Magazine article American Banker

Visa Offers Compliance Awards

Magazine article American Banker

Visa Offers Compliance Awards

Article excerpt

Visa USA, which has imposed fines on acquirers whose merchants do not comply with its data security rules, says it will begin rewarding those that do next year.

To this end, the San Francisco association has budgeted $20 million for its Payment Card Industry Compliance Acceleration Program, it said Tuesday. The program is focused on Visa's largest merchants, known as Level 1, which handle more than six million transactions a year and on Level 2 merchants, which handle from one million to six million transactions. Together, the two categories comprise more than two-thirds of Visa's volume, it said.

Eduardo Perez, the vice president of payment system risk at Visa, said that 36% of its Level 1 merchants comply with the PCI Data Security Standard, and 62% have submitted a report detailing how and when they expect to become compliant.

"This program is going to continue to focus their efforts," Mr. Perez said. Some acquirers and merchants may speed up their compliance timelines to make sure they meet a deadline to qualify for the cash rewards.

The PCI Data Security Standard was adopted by the card companies in 2004 as a uniform set of rules for data and network security. Visa said it is focusing on merchants that violate its rules for storing data such as the "card verification value," which is hidden in the card's magnetic stripe and used to verify its authenticity, or the "CVV2," which is printed on the card to verify it for remote transactions and PINs. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.