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March 01, 2024

Payment platform scales up cybersecurity standards

Bayad continues to trailblaze the fintech industry being the trusted brand in the outsourced payment collection service in the Philippines by further upgrading its cybersecurity posture.

Mel Migriño, chief information security officer, said Bayad obtained its Payment Card Industry Data Security Standard (PCI DSS) Certification last February 23, 2022.

“This milestone is a validation of Bayad’s upgraded cybersecurity posture. Bayad has undertaken unprecedented efforts to address the growing cyber risks in the financial services industry. Hence, this feat is imperative in providing assurance to our customers that digital trust is paramount for Bayad,” Migriño said.

Having aggregated a multitude of billers that are now being used by more than 100,000 physical touchpoints and leading digital and mobile platforms across the country, Bayad continues to enhance and intensify its cybersecurity initiatives to maintain its robust system.

PCI DSS is an information security standard for all business entities that handles card information. It was thoroughly assessed by SISA, a forensics-driven cybersecurity company specializing in risk assessment, security compliance & validation, monitoring & threat hunting, as well as training for various payment security certifications.

With SISA’s impeccable credibility, the assessment has proven that Bayad provides reliable service solutions after deploying multi-factor authentication, key management system, data at rest encryption, secure wipe solutions, and web application firewall that are critical features in passing for the said data security standard certification.

Bayad President and CEO, Lawrence Ferrer said cybersecurity measures allow the company to confidently innovate and co-create projects with various stakeholders centered on the goal of maintaining a frictionless customer experience.

“We value the trust that our customers and our partners give us, that is why we want to make sure that we follow a holistic approach to system design that incorporates technical safeguards,” Ferrer said.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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