Scallop will help raise awareness of the PCI Security Standards and encourage their adoption.
Traditional finance conglomerates American Express, Discover, Visa, and Mastercard have formed a council to welcome a decentralized finance (DeFi) banking corporation to a forum of participating organizations that work to improve payment data security around the world.
Scallop, a regulated DeFi banking app, has joined the PCI Security Standards Council (PCI SSC), a global group dedicated to improving payment data security throughout the world. The DeFi business says it will collaborate with the PCI SSC on the continued development and implementation of the PCI Security Standards.
Scallop is helping to “improve payment security globally,” according to Lance Johnson, executive director of the PCI SSC, by helping to raise awareness and drive adoption of the PCI Security Standards, a global standard for payment security maintained by the PCI SSC.
“In an era of more complex system attacks, PCI Security Standards and resources assist organizations in securing payment data and preventing, detecting, and mitigating attacks that can result in costly data breaches.”
The DeFi banking project will join 800 other organizations in offering DeFi-industry insights and recommending activities to the council as a participant, helping to protect payment data around the world. In addition, the firm will participate in council meetings and share cross-sector experiences.
eBay, a worldwide e-commerce firm, recently revealed that it may integrate crypto payments soon, in yet another example of traditional banking and blockchain-based payments colliding. eBay CEO Jamie Iannone stated in an interview that the corporation is looking into new payment methods.
Meanwhile, a digital asset banking executive believes that a more transparent regulatory framework will encourage more institutions to use cryptocurrency. In an interview, SEBA Bank executive Christian Borel stated that institutional investors require regulated partners in order to operate safely. As the laws become clearer, institutions may begin to invest more money in the cryptocurrency market.