The future looks bright for integrated payment platforms as demand for seamless payment solutions continues to rise. With the integrated payments market estimated to achieve 14.6% growth by 2027, independent software vendors (ISVs) can capitalize on this momentum by integrating payment functionality into their own solutions.
However, applications and software that interact with financial data must adhere to data security standards (DSS) mandated by the Payment Card Industry Security Standards Council (PCI SSC), and the latest iteration, PCI DSS 4.0, requires significant changes in how these entities handle cardholder data.
Bluefin’s Chief Information Officer, Tim Barnett, recently discussed with DevPro Journal how implementing PCI DSS 4.0 will strengthen an organization’s security posture, setting solutions apart in a crowded market.
“Compliance with v4.0 is essential for maintaining trust with your merchant partners. If a merchant suffers a breach and your technology doesn’t meet PCI standards, you risk substantial financial losses and reputational damage. But if you design your technology and processes with PCI standards in mind, you can provide compliant solutions that streamline the validation process for your customers and enhance their operational security.” – Barnett
Barnett explains that there are 4 critical things ISVs should know when adapting the requirements of PCI DSS 4.0 to optimize compliance strategy, emphasizing that PCI-validated point-to-point encryption is an important and manageable pathway to securing cardholder data.
“You may feel overwhelmed by the number of future-dated requirements you still have to implement to achieve compliance. A strategic approach to simplify compliance includes the use of PCI-validated solutions. For instance, PCI-validated point-to-point encryption solutions not only align with the nuanced encryption requirements of v4.0, but also reduce the scope of compliance efforts by minimizing the amount of cardholder data your environment handles.” – Barnett
As PCI DSS constantly evolves to reflect the threat landscape, organizations must stay informed about the latest requirements and best practices.
Read DevPro’s full article here.
