SmartStream receives PCI-DSS certification; boosts payment systems protection

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SmartStream Technologies has announced the certification for PCI-DSS version 3.2.1, level 1, thus gaining additional reassurance to serve card and digital payments customers and process personal identifiable information across the world. The certification is, in a lot of cases, mandatory for solutions partners. The company’s reconciliations platform and OnDemand (SaaS) services have been certified at a high level of security standards.

Haytham Kaddoura, the CEO, SmartStream, stated, “The process was rigorous, it included revisiting numerous policies, testing security solutions and implementing new processes, it was a collaborative team effort across all of the business units. This requirement was driven by our clients, and it is now critical and demanded by all financial institutions. It simply gives us the hallmark of trust, which is especially important in these current times, with data security and fraud detection being so high on the corporate agenda”.

According to SmartStream, achieving PCI-DSS status involves demonstrating high levels of security across the whole organisation, covering domains such as physical security, personnel security, fraud control mechanisms, IT & data security as well as data privacy.

SmartStream, in March, announced a partnership with Luxoft, a DXC Technology Company, for enabling financial institutions to digitally transform their post-trade lifecycle for establishing a cost-effective middle and back-office operations. It also announced the extension of its Reference Data Utility (RDU) Securities Financing Transactions Regulation (SFTR) service. The updated service will include an API for firms that require data access for managing reference data challenges before the SFTR reporting deadline of July 13th.