Spain’s Sipay Plus becomes the first European card payment company to be certified by PCI Security Standards Council for its new version 3.0 level 1.
The card payment data security standard, established by five major card companies in 2004 with an aim to ensure safety from card fraud, approved this new version which comes with major modifications over the 2.0 version.
This progress in the regulations proposes to acclimatise the 3.0 version to the changes in market and technology with relation to the card payment industry. Moreover, it also intends to steer clear of certain security concerns that have been identified over the years both in the application as well as the standard itself.
This certification acknowledges the high level of security that the Spanish company extends in terms of credit and/or debit card related data frauds.
The prerequisites integrated in the new 3.0 version largely feature proactive safety measures. These include limiting card holders’ scope to store data, evaluating susceptibility to fraud, software development security, key and password management, security records review, and also extending these measures to the external providers.