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

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

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Traditional finance giants American Express, Discover, Visa, and Mastercard have formed a council to welcome decentralised finance (DeFi) banking corporation to their participating organisations, which will help improve payment data security globally.

In fact, Scallop, a regulated DeFi banking app, has joined the PCI Security Standards Council (PCI SSC). A global organisation dedicated to improving payment data security. The DeFi business said it will support the PCI SSC in the continued development and implementation of the PCI Security Standards.

According to Lance Johnson, Executive Director of the PCI Security Standards Council, Scallop is helping to “improve payment security globally”. By helping to raise awareness and push adoption of the PCI Security Standards. A global standard for payment security governed by the PCI SSC.

“In an era of more complex system assaults, PCI Security Standards and resources assist firms in securing payment data. As well as preventing, detecting, and mitigating attacks that can lead to costly data breaches.”

Helping protect payment data around the world

By offering DeFi-industry insights and recommending activities for the council as a participant, the DeFi banking project will join 800 other companies. In helping protect payment data around the world. Additionally, the firm will attend council meetings and share cross-industry expertise.

In yet another example of traditional finance and blockchain-based payments colliding, eBay, the world’s largest e-commerce company, recently announced that crypto payments will be added soon. eBay CEO Jamie Iannone stated in an interview that the company is investigating new payment options.

Meanwhile, a more transparent regulatory environment, according to a digital asset banking executive, may encourage more institutions to adopt crypto. SEBA Bank chief Christian Borel said in a recent interview that institutional investors require regulated partners to function safely. As regulations become clearer, institutions may begin to invest more in the crypto sector.

DeFi ‘more than a technical gimmick’ — it’s the future for big business

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