Report: Tokenization And Data Vaulting Take The Sting Out Of PCI Compliance

Adhering to Payments Card Industry (PCI) Data Security Standards (DSS) is an unavoidable requirement for any and all eTailers that accept card payments, but a surprising number of firms are not up to speed on these standards.

Some businesses fail to undergo the routine audits they need to assess their systems’ security, and others do not want to — or cannot — spend the money it takes to upgrade them. Either way, firms that do not comply with these industry standards risk leaving their customers’ data exposed.

Working with payments orchestration providers can help firms like these address their systems’ security flaws by taking on the compliance burden. They can also provide the resources and expertise needed to meet PCI compliance and allow firms to focus on their own core competencies.

In October’s Payments Orchestration Playbook, PYMNTS explores the hurdles that businesses commonly face when working to meet PCI compliance and how payments orchestration can make the process cheaper and simpler, without sacrificing their customers’ data security.

Around The Payments Orchestration Ecosystem

The need for digital security has never been more paramount than during the COVID-19 crisis. With more consumers than ever going online to shop and pay, merchants are building and expanding their digital capabilities to meet this demand for digital commerce. The trouble is that many of these merchants do not know that they need to take precautionary measures to secure their customers’ card data in accordance with PCI compliance standards, resulting in a flood of cybercrime. Credit and debit card fraud increased in April 2019 and April 2020, in fact, as fraudsters take advantage of the crisis for personal gain. This puts pressure on merchants to find ways to make their operations PCI compliant, and fast.

There are many technologies that can help keep customers’ data safe, with increasing market interest in tokenization in particular. Many firms are turning to payments orchestration providers, equipped with tokenization and data vaults, to help manage their compliance operations. The global tokenization market is even expected to reach $6.8 billion by 2027, propelled by a compound average growth rate (CAGR) of 25.7 percent over the next seven years.

For more information on these stories and other payments orchestration headlines, download the Playbook.

HealPay On How SaaS, Payments Orchestration Providers Help Meet PCI Compliance

PCI compliance is a non-negotiable, but it can also be prohibitively expensive. This leaves many firms struggling to ensure their operational compliance and searching for third-party assistance to support it. For this month’s Feature Story, PYMNTS spoke to Lance Carlson, co-founder and chief operating officer at HealPay, about how tokenization and data vaults can help businesses reduce their compliance burden.

Deep Dive: Fighting Card Data Breaches With Payment Partnerships

Failing to meet PCI requirements can incur hefty fees, but so can paying for the audits and upgrades businesses need to ensure their operations are up to speed. This month’s Deep Dive delves into the reasons why some firms fall short of PCI requirements and the ways in which payments orchestration can help firms comply in a more simplified, cost-effective manner.

About The Playbook

The Payments Orchestration Playbook, a PYMNTS and Spreedly collaboration, is a monthly report series examining how merchants can optimize their payments processes to satisfy customers and maximize their revenues.