA
Akamai Expands API Security To Address Visibility Gaps From Code To Production
Akamai Technologies has announced new Akamai API Security enhancements designed to help customers stay ahead of evolving threats to APIs. The improvements come as Akamai's API security offering earns recognition through both prestigious industry awards and customer adoption. APIs power everything from mobile apps to online banking, but their growing use has made them a top target for cyberattacks. As threats multiply, companies are racing to secure their APIs without sacrificing speed or innovation. Akamai's latest API Security enhancements address visibility gaps across the API development and production lifecycle. These enhancements include: Managed Service for API Security: The first managed service built specifically for API security, it combines real-time monitoring, expert response, and clear guidance to help organizations catch threats early and cut risk. The first managed service built specifically for API security, it combines real-time monitoring, expert response, and clear guidance to help organizations catch threats early and cut risk. Integration with code repositories: This integration lets teams scan API specifications and code to spot risks before launch — even for APIs that haven't gone live yet. This integration lets teams scan API specifications and code to spot risks before launch — even for APIs that haven't gone live yet. Compliance Dashboard: This dashboard gives teams a centralized view to check how their APIs stack up against key security and privacy standards — like the Payment Card Industry Data Security Standard (PCI DSS v4.0), the General Data Protection Regulation (GDPR), and the MITRE ATT&CK framework — making audits easier and reducing compliance risk. Akamai customers increasingly highlight the benefits of API Security: 'Akamai API Security gives us a clear view of what data is being used and how, enabling us to minimize our attack surface while still delivering the best service possible to our customers.' — CTO of an insurance company '[API Security] is the lighthouse for my AppSec team: Now we know what to focus on. It's a major data security tool for us. The deployment was very easy and they were true partners in the process. Now we can assess our risk in the most scientifically true way possible and control our destiny.' — CISO of a software company 'The tool is robust and responsive, and has given us peace of mind that we have visibility of everything happening at the API level.' — Executive in a healthcare and life sciences organization Akamai's security solutions win awards Three of the technology sector's top industry accolades were recently awarded to Akamai's security solutions. 'Companies are realizing that APIs are a prime target for attackers and securing them is essential to staying resilient, especially in the AI era,' said Rupesh Chokshi, Senior Vice President and General Manager of Akamai's Application Security Portfolio. 'It's great to see the traction we're getting in both adoption and recognition. It tells us we're solving real problems for our customers.'
Qatar Tribune
7 days ago
- Business
- Qatar Tribune
QIIB awarded Global PCI-DSS certification for information security
Tribune News Network Doha QIIB has once again been awarded the Payment Card Industry Data Security Standard (PCI-DSS) certification for the tenth consecutive year, which represents the highest international benchmark for information security and payment data protection. The certification is issued by global firm SISA to financial institutions that meet the most rigorous cybersecurity standards and apply best practices in this vital domain. Receiving the certification once again highlights the Bank's firm commitment to protecting its customers' data and continuously strengthening its digital infrastructure to keep up with the rapid advancements in financial technology. This is particularly significant given the growing role of PCI-DSS as the leading standard for cybersecurity in financial institutions. Dr. Abdulbasit Ahmed Al-Shaibei, CEO of QIIB, received the certification from Dharshan Shanthamurthy, Founder and CEO of SISA, during a ceremony held at the Bank's headquarters on Grand Hamad Street. The event was attended by Mohammed Jamil Ahmed Hamad, Chief Risk Officer; Shazin Ali, Head of Cybersecurity at QIIB; as well as representatives from SISA Global. Commenting on the achievement, Dr. Abdulbasit Ahmed Al-Shaibei, CEO of QIIB, stated: 'We are pleased to maintain our leadership in protecting customer data through strict adherence to the highest global standards in cybersecurity. Receiving the PCI-DSS certification for the tenth consecutive year, and maintaining compliance with the latest version 4.0.1, reflects our sustained investment in advanced technological solutions to safeguard our payment environment and all of the Bank's systems. At QIIB, information security remains one of our highest priorities, forming the foundation of our customers' trust and the stability of our operations'. Dr. Al-Shaibei added: 'The rapid transformations in the financial sector require banks to be at the forefront of both innovation and protection. In light of this, cybersecurity is not only considered as a support function, but rather as a strategic element integrated into every aspect of our banking operations. Over the past years, we have succeeded in fostering an institutional culture that strengthens employee awareness and encourages active contribution to achieving the highest levels of security and compliance'. He continued: 'We are also fully aware that today's customers are more conscious of their rights and the privacy of their data. In response, we aim to provide a secure digital environment that not only meets compliance requirements but also delivers a seamless and reassuring banking experience that strengthens customer loyalty and positions the Bank as a trusted and leading institution'. The CEO of QIIB affirmed: 'We will continue working closely with our partners in this field, including SISA, which has provided us with valuable insights and support to ensure we stay aligned with the latest cybersecurity standards. In light of the growing challenges, our goal is always to act proactively rather than reactively, ensuring the highest levels of preparedness and long-term sustainability in protecting both our data and that of our customers'. For his part, Dharshan Shanthamurthy stated: 'We congratulate QIIB on this outstanding achievement in receiving the PCI-DSS certification for the tenth consecutive year. The Bank's continued adherence to this high standard, especially with the latest updates such as version 4.0.1, reflects its deep commitment to information security, serves as a leading example in the banking sector across the region'. He added: 'Our collaboration with QIIB has been highly productive, and we are proud to continue supporting the bank on its journey toward digital leadership'. It is worth noting that QIIB was among the first banks in Qatar to obtain the PCI-DSS certification under its latest version. The Bank applies the certification standards across its entire technological environment, not only within its payment systems, further reinforcing its commitment to providing a secure banking experience across all operations while maintaining a high level of responsiveness to cybersecurity challenges in line with global best practices.
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.
The Sun
02-06-2025
- Business
- The Sun
Leading digital payments shift in Southeast Asia
KUALA LUMPUR: NTT Data Payment Services is strategically positioning itself at the forefront of transformation in Malaysia, the Philippines, and Thailand, as digital payments continue to reshape the economic landscape across Southeast Asia. The company aims to lead the evolution of digital payment solutions in the region by building an integrated ecosystem that blends global best practices with the demands of local markets. This forward-looking approach involves significant investment in next-generation payment platforms designed to enhance efficiency and security. Executive director and group CEO Sean Hesh (pic) said NTT Data Payment Services is expanding its cross-border payment capabilities to support growing regional commerce and facilitate smoother financial interactions. 'With a clear focus on meeting the diverse needs of small and medium enterprises (SMEs), large corporations, and government-linked initiatives, we are setting the stage to become a trusted partner in driving digital inclusion and economic growth across these dynamic markets,' he told SunBiz. Sean said with over 500,000 payment touchpoints, the company leverages data insights to enhance both customer experience and merchant performance. Its data platforms deliver actionable information – such as transaction patterns, customer preferences, and peak business hours – enabling merchants to optimise their operations. Additionally, by using predictive analytics, the company helps merchants personalise their services and increase customer engagement. 'We invest heavily in real-time fraud monitoring and maintain strong, multi-layered cybersecurity frameworks to safeguard our systems and customers. 'Compliance with regulations like Payment Card Industry Data Security Standard (PCI DSS) and the General Data Protection Regulation (GDPR) is fundamental to our operations. 'Additionally, we collaborate closely with cybersecurity experts and regulators to stay ahead of emerging threats, ensuring safe and trusted transactions throughout the region,' he said. Sean said NTT Data Payment Services actively collaborates with banks, regulators, and fintech partners to advance cross-border payment integration across Asean. He said these efforts focus on aligning payment standards, promoting interoperability, and streamlining onboarding and compliance processes. 'By working together, the goal is to build a more connected and inclusive payment ecosystem that enables seamless, secure, and scalable transactions throughout the region,' Sean said. Further, in supporting SMEs and microbusinesses in Malaysia's growing digital economy, Sean said NTT Data Payment Services is introducing a range of tailored solutions, including simplified onboarding, instant merchant approval, SME financing, and affordable payment acceptance options like QR pay and mobile POS systems. Touching on new technologies, Sean said: 'Artificial intelligence and machine learning are set to fundamentally transform the future of payments in Southeast Asia. 'They will enable real-time fraud detection, dynamic risk assessment, and highly personalised customer experiences. 'As digital adoption continues to grow, these technologies will play a crucial role in building trust, reducing friction, and ensuring secure, scalable transactions across the region.' Sean also noted that sustainability is becoming a core part of the company's technology and corporate roadmap. He said green fintech initiatives are being explored, including paperless onboarding, digital receipts, and energy-efficient infrastructure to minimise environmental impact. Internally, the company is also adopting eco-friendly workplace practices, such as reducing single-use materials and promoting responsible energy consumption.
