Financial Crime World

Here is the rewritten article in Markdown format:

China’s Payment Card Industry Data Security Standard Takes Center Stage as Surfboard Payments Joins PCI Security Standards Council

March 22, 2022

In a significant development for the payment industry in China, Surfboard Payments AB has announced its participation in the PCI Security Standards Council, a move that is expected to have far-reaching implications for data security standards in the country.

What is PCI DSS?

The Payment Card Industry Data Security Standard (PCI DSS) is a set of regulations designed to ensure the secure handling and storage of credit card information by organizations worldwide. The standards are mandated by prominent card brands such as Visa, Mastercard, China UnionPay, JCB, and others, but are enforced by the PCI Security Standards Council.

Benefits of Participation

According to Surfboard Payments’ Chief Security Officer Neal Hindocha, the benefits of being a participating organization in the PCI Security Standards Council are numerous:

  • Simplified Compliance: “The major benefit for payment solution companies like us is that there’s only one standard and it’s accepted everywhere,” he explained. “When creating a payment solution, there are often different regulations you need to follow based on different locations, but in regards to security, PCI makes it easy. You only have to abide by them.”
  • Collaborative Approach: As a participating organization, Surfboard Payments will have the opportunity to work closely with PCI and help improve the security standards of tomorrow.

Future Impact

“This is a huge honor for us as a company,” said Hindocha. “Not just anyone can be accepted as we were.” While participating organizations do not have the final say in the PCI Standards, they are able to provide valuable feedback and influence towards the betterment of security in the payment industry on a global scale.

  • Influencing Future Standards: “To keep it short, it allows us to influence and participate in the future standards of PCI,” said Hindocha. “We are very excited to work along with PCI to secure the next generation of mobile payments.”
  • Shaping Data Security Landscape: With this move, Surfboard Payments is poised to play a key role in shaping the data security landscape in China’s payment industry.

Conclusion

Surfboard Payments’ participation in the PCI Security Standards Council marks an important milestone for the company and the payment industry as a whole. By working closely with PCI, Surfboard Payments aims to contribute to the development of more secure payment solutions and help protect consumers worldwide.