The Importance Of Regulatory Compliance

No matter what line of business you’re in, being aware of the status of regulatory compliance is essential to keep all processes streamlined and ensure that the transactions you conduct with your customers comply with these standards efficiently and securely.

Businesses operating in the modern world are accountable to various regulations. Complying with these regulations is essential for avoiding trouble with the law. Knowing local data protection laws to deal with Personal Identifiable Information (PII) on financial-related issues is imperative.

What to Check for Compliance Assurety?

The financial sector has always been at the forefront of data residency, as it requires high-level security. Institutions are required to maintain regulatory compliance and oblige data residency laws.

These laws include knowing what information can be transferred across borders, how consent was obtained from clients, where their info could end up if not processed locally, and penalties that await those found guilty when distributing privileged information without permission.

How can you ensure you’re up-to-date to protect your company and its customers?

• PCI DSS Compliance: includes setting up a proper firewall, automatic denial of unauthorized access, and encrypted storage.
• Encryption or tokenization: this limits who can access regulated information.
• Local data storage: avoid the fines that come with the risk of transferring data abroad or by using cheap data storage servers.

How Does Paystand Assure Compliance?

Businesses tend to refrain from adopting technology when talking about process automation, especially in the financial sector, as manual processing allows them to control sensitive information and be up to date with data security.

Keeping up to date with PII regulations can also be costly and time-consuming. This is where choosing process automation with Paystand comes in handy.

The Paystand approach to data security is rooted in the unique nature of B2B payments and provides robust, comprehensive coverage for your financial needs. We employ embedded safeguards and protocols to secure payment information, protecting your business and customers with industry-leading controls and technology.

Built-In Assurety Compliance

At Paystand, we’re committed to your privacy and data security. We use state-of-the-art encryption technology that ensures only you can access them, whether in flight during a transaction or at rest within our database. We achieve this through:

• PCI DSS Level 2 certification: ensures all card data protection according to the highest industry standards.
• Fund on file tokenization: vaults payment information in a secure environment, allowing authorization, charging, and re-using a payment method without accessing private information.
• Database encryption and password hashing: processed with secure AES-256 encryption, ensures sensitive data and passwords are secure when users pass and store them in our database.

Undoubtedly, ensuring regulatory compliance is one of the most critical aspects of an ethical business. Good ethical behavior is the foundation of long-lasting relationships, as it protects your resources and reputation and builds trust among your customers and prospects or vendors.

We understand the importance of adhering to regulatory compliance and know that manual updates that oblige local and international laws can be a handful. That’s why we make it our business to keep yours updated automatically through Built-In Assurety that improves security and compliance to keep all your data protected according to all laws and regulations.