As The Council’s Newest Associate Participating Organization, NePS to Contribute to The Development of PCI Security Standards
KATHMANDU, NEPAL, March 21, 2023 /24-7PressRelease/ — Nepal Electronic Payment Systems Ltd (NePS), a licensed Payment System Operator and a consortium of leading national and development banks of Nepal, announced today that it has joined the PCI Security Standards Council (PCI SSC) as a new Associate Participating Organization. NePS will work with the PCI SSC to help secure payment data worldwide through the ongoing development and adoption of the PCI Security Standards.
The PCI SSC leads a global, cross-industry effort to increase payment security by providing flexible, industry-driven, and effective data security standards and programs. Global industry collaboration is critical to this mission. The Council’s Participating Organizations program brings together industry leaders to strategize about how to protect payment data from the latest threats and to anticipate the needs of an ever-changing payment ecosystem.
As an Associate Participating Organization, NePS adds its voice to the standards development process and will collaborate with a growing community to improve payment security worldwide. NePS will also have the opportunity to recommend new initiatives for consideration to the PCI Security Standards Council and share cross-sector experiences and best practices at the annual PCI Community Meetings.
“In an era of increasingly sophisticated attacks on systems, PCI Security Standards and resources help organizations secure payment data and prevent, detect and mitigate attacks that can lead to costly data breaches,” said Lance Johnson, Executive Director of the PCI Security Standards Council. “By joining as an Associate Participating Organization, NePS has the opportunity to play an active part in improving payment security globally by helping drive awareness and adoption of PCI Security Standards.”
Sanjib Subba, CEO of NePS, commented, “We are extremely delighted to have been accepted as an Associate Participating Organization in PCI Security Standard Council. It is a huge milestone for us, and being a sole Participating Organization from Nepal, we expect to contribute by recommending new initiatives for consideration to the PCI Security Standard Council, share our country’s experience and practices at the annual PCI Community Meetings. We aim to play an active role in shaping the payment security related practices in Nepal and spreading awareness about the security of payment related transactions in Nepal. Further, we hope that the various resources available to the Participating Organization will help us become more proactive in security of payment related transactions.”
Nitin Bhatnagar, Regional Director of PCI SSC, said, “We are glad to have NEPS – Nepal Electronic Payment Systems join as an Associate Participating Organization. They are an important voice to have at the table as South Asia is an increasingly significant market when it comes to cybersecurity. There is a need for global cooperation and collaboration among cybersecurity professionals. We welcome more organizations from South Asia to join the Council’s growing community to help the education and implementation of strong payment security standards in the region.”
About the PCI Security Standards Council
The PCI Security Standards Council (PCI SSC) leads a global, cross-industry effort to increase payment security by providing industry-driven, flexible and effective data security standards and programs that help businesses detect, mitigate and prevent cyberattacks and breaches. Connect with the PCI SSC on LinkedIn. Join the conversation on Twitter @PCISSC. Subscribe to the PCI Perspectives Blog.
About the NePS
Nepal Electronic Payment Systems (NePS) is a public limited company established on 18th Falgun, 2069 (1st March, 2013) as a consortium of leading national commercial and development banks with the aim to establish centralized solution for cards issuance, issuing and acquiring transactions with connectivity to various National and International Payment Associations. Today, NePS provides many other services including ATM/POS management, 24/7 Monitoring & Support, ACS 3D secure to 13 financial institutions within the country. Currently, NePS manages more than 2000+ ATMs and 14,000 + POS country wide. NePS is a licensed Payment System Operator (PSO) regulated by Central Bank of Nepal.
NePS gives the highest value to security and strictly complies with Payment Card Industry standards and continues to strive for operational excellence. NePS has established itself as a key player in the emerging Nepal Fintech industry with technology enhancement and innovations. As its strategic priority, NePS continues to take various initiatives to promote financial inclusion. NePS embraces collaboration with bilateral and multilateral partners in an effort to contribute to the vision of “Digital Nepal”.
For the original version of this press release, please visit 24-7PressRelease.com here