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NewsBriefs

As a steward of the automated clearing house network,
NACHA said that aligning the complementary work of
its API Standardization Industry Group, comprised of
more than 100 leading organizations, and the IFX Open
Banking APIs Working Group, tasked with developing a
standard for more open API access, will benefit industry
stakeholders.
New study finds ISVs can streamline PCI compliance

Researchers have found achieving and maintaining
Payment Card Industry (PCI) security standards
Editor's Note: Following are excerpts from news stories recently posted compliance continues to be a challenge for small and
under Breaking Industry News on our home page. For links to these and midsize merchants. The 2018 ControlScan/MAC Acquiring
other full news stories, please visit www.greensheet.com/breaking- Trends Survey, published Feb. 28, 2018, surveyed 115
news.php?flag=previous_breaking_news. acquirers, processors, ISOs and payment facilitators.
SEC toughens cybersecurity guidelines Global security company ControlScan co-authored
the report with Merchant Acquirers' Committee, an
he Securities and Exchange Commission pub- organization of bankcard professionals involved in the risk
lished new cybersecurity guidelines for public- management side of card processing. The organizations
ly traded companies that became effective Feb. said the comparative analysis, aimed at tracking
T 26, 2018. Security analysts praised the interpre- compliance trends, is their seventh annual survey.
tive guidance for requiring companies to disclose cyberse-
curity risks and incidents within prescribed timeframes. One significant finding was that 67 percent of survey
respondents with decreased compliance rates said
"Given the frequency, magnitude and cost of cybersecurity their merchants had initially achieved compliance but
incidents, the Commission believes that it is critical that subsequently failed to be revalidated. They attributed
public companies take all required actions to inform failures to lack of awareness of requirements and avoidance
investors about material cybersecurity risks and incidents of recertification procedures, which have become more
in a timely fashion, including those companies that are rigorous in recent years, according to some participants.
subject to material cybersecurity risks but may not yet
have been the target of a cyber-attack," the SEC wrote in its As Lyons shifts focus, Mastercard
Commission Statement and Guidance on Public Company aligns digital, physical
Cybersecurity Disclosures document.
An entrepreneur at heart, Mastercard Chief Innovations
The SEC added that crucial to a public company's ability Officer Garry Lyons is leaving the Purchase, N.Y.-based
to make required disclosure of cybersecurity risks and card and payments brand to launch a new technology
incidents in the appropriate timeframe are "disclosure venture closely aligned with the company he has helped
controls and procedures that provide an appropriate to invigorate. Meanwhile, Mastercard is integrating
method of discerning the impact that such matters may its physical and digital payments teams under one
have on the company and its business, financial condition, organization, the Products and Innovation team. The
and results of operations, as well as a protocol to determine reorganization will be effective April 2, 2018; Lyons will
the potential materiality of such risks and incidents." depart the company June 1.
NACHA unites with IFX Forum Mastercard credits Lyons for being a catalyst for its
expanded view of payments technology, as well as for
In a strategic move, NACHA ‒ The Electronic Payments leading the creation of Mastercard Labs, a global research
Association and financial services standards development and development effort that looks at the future from a fresh
organization International Financial eXchange Forum perspective, ascertaining how technology advancements
agreed to combine organizations to accelerate development and consumer trends will affect the company's business.
of standardized application programming interfaces
(APIs) supportive of the global financial services industry. "Garry has helped us to think differently about the
payment experience, using those sparks to deliver
"The powerful combination of IFX Forum's established additional value to customers and consumers," said
leadership in financial industry standards, along with Mastercard President and CEO Ajay Banga. "I'm looking
additional technical expertise in the area of API message forward to the opportunities his new venture will create
development, and NACHA's leadership in payment for our company, both as a customer and as an investor."
and adjacent standards will accelerate this innovation,"
said NACHA President and CEO Janet O. Estep. "The
organizations will be able to build relevant standards in
existing and new business domains."
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