Key Milestone! IOUpay (ASX:IOU) secures PCI compliance certification

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Key Milestone! IOUpay (ASX:IOU) secures PCI compliance certification

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 Key Milestone! IOUpay (ASX:IOU) secures PCI compliance certification
Image source: Company announcement

Highlights

  • IOUpay has welcomed the certification of its subsidiary, IOU PAY (ASIA) Sdn Bhd, as compliant with the Payment Card Industry (PCI) Data Security Standard.
  • PCI compliance helps in protecting and regulating the security of card transactions.
  • The certification will further add value to the company’s reputation in the market.
  • The development affirms that IOUpay’s systems are highly secured for transactions and can be trusted to safeguard customers’ sensitive payment card information.

ASX-listed company IOUpay Limited (ASX:IOU) is unfolding great success stories in the BNPL sector with its phenomenal fintech and digital commerce software solutions and services.

In a significant development, the company has received the certification of its subsidiary, IOU PAY (ASIA) Sdn Bhd, as compliant with the Payment Card Industry Data Security Standard (PCI DSS) Version 3.2.1 (Level-1).

The development further strengthens the company’s confidence in its brand, products, and services as well as emboldens its reputation with card acquirers as well as payment brands.

MUST READ: IOUpay (ASX:IOU) clocks 15% growth in mid-June quarter BNPL volumes

The process of certification assessment was completed successfully by ControlCase LLC, a PCI DSS Qualified Security Assessor and leading provider of compliance services internationally, based in Virginia, United States.

Keynote by IOUpay’s Chief Technology Officer, Teck Huat Lau

“This certification is an important milestone as it confirms and reinforces the Company’s strong credentials in payment processing, customer identification, fraud protection and data security.”

DO READ: A look at factors painting rosy outlook for BNPL player IOUpay (ASX:IOU)

Significance of PCI compliance

Source: © Filmfoto | Megapixl.com

The payment card industry compliance refers to the technical and operational standards that merchants and service providers follow to secure and protect data provided by cardholders and transmitted through card processing transactions. It is essential for payment card brands and acquirers for better protection and regulation of the security of card transactions.

The PCI compliance is an ongoing process that aids in providing protection for payment systems from security breaches and theft of cardholder data. The ongoing process of review and annual audit contributes to improvements in the efficiency of IT infrastructure.

With certification for the internationally recognised PCI compliance, the company has won an affirmation for its systems that operate with a high level of security. The development highlights that customers can stay assured of their sensitive payment card information being safe and secure with IOUpay.  

ALSO READ: IOUpay (ASX:IOU) records strong Q3 with premium BNPL business

IOU shares traded at AU$0.060 on 03 June 2022, up 1.69% from the last closing price.  

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