Electronic banking and payment network BancNet recently achieved another significant milestone by being certified compliant with the latest version of the Payment Card Industry Data Security Standard (PCI DSS v4.0.1), one of the highest data security standards in the financial sector worldwide. BancNet passed the rigorous assessment and met the rigid requirements of PCI DSS, underscoring its strong and consistent commitment to safeguarding sensitive cardholder data. This is the 10th straight year that BancNet achieved this feat.
PCI DSS is a globally recognized data security framework adopted by major card brands, including American Express, Discover Network, JCB, Mastercard and VISA, to ensure the protection of sensitive cardholder information. Organizations that store, process, or transmit account data for these brands’ cardholders must adhere to PCI DSS requirements. BancNet’s compliance with this standard fortifies its position as a trusted and secure payment systems provider.
The PCI DSS assessment evaluated and tested BancNet’s entire electronic payment infrastructure. The evaluation included payment processing systems such as InstaPay, a real-time fund transfer service operated by BancNet, and its ATM and POS transaction processing switch, along with its clearing and settlement system. All these components successfully met requirements stipulated within the latest PCI DSS version.
BancNet received the official certification of full compliance from ControlCase, LLC, a U.S.-based Qualified Security Assessor Company (QSAC) accredited by the PCI Security Standards Council. The Council is a global organization that developed and updates the PCI security standards and accredits qualified security assessors.
PCI DSS v4.0.1 clarifies and reinforces the key enhancements introduced in PCI DSS v4.0 to align with modern security practices, including stricter multi-factor authentication and more complex authentication requirements.
BancNet CEO Emmie Reyes said, “Being certified compliant with PCI DSS for the 10th consecutive year is a testament of our unwavering commitment to data security and fraud prevention. Protecting cardholder information is at the heart of everything we do, and this milestone reinforces the trust our members, network participants, and international partners place in us.”
BancNet currently interconnects over 29,000 ATMs and more than 670,000 point-of-sale terminals nationwide used by about 135 million cardholders of its 103 members .As operator of real time payment system InstaPay, BancNet also makes the mobile banking and payment apps and QR PH codes of banks and e-money issuers in the country interoperable.
