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The PCI DSS is a security standard that includes requirements for security management, policies, procedures, network architecture, software design and other critical protective measures. It applies to all organisations that store, process or transmit cardholder information from any of its members’ cards and was developed by the founding payment brands of the PCI Security Standards Council, including American Express, MasterCard Worldwide, JCB International and Visa.

 

The move to payments infrastructure innovation is being eyed in several financial institution (FI) corners, as Ovum found in a recent study that as many as two-thirds of banks estimate their payments systems need a “significant upgrade” over the next few years. Of 226 banks surveyed, 65 percent state those systems need upgrades or replacements — and, notably, in terms of regional sentiment, that tally rises to 77 percent among Asia-Pacific banks.

As many as 90 percent of bank executives queried by Ovum said it is harder to win and retain new business at present than it was even as recently as a year ago. Among the features that are most important, said Ovum, are real-time capabilities and architectures that work with APIs and micro-services, serving as foundations for future innovations.