MANILA, Philippines–All transactions that go through the country’s largest automated teller machine (ATM) and electronic payments network have been certified safe, secure and in compliance with international best practices.
In a statement over the weekend, BancNet announced it had been certified compliant to the Payment Card Industry Data Security Standard (PCI DSS), a global data security standard.
BancNet becomes the first multi-channel payment network in the local banking industry to be certified PCI DSS–compliant, and joins the ranks of other certified companies around the world.
“PCI DSS is used by all major card brands as the common security standard for their compliance programs,” the BancNet statement read. These brands are VISA, MasterCard, American Express, Discover, and JCB.
All organizations or merchants that accept, process, or transmit cardholder data of their customers must comply with PCI DSS.
BancNet’s accreditation comes shortly after its announced merger with its smaller rival Megalink to create a single ATM network for electronic transactions in the country.
As of end of 2014, there were about 67.6 million ATM/debit cardholders in the country. Last year, BancNet processed nearly half a billion switched transactions including close to two million cash withdrawals using foreign-issued cards.
The PCI DSS assessment of BancNet covered payment processing through its electronic channels, namely, the ATM, terminal at point of sale (POS) and, online payment gateway (BancNet Online), which includes mobile banking.
BancNet’s clearing and settlement system was also evaluated and passed rigid tests. Both its main data center and back-up center were covered by the review.
“Our compliance to PCI DSS strengthens our network’s security reputation in the industry,” BancNet president Roberto Blas said. Compliance with these rules assures credit and debit cardholders of member banks and of partner international networks that personal information passing through the BancNet switch is protected from misuse.
“Vigorously implementing data security standards is important as our domestic cardholder base continues to grow rapidly, and as more foreign cardholders visit our country,” Blas added.–Paolo G. Montecillo