A tale of three channels
This post is about systems, APIs, business decisions. Payment Nearly every transaction involves three parties: a merchant that accepts the card, a bank that issues it, and a payment network that facilitates the transaction between the first two parties. You hear the term PCI a lot. The standard was created to increase controls around cardholder data to reduce credit card fraud. ~ Wikipedia We (financial institutions) offer our clients (card holders) these services to ease their access into their accounts. In most cases, the bank takes the liability for any frauds that happen. So, PCI standards are used in the whole payment process, in the card, POS, and the payment network itself, EBS. It is the industry best practices for the security. ...