DeFi Banking Firm Scallop Gets Added By Global Council To Help In Payment Data Security

Scallop aims to further strengthen PCI security standards.

DeFi banking corporation has been added by the traditional finance giants American Express, Discover, Visa, and Mastercard to its participating organizations, which will help improve payment data security around the world.

Scallop, a regulated DeFi banking app, has joined the PCI Security Standards Council (PCI SSC), a global organization dedicated to improving payment data security. The DeFi firm says it will collaborate with the PCI SSC on the ongoing development and adoption of the PCI Security Standards.

The scallop is helping to “improve payment security globally,” according to Lance Johnson, PCI SSC Executive Director, by helping to raise awareness and push implementation of the PCI Security Standards, a global standard for payment security governed by the PCI SSC.

“In an era of increasingly sophisticated attacks on systems, PCI Security Standards and resources help organizations secure payment data and prevent, detect and mitigate attacks that can lead to costly data breaches.”

By contributing DeFi-industry insights and recommending initiatives for the council, the DeFi banking project will join 800 other organizations in helping secure payment data around the world. In addition, the firm will participate in council meetings and share cross-sector experiences.

eBay, a worldwide e-commerce firm, recently revealed that it may integrate crypto payments soon, in yet another example of traditional banking and blockchain-based payments colliding. eBay CEO Jamie Iannone stated in an interview that the corporation is looking into new payment methods.

Meanwhile, a digital asset banking executive believes that a more translatory framework will encourage more institutions to use cryptocurrency. SEBA Bank executive Christian Borel told Cointelegraph in a recent interview that institutional investors require regulated partners to operate safely. As regulations become clearer, institutions may begin to invest more money in the crypto business.