BancNet was declared certified compliant with the latest Payment Card Industry Data Security Standard (PCI DSS). PCI DSS is a global information security standard used by all major card brands.
Compliance to PCI DSS version 3.2.1 is the latest measure undertaken by the banking consortium to protect their members’ and international partner networks’ cardholders from fraud and other malicious activities. BancNet is the first multi-channel payment network in the Philippines to be certified PCI DSS compliant and has been certified compliant with previous versions since 2014.
The PCI DSS was developed to encourage and enhance cardholder data security and facilitate the broad adoption of consistent data security measures globally. Its aim is to achieve the following: 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. Major brands that adhere to the PCI DSS include American Express, Discovery Network, JCB, MasterCard Worldwide, VISA International, and VISA USA.
The PCI DSS assessment of BancNet covered payment processing through electronic channels such as ATMs, POS terminals, and BancNet Online payment gateway. BancNet’s clearing and settlement system also underwent the review and passed the rigid tests.
The certificate was issued by ControlCase, LLC, a U.S.-based Qualified Security Assessor Company (QSAC) certified by the PCI Security Standards Council.
BancNet, the country’s sole electronic banking consortium, has 122 members, consisting of banks, cooperatives, electronic money issuers, affiliate switch networks, and independent ATM deployers with a nationwide network that spans 20,771 ATMs and 270,872 POS terminals.
At the end of 2018, BancNet members had nearly 72.70 million active ATM and other debit cards. During that year, the network processed over 664.91 million switched transactions while achieving an average switch availability rate of 99.91%.
