Fergie's Tech Blog

Visa Rolls Out New Payment Application Security Mandates

Jaikumar Vijayan writes on ComputerWorld:

Amid signs of growing frustration in the retail community over the credit card industry's payment card industry (PCI) data security requirements, Visa on Tuesday quietly rolled out an additional set of Payment Application Security Mandates for all companies that handle credit and debit card transactions.

Under the multi-phase initiative, covered entities will [have] three years to ensure that all their payment applications are compliant with a set of security requirements mandated by Visa. The rules apply to any third-party payment software used by companies for storing, processing or transmitting cardholder data.

For many companies, especially large ones using older payment applications, Visa's mandate could mean "tens of millions of dollars" in upgrades to new technologies over the next few years, said Jim Huguelet, an independent consultant in Bolingbrook, IL. The mandates will also "by proxy" force vendors of payment applications to finally start implementing security features that have been recommended by Visa and others for some time now, he said.

posted by Fergie @ 10/25/2007 01:26:00 PM