comforte AG has announced its Data Security Solution and Practice for the Payments Industry. The solution is making its debut at Card Forum 2019, the annual gathering of card and payment executives from the industry’s leading issuers, networks, retailers and innovators. Card Forum 2019 is being held this week in New Orleans.
comforte AG has over a decade of history working with payment service providers (PSPs) to achieve compliance with data security regulations, in particular PCI DSS, as well as with more recent legislation such as the EU’s General Data Protection Regulation (GDPR) or the upcoming California Consumer Privacy Act (CCPA). Our new solution will provide PSPs with enterprise-grade data security that not only fulfils key requirements of existing regulations, but will also help them to prepare for PSD2, which comes into effect in September of this year.
PSD2 and open banking offer PSPs numerous opportunities to generate additional revenue, reduce costs, and increase market value. Mobile applications will open new revenue streams for PSPs, either through subscription fees or commission fees for recommended third party services.
The new regulation also offers new opportunities to monetize data, which is where comforte’s new payments security solution comes into play. Data is extremely valuable for trend analysis and business intelligence, but it can only be distributed in an aggregated and protected form in order to protect individuals’ privacy. Organizations hoping to leverage this new opportunity will have to ensure that sensitive personal information is protected both in house and when being shared with or sold to partners. comforte AG’s data security solution makes this possible by protecting the data throughout its lifecycle.
This new development is part of comfort ..