Electronic banking and payment network BancNet recently achieved a significant milestone by successfully passing the latest version of the Payment Card Industry Data Security Standard (PCI DSS v4.0), one of the highest data security standards in the financial sector. After undergoing rigorous assessment and meeting rigid requirements, BancNet was certified PCI DSS v4.0-compliant, underscoring its strong commitment to safeguarding sensitive cardholder data.
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 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 role 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.
On October 25, 2024, 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. This marks the ninth time BancNet has earned PCI DSS certification, reinforcing its consistent commitment to data security. Notably, in 2014, BancNet became the first multi-channel payment network in the Philippines to be PCI DSS-certified.
PCI DSS v4.0 introduces several key enhancements, including stricter multi-factor authentication, more complex authentication requirements, and a heightened emphasis on continuous monitoring and proactive security measures in protecting data.
BancNet’s CEO Emmie Reyes said, “Our full compliance with PCI DSS v4.0 is part of our continuous efforts to protect our members’ and international partner networks’ cardholders from fraud. Data protection remains our highest priority.”
Currently, BancNet facilitates payment transactions of over 119 million cards across its 111 member organizations, which include banks, cooperatives, electronic money issuers, affiliate switch networks, and independent ATM deployers.
