Metavante Technologies today announced that it has been granted Payment Application Best Practice (PABP) certification from Visa Europe for both card issuing and transaction acquiring.
Metavante Technologies Ltd., a leading provider of prepaid and debit card processing and licensed software in Europe, is part of Metavante (NYSE:MV), a U.S.-based provider of banking and payments technology.
Metavante Technologies Ltd. is the first payments software vendor to receive PABP certification for card issuing software from Visa Europe. This certification signifies that Metavante Technologies meets industry standards for cardholder data security, providing its clients with the platform necessary to adhere to the Payment Card Industry Data Security Standard (PCI DSS), which seeks to better protect consumer payment account data.
"PABP certified payment software should facilitate and sustain PCI DSS compliance for financial institutions and retailers because the standards are essentially more rigorous," said John Yeomans, president, Metavante Technologies Ltd. "With Metavante Technologies becoming the first European software vendor to obtain PABP certification for card issuing, it should provide peace of mind to our clients seeking to become PCI DSS compliant. It demonstrates that through our CORTEX platform, we are providing clients with the necessary technology and a path to PCI DSS certification."
Ambersail Ltd., a Qualified Security Assessor for Payment Card Industry (PCI) compliance, conducted the audit of Metavante Technologies Ltd.'s CORTEX card processing software platform. The regulations enforced by Visa Europe to become PABP certified are derived from PCI DSS compliance regulations. The PCI DSS is a comprehensive payments industry security standard meant to help organizations protect customer account information.
"We've been very impressed with the effort committed by Metavante in order to address the stringent requirements for PABP compliance," said Simon Chapman, technical director, PCI auditor, Ambersail Ltd. "We're delighted to have been able to assist in the successful validation of the CORTEX platform."
Metavante Technologies' CORTEX platform is a highly scalable, comprehensive card payment software solution for the banking industry, processing prepaid, debit and credit card-based transactions at every level of an electronic funds transfer network.