Bayad is now PCIDSS 4.0 certified, elevating payment security standards in the Philippines

Wednesday, July 10, 2024

With the fast-growing fintech network in the Philippines, Bayad continues to trailblaze in the industry as an outsourced bills payment collection service provider, enabling a one-stop-shop payment solution for its consumers.

Formerly known as Bayad Center, the company has rebranded to Bayad, transforming into a digital first institution which offers a full-range of services made available for consumers and enterprise. From its own brick-and-mortar business model, Bayad has expanded its payment ecosystem by connecting a multitude of billers with leading establishments and e-money players in the country.

Today, Bayad stands as a fintech subsidiary of Meralco, the largest electric distribution utility company in the Philippines.

As Bayad enhances it backend and frontend solutions, it also intensifies its cybersecurity measures, where trust and convenience remain at the core of its consumer protection standards. 

In line with these efforts, Bayad has successfully obtained its Payment Card Industry Data Security Standard 4.0 (PCIDSS 4.0).

The said security standard certification was thoroughly assessed by SISA, a forensics-driven cybersecurity company specializing in risk assessment, security compliance & validation, monitoring & threat hunting, as well as training for various payment security certifications.

SISA’s assessment has proven Bayad’s capability to provide reliable fintech solutions, having effectively deployed multi-factor authentication, key management system, data at rest encryption, secure wipe solutions, and web application firewall that are critical features in passing for the said data security standard certification.

Bayad Deputy Chief Information Security Officer Rolly N. BaƱez shared, “Bayad’s PCIDSS 4.0 certification attests our commitment in harnessing technologies that will foster security, efficiency, and scalability in digital payments. The robust cybersecurity measures we implement enables us to confidently innovate and co-create projects with various stakeholders centered on our goal of maintaining a frictionless customer experience.”

Bayad Chief Information Security Officer Rocky D. Bacani added “Bayad’s PCIDSS 4.0 certification is a critical milestone in our continuous fight against cyber threats. Consequently, cybercrime remains one of the foremost risks confronting businesses and communities. At Bayad, we recognize the role that cybersecurity plays in protecting our consumers and our business counterparts.”

Bayad President and CEO Lawrence Y. Ferrer also underscored “Ultimately, efficiency, and innovation are the bedrock of Bayad’s cybersecurity initiatives. We value the way people do payments and also help institutions to thrive and expand, with a robust system that enables reliable, seamless and real-time transactions.”

For fintech institutions that are interested to be part of Bayad’s extensive bills payment network, you may send an email to Bayad enables partners to attain nationwide presence and provides end-to-end support services for efficient and secured payment collection processing.