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Leading payment brands form council to manage PCI standard
The five leading card brands in the U.S. have formed a council to manage the evolution of the Payment Card Industry Data Security Standard, which requires retailers to validate they are in compliance with measures to protect customers’ confidential data.
The five leading card brands in the U.S. have formed an independent council to manage the evolution of the Payment Card Industry Data Security Standard. Under the PCI standard, retailers must validate they are in compliance with strict measures to protect customers’ confidential data.
The founding members of the council are American Express Co., Discover Financial Services, JCB Co., MasterCard Worldwide and Visa International.
The PCI Security Standards Council LLC is an effort to secure payment account data in a globally consistent manner. “The payment brands that founded the council are committed to ensuring the ongoing development of data security standards that are both efficient and effective,” says Seana Pitt, chairwoman.
The council’s goals are to develop and maintain a global, industrywide technical data security standard for protecting card account information; reduce costs and lead times for PCI implementation and compliance by establishing common technical standards and audit procedures for all brands; provide a list of qualified security solution providers; and lead training, education and streamlined processing for certifying security assessors and approved scanning vendors.
The council also is inviting the participation of merchants, payment devices and services vendors, processors, financial institutions, and others to provide input on future initiatives.
PCI compliance is required of all merchants and other entities that store, transmit or process cardholder data. Retailers that fail to comply are subject to fines and could lose their right to accept cards.