The past year’s mergers and acquisitions have reshaped the payments ecosystem into one dominated by fewer, bigger payment processors striving to stay on top of the trends in how people make and receive payments.
And as the payment facilitator model continues to evolve and expand, the giants that remain are acknowledging PFs’ leadership in this changing market, with partnerships and initiatives catering directly to the PF landscape.
Compliance solutions provider ControlScan and processor FIS have come together in an effort to streamline PCI compliance for payment facilitators. More specifically, FIS (who acquired Worldpay this summer) will utilize ControlScan’s platform to assist PFs in ensuring compliance with the Payment Card Industry Data Security Standards (PCI DSS). And since this can often be just as complicated as it sounds, this is a big win for PFs.
“Payment facilitators provide a valuable service within the payments chain, but there can be security-related risks inherent in that model,” said Nicole Jass, FIS senior vice president of product, merchant services, via the press release. “We are partnering with ControlScan to proactively address those risks and deliver a platform to our payment facilitators that is specific to their method of payment acceptance.”
With this new offering, PFs currently using solutions from Worldpay from FIS – the new name for FIS’ merchant services business – can streamline the path to compliance for their submerchants. The ControlScan platform will provide customized options for PFs, including access to PCI Qualified Security Assessors (QSAs) that can conduct a formal IT risk assessment to determine any potential compliance pitfalls. And this will benefit both the payment facilitator and the end merchant with increased security protocols and a corresponding decrease in overall risk.
“In recent years we’ve seen aggressive growth in the payment facilitation segment of the payments industry,” said Matt Loos, ControlScan executive vice president of business development, in the same release. “We are excited to partner with FIS and are looking forward to guiding payment facilitators through a best-practices approach for maintaining their own compliance and security, as well as that of their submerchants.”
Other benefits of the partnership include the ability for PF clients to become ControlScan certified as PCI DSS Level 1 Service Providers.