Thursday, November 1, 2007
More mandates coming from Visa
Visa Inc. will issue a series of five security mandates pertaining to payment applications starting Jan. 1, 2008. In a bulletin issued Oct., 23, 2007, Visa stated the mandates "require acquirers to ensure their merchants and agents do not use payment applications known to retain prohibited data elements and require the use of payment applications that adhere to Visa's Payment Application Best Practices (PABP)."
The mandates take effect over three years. Visa provided a summary of each:
- Jan. 1, 2008: Newly boarded merchants must not use known vulnerable payment applications, and VisaNet Processors (VNPs) and agents must not certify new payment applications to their platforms that are known vulnerable payment applications.
- July 1, 2008: VNPs and agents must only certify new payment applications to their platforms that are PABP-compliant.
- Oct. 1, 2008: Newly boarded level 3 and 4 merchants must be Payment Card Industry (PCI) Data Security Standard (DSS) compliant or use PABP-compliant applications.
- Oct. 1, 2009: VNPs and agents must decertify all vulnerable payment applications.
- July 1, 2010: Acquirers must ensure their merchants, VNPs and agents use only PABP-compliant applications.
To download Visa's full Oct. 23 bulletin, visit www.greensheet.com/mc/visacisp_oct2007.pdf . For a list of PABP-validated applications, visit www.visa.com/pabp .
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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