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PCI Compliance

Achieve PCI with PayChannel Managed Services

In September of 2006, a group of five leading payment brands including American Express, JCB, MasterCard Worldwide and Visa International jointly announced formation of the PCI Security Standards Council, an independent council established to manage ongoing evolution of the PCI standard.

While the newly-established PCI Security Standards Council will manage the underlying data security standard, compliance requirements are set independently by individual payment card brands. While requirements vary between card networks, MasterCard's Site Data Protection Plan and Visa's Cardholder Information Security Program are representative. They stipulate separate compliance validation requirements for merchants and service providers, which vary depending on the size of the company.

While non-compliance penalties also vary among major credit card networks, they can be substantial. Participating companies can be barred from processing credit card transactions, higher processing fees can be applied; and in the event of a serious security breach, fines of up to £500,000 can be levied for each instance of non-compliance.