Electronic banking and payment network BancNet was recently certified anew as compliant with the Payment Card Industry Data Security Standard (PCI DSS) version 3.2.1 after passing a rigid assessment. 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.
The PCI DSS assessment covered payment processing through electronic channels which are the ATMs, POS terminals, and the BancNet Online payment gateway. 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, 2023.
Full compliance with PCI DSS version 3.2.1 is the latest measure undertaken by the banking consortium to protect its members’ and international partner networks’ cardholders from fraud and other malicious activities. BancNet was the first multi-channel payment network in the Philippines to be certified PCI DSS compliant in 2014. This is its 8th certification.
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.
BancNet CEO Emmie Reyes said, “Our PCI DSS compliance is in line with our commitment to our members and partners to process their cardholders’ account and transaction data securely in accordance with strict global standards.”
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.
Currently, BancNet processes the payment transactions of over 90 million cardholders of its 111 members, consisting of banks, cooperatives, electronic money issuers, affiliate switch networks, and independent ATM deployers.
