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The rule requires the originators (and thirdpartyserviceproviders) to protect bank account information unreadable when it's stored electronically. Basically, the sensitive bank account data needs to be tokenized.
Alchemy Pay , the pioneering fiat-crypto paymentgateway, has entered into a strategic partnership with Worldpay, the No.1 1 global acquirer, to amplify its payment channels and elevate its payment capabilities.
This mix of internal versus outsourced operations can make data connectivity more complicated, as information must be moved between both internal systems of a business and the external systems of its third-partyserviceprovider. Technological Barriers.
P Payment Card A card that can be used to make electronic payments, such as a credit or debit card. PaymentGateway A service that enables merchants to accept electronic payments from customers through a website or mobile application.
In this way, a merchant gets access to accounts he opens for connection with different serviceproviders through one platform. Using POP, he does not need to develop such accounts and support their technical integration, so it will no longer be necessary to involve third-partyserviceproviders.
Whether that is collecting credit card numbers to transmit with a paymentgateway, placing details into a shared customer relationship management system, or storing card numbers in an encrypted database—all of this sensitive information must be protected according to the specifics of the PCI-DSS standard.
This is a prime example of how were removing barriers to scale, as paymentproviders can win new business without adding friction to checkout processes, and they wont need to change from their existing provider or deal with the hassle of doing integrations themselves. How did you get into the fintech industry?
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