Five leading payment brands form council for global data security

Mumbai, Sep 7 (UNI) American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International today jointly announced the formation of an independent council, designed to manage the ongoing evolution of the payment card industry (PCI) Data Security Standards, which focuses on improving payment account security throughout the transaction process.

The founding of the PCI Security Standards Council, LLC, marks a significant milestone in the payment industry's efforts to secure payment account data in a globally consistent manner, said a Press release issued by Visa here. Ultimately it means that more than a billion global payment card users will benefit from a higher level of security protection against data theft and fraud, the release added.

''The payment brands that founded the council are committed to ensuring ongoing development of data security standards that are both efficient and effective. The creation of the council was a significant step forward in protecting cardholder information and it underscores the critical nature of the effort'', chairperson of PCI Security Standards Council, Seana Pitt said.

By establishing the independent council to manage the PCI Data Security Standards for the payment industry, the founding members are developing a system that is more accessible and efficient for all stakeholders including merchants, processors, point-of-sale vendors and financial institutions, he added.

''Visa welcomes the opportunity to join with other key payment brands in launching the PCI Security Standards Council as a way to strengthen data security standards globally for all stakeholders within the payment chain.

''As its first action, the council also announced that the PCI Data Security Standards version 1.1. The new standard addresses evolving security threats and recommends taht merchants and vendors take action to fortify application and network level security. It provides a framework for ongoing PCI compliance,'' the country manager (South Asia) of Visa International Asia Pacific, Santranu Mukherjee said.

UNI KKD WD NV2037