New PCI DSS Compliant Payment Software Approaches the Market

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Payment applications market gets new security standards compliant product. Recently released TechnoPark Corp.’s (http://www.technoparkcorp.com) mobile payment software will pass Visa/MasterCard PCI Certification in September, 2006.

It may seem that too much is said about online payment security; still the problem is a crucial one and is being globally ventilated. How to be sure my payment is secure? The question is burning for all the links of the chain: payment service providers, applications developers, merchants, and cardholders.

Today, there is a unified approach to security standards. Payment Card Industry Data Security Standard (PCI DSS) is a list of unified standards and requirements for the industry. However, only 20% of the major industry-related companies are PCI DSS compliant. This is stimulated by mid-tier merchants’ and service providers’ ignorance of the certificate though they are the most vulnerable objects of attacks. According to WordPress’ report, many payment industry players feel the standard is not clear or is not being applied prudently to encourage complete adoption.

Anyhow, PCI DSS must be the most comprehensive solution – and positively the best at this stage. Visa together with world’s major payment systems strongly encourages payment service providers, merchants and payment applications developers to pass the PCI DSS compliance certification in order to be able to guarantee high-level security to both their customers and partners.

Understanding the importance of security matter, TechnoPark Corp., an outsourcing software development company, has released its mobile payment processing system which meets all the standards provided by PCI DSS. The system – MPPS – enables users to pay for goods and services using only their mobile phones, and provides a number of additional functions like statistics, notifications, etc. (Detailed description of MPPS is available on company’s website). Laboratory testing assured the product’s compliance, so it is about to be sent to Visa for certification.    

PCI Data security standard was developed by Visa and MasterCard and accepted by other major players. It provides 12 basic standards aiming to stamp out debit and credit card fraud, by introducing strict security standards for handling and keeping cardholder data. The six general principles of PCI DSS include the following: build and maintain a secure network, protect cardholder data, maintain a vulnerability management program, implement strong access control measures, regularly monitor and test networks, maintain an information security policy.

In the article devoted to data security standards Joan Herbig, President and CEO of Cambia Security, a security policy enforcement provider, writes for CSO Magazine: "Embracing the PCI standard may sound like a big task, and you may wonder if it’s even necessary for your business. However, before you fill up your dance card with other priorities, consider this: As of now, there is no known case of a PCI-compliant network being compromised."    

For software developers Visa/MasterCard provides the PCI DSS Compliance Payment Application Certificate. Only 50 payment applications have been validated by today. On the intense and constantly growing market it sounds shocking. 50 is a tiny piece of all available products.

Moreover, the up-to-date list includes only 1 payment application for cellular phones – the most fast-growing industry’s tenderfoot (A survey from Visa USA, reported in Bank Systems & Technology, shows that 61% of the respondents ages 25 to 34 were interested in making purchases via their cellphones). Still the adoption of PCI Data security standard may dramatically intensify anti-fraud efforts.

Thus, the major payment systems recommend choosing PCI DSS compliant services and products. It must be a cue for US and European companies as well as worldwide outsourcing software development firms striving to offer high-quality products. In light of this, the introduction of TechnoPark Corp.’s MPPS software and its compliance validation, scheduled for September 2006, is a piece of important shift towards the consolidation of high standards of payment card industry.

TechnoPark Corp. is an outsourcing software development and web design company with head office based in the USA, Florida and technical software center based in Russia and Ukraine. Online payments systems development is one of the company’s focus operation areas. Details at http://www.technoparkcorp.com/content/category/6/25/46/.

Contacts: TechnoPark Corp.

http://www.technoparkcorp.com
568, 9th Street, South Suite 202

Naples, Florida 34102

United States of America

+1 (239) 261 59 50

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Arthur Petrenko
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