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As financial institutions make significant investments in cybersecurity technologies and systems, the hacking techniques of those determined to break into those systems and compromise information have become even more sophisticated. From the infamous Bank of Bangladesh hack using SWIFT credentials, to the current malware attacks like Wannacry and Petya, banks around the world are extremely vulnerable and even more specifically the payments ecosystem within these banks.
The payments ecosystem has evolved to be centered on the focus of speed, such as enabling faster or immediate payments across the world, and being able to do that at any time of day. While banks are investing in offering their clients speed and facilitation of payments efficiently, what they do not want to compromise is their security in exchange for faster payments.
In the case of cross-border payments there is currently no standard or specific regulation centered around security and compliance for cross-border payments and as a result, there has to be a level of trust and security felt by all parties involved. For example, the originators and receivers need to fully trust the system that it is transmitting funds to and from each party in the most secure and efficient manner possible.
At PayCommerce, we employ various tools and technology to ensure that clients are confident in every transaction they make.
For example, Paycommerce uses the Federated Ledger™ to create a highly secure and efficient platform that offers end-to-end security for all parties involved, allowing every transaction to be tracked throughout its entire lifecycle. The technology offers:
Additionally, we have worked tirelessly to integrate various security and compliance features and lists that are shared across the industry, including AML, KYC, OFAC and PEP.
In today’s technology-based society, our banking and payments systems face more threats today than ever before. By working within industry standards, partnering with governments, financial bodies, regulators and corporates, we can work together to make the payments ecosystem as secure as possible and maintain trust with our customers, partners and stakeholders.