Bayad continues to grow in the Philippine fintech industry as an outsourced bills payment collection service provider that enables a one-stop-shop payment solution for customers.
Formerly known as Bayad Center, it has since then rebranded to Bayad and transform itself to a digital first institution that offers a wide-range of services for consumers and enterprises. From its own brick-and-mortar business model, Bayad has expanded its payment ecosystem by connecting a multitude of billers with leading establishments and e-money players in the country.
Today, Bayad stands as a fintech subsidiary of Meralco, the largest electric distribution utility company in the country. As Bayad enhances its backened and frontend solutions, it also intensifies its cybersecurity measures, where trust and convenience remain at the core of its consumer protection standards.
In line with these efforts, Bayad has successfully obtained its Payment Card Industry Data Security Standard 4.0 (PCIDSS 4.0). This security standard certification 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.
SISA's assessment has proven Bayad's capability to provide reliable fintech solutions, having effectively deployed 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 Deputy Chief Information Security Officer Rolly Banez said, "Bayad's PCIDSS 4.0 certification attests our commitment in harnessing technologies that will foster security, efficiency, and scalability in digital payments. The robust cybersecurity measures we implement enables us to confidently innovate and co-create projects with various stakeholders centered on our goal of maintaining a frictionless customer experience."
"Bayad's PCIDSS 4.0 certification is a critical milestone in our continuous fight against cyber threats. Consequently, cybercrime remains one of the foremost risks confronting businesses and communities. At Bayad, we recognize the role that cybersecurity plays in protecting our consumers and our business counterparts," said Rocky Bacani, Bayad Chief Information Security Officer.
"Ultimately, efficiency and innovation are the bedrock of Bayad's cybersecurity initiatives. We value the way people do payments and also help institutions to thrive and expand, with a robust system that enables reliable, seamless and real-time transactions," concluded Lawrence Ferrer, President and CEO at Bayad.
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