Building trust in the payments ecosystem
As the world continues to move toward cashless and digital payment models, consumers expect their accounts, money and personal information to be protected. It’s a level of confidence that should be proven at every stage of the payment process and continually evaluated to be secure. Payment innovation in an interconnected, digital world is complex, which can lead to risks and vulnerabilities.
Due to bad actors, the payment ecosystem is one of the first to have developed a structured and robust approach in cybersecurity. Over the years, multiple ways of paying digitally have emerged. From debit and credit cards and dedicated POS terminals, countries around the world have rapidly evolved towards making or accepting payment with a smart phone, using a digital wallet, a QR code, or an app. Today, everyday consumer and industrial smart devices are increasingly incorporating a payment functionality. Smart appliances, smart cars, warehouse management devices are a few examples of devices that incorporate payment functionality. This means that securing them includes securing their payment functionality.
UL has many global accredited cybersecurity laboratories equipped to test and certify financial transaction equipment, application integration, and value chain processes. Our laboratory-based and remote engineers evaluate conformance to current payment processing schemes and related mandatory standards. They can also provide preliminary gap and vulnerability assessment and/or provide customized training depending on specific client needs.
We serve the entire smart payment ecosystem including commercial banking, merchants and retailers, mobile networks and fintech providers.