Global council adds DeFi banking firm Scallop to help secure payment data

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A council formed by traditional finance conglomerates American Express, Discover, Visa and MasterCard welcomes a decentralized finance (DeFi) banking firm to its participating organizations to help improve payment data security around the world.

Scalp, a regulated DeFi banking app, recently announced its entry into the PCI Security Standards Council (PCI SSC), a global community that aims to improve payment data security around the world. According to the DeFi firm, it will work with the PCI SSC to support the ongoing development and adoption of PCI security standards.

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PCI SSC Executive Director Lance Johnson says that Scalp is playing its role in “improving payment security globally” as they adopt PCI Security Standards, a global standard for payment security administered by PCI SSC, and PCI Security Standards. help adopt.

“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.”

As a partner, the DeFi Banking Project will join 800 other organizations to help secure payment data around the world by contributing DeFi-industry insights and recommending the initiative to the Council. The firm will also participate in council meetings and share cross-sector experiences.

Connected: Coinbase proposes crypto technology to boost compliance with global sanctions

In another cross-over example of traditional finance and blockchain-based payments, multinational e-commerce corporation eBay recently announced that the marketplace may soon be adding crypto payments. In an interview, eBay CEO Jamie Iannone mentioned that the company is looking at new payment methods.

At the same time, according to a digital asset banking official, a clear regulatory environment could prompt cryptocurrency adoption from more institutions. In a recent interview with Cointelegraph, SEBA Bank executive Christian Borrell said that institutional investors need regulated partners to operate safely. This means that as regulations become more clear, institutions may start pouring more money into the crypto space.