What is Payment Card Industry (PCI) Compliance?
Payment card industry compliance, or PCI compliance, refers to the number of technical and operational standards, which are followed by businesses to ensure a safe payment environment and protect credit card data provided by cardholders and which is transmitted through multiple card processing transactions. In general, PCI compliance is approved by credit card companies and discussed in credit card network agreements.
The development of the standards for PCI compliance is the responsibility of the PCI Standards Council, Card Association Network, and the National Automated Clearing House (NACHA). These standards are later applied for merchant processing.
The requirements developed by the Standards Council are known as the Payment Card Industry Data Security Standards (PCI DSS). It is a must for merchants to follow them in order to reduce the likelihood of their cardholders’ private information being stolen.
PCI DSS has six major objectives, which are:
PCI Standards Council provides merchants with tools and resources to follow PCI compliance standards, which include:
PCI DSS proved to be a reliable way of securing a safe environment not only for small companies but also for big corporations. Following data security standards can bring a number of advantages, such as:
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