For the second year running, Johannesburg, South Africa-based Paycorp Holdings is among the first in the South African financial services industry to successfully achieve compliance with PCI Version 2.0. Independent payments company Paycorp Holdings and its three subsidiaries, ATM Solutions, DrawCard and EFTPOS, share a common platform which is connected to the majority of southern African banks and is active across all major payment streams.
"As a payments group operating in a highly regulated environment, we understand the importance of data protection and complying with best practices," said Stephen Hochstadter, group chief operations officer. "This has enhanced our existing partnerships by ensuring we remain a trusted partner, and we are delighted to have achieved the latest standard in information security. With merchants facing increasing compliance pressures, they are seeking to use only compliant third-party processors going forward."
PCI compliance refers to industry-mandated security standards that apply to all businesses that store, process or transmit credit or debit card data.
Compliance with Version 2.0 means that explicit requirements and procedures to protect the cardholder have been met. Version 2.0 ensures that service providers have a risk-ranking system based on industry best practice, with the Scope of Assessment section being broadened to ensure that all locations and flows of cardholder information are properly identified and documented.
Paycorp's annual review by qualified security assessor Netcure was completed during the course of September and October. With the deadline for Version 2.0 compliance in 2014, Paycorp is one of the first companies globally to have been certified.
For more on this topic, visit the transaction processing research center.
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