BancNet compliant with data security standards

MANILA, Philippines - BancNet, the country’s largest multi-channel electronic payments network, has been certified as compliant with the Payment Card Industry Data Security Standard (PCI DSS), a global data security standard.

BancNet becomes the first multi-channel payment network in the country’s banking industry to be certified PCI DSS -compliant and joins the ranks of compliant companies around the world.

BancNet president Roberto P. Blas said the network’s compliance to PCI DSS assures credit and debit cardholders of the member banks and other partner international networks that their personal information that pass through the BancNet switch is protected from misuse.

VISA, MasterCard, American Express, Discover, and JCB uses PCI DSS for their compliance programs.

All organizations or merchants that accept, process, or transmit cardholder data of their customers must comply with PCI DSS.

The compliance certificate was issued by Control Case, LLC, a US-based Qualified Security Assessor Company (QSAC) certified by the PCI Security Standards Council, an independent body that administers and manages PCI DSS.

Cardholder data are all personally identifiable information associated with the cardholder such as bank account number, personal identification number (PIN), birthday, among others.

As of end of 2014, there were about 67.6 million ATM/debit cardholders in the country.

In the same period, 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.

Earlier, BancNet merged with Megalink, another switched operator, thus creating a single entity with the former as the survivor.

Bankers Association of the Philippines (BAP) president Lorenzo V. Tan said that the merger will initially form a single platform or switch for all ATM transactions between all banks and the banking public in the country.

Eventually, the merger paves the way, among others, for the proposed Central Counterparty Platform, Philippine Money Transmission System, and the BAP’s ePeso Framework.

“It will unify the country’s capital markets,” Tan said.