- • FSS is among the few leading global third-party payment processors to be certified
- • Certification reduces the complexity and the cost of compliance overheads for financial institutions
FSS, a Payments & Fintech leader has successfully completed its PCI audit and received the certification of compliance for the Payment Card Industry Data Security Standard Version 3.2 (PCI DSS V 3.2).
FSS is among the few third-party payment processors globally to receive the PCI DSS V3.2 certification for FSSNeT, its hosted payment services environment. The certification underscores FSS’ ability to provide a secure payment services environment, compliant with the most rigorous and up-to-date global standards.
Payment fraud poses a significant and dynamic risk to financial institutions and consumers across the world. According to the Nilsen Report, worldwide, losses from card fraud would grow from USD 27bn in 2017 to USD 31bn in 2020. In the face of growing data breaches and intensifying regulatory scrutiny, there is a need to enforce strong security controls to reduce the likelihood of threats being realized.
With FSSNeT being PCI-DSS 3.2 compliant, banks and payment processors, can be assured their services are protected with the most advanced suite of technical and operational controls that work together to provide a defence-in-depth approach for the protection of sensitive data.
FSS was awarded the certification by Control Case International (PCI-QSA) for payment processing and switching services. This includes:
- • Payment Processing: Transaction Processing & Switching, Mobile Payments, Aadhar Enabled Payment System (AEPS), Payment Gateway
- • ATM and Managed Services: ATM Terminal Driving and Monitoring, Managed ATM Services - Electronic Journal Management
- • 3D Secure Authentication Services: ACS (3D Secure)
- • Issuer Processing: Card Issuance and Management
- • Back-Office Services: Reconciliation Services
On achieving the milestone, Suresh Rajagopalan, President Software Products, FSS, said; “The PCI DSS certification demonstrates, yet again, our strong commitment to adhere to the best industry practices around security of applications and environment. PCI-DSS V 3.2 compliance enables us to tighten already stringent security processes and procedures to provide financial institutions the confidence to operate security-sensitive payment services in a hosted environment, lowering the burden of compliance overheads whilst maintaining the payments security standards.”
FSS undergoes the mandatory annual PCI DSS audit of its payment processing environment to maintain the highest levels of compliance. For financial institutions embracing a hosted services model, the advantage of FSSNeT hosted services platform is that it offers complaint security technology and process across products and services, at optimal costs with account information security, monitoring and improvement.
The PCI Security Standards Council is an open global forum that is responsible for the development, management, education, and awareness of the PCI Data Security Standard (PCI DSS) and other standards that increase payment data security. Founded in 2006 by the major payment card brands American Express, Discover Financial Services, JCB International, MasterCard Worldwide, and Visa Inc., the Council has over 600 Participating Organizations representing merchants, banks, processors, and vendors worldwide.
Financial Software and Systems (FSS) is a leader in payments technology and transaction processing, offering a diversified portfolio of software products, hosted payment services and software services built over 25 years of comprehensive experience across payments spectrum.
FSS, through its innovative products and services, caters to the wholesale and retail payments initiatives of leading banks, financial institutions, processors, merchants, governments and regulatory bodies. Its end-to-end payments suite powers retail delivery channels such as ATM, PoS, Internet, Mobile and Financial Inclusion as well as critical back-end functions such as cards management, reconciliation, settlement, merchant management and device monitoring.
Headquartered in Chennai, India, the company services 100+ customers across the globe, which include leading public and private sector banks in India and some of the large Banks, FIs, Processors and Prepaid Card issuers are customers of FSS across North America, UK/Europe, ME/Africa and APAC and has a team of over 2000 experts serving the clients across the globe.