'On 19th April 2007, Avenues the Holding company for internationally recognized solutions like CCAvenue, ResAvenue, EventAvenue became the first payment gateway in the world to achieve the PCI Certification for Credit Card Data Security Standards 1.1.'
Mumbai, India – On 19th April 2007, ResAvenue became the first Central Reservation System in the world to complete PCI’s Certification for Credit Card Data Security Standards 1.1.
ResAvenue its 3-year-old hotel reservation solution from Avenues’ South-Asia largest ecommerce company that is reputed for designing and developing world-class industry specific solutions. The ResAvenue solution currently enables over 500 internationally located hotels to sell their hotel inventory direct-to-customer, manage all their distribution channels through a single window interface and more. For more information about ResAvenue, visit: www.ResAvenue.com
What is PCI’s Certification for Credit Card Data 1.1 Security?
Payment Card Industry (PCI) Compliance is a set of security standards that were created by the major credit card companies (American Express, Discover Financial Services, JCB, MasterCard Worldwide, and Visa International) to protect their customers from increasing identity theft and security breaches. The PCI standards are stringent standards of security that service providers must follow to store, process and transmit cardholder data (including: network security, data management, application security, personnel and management policies and procedures).
The PCI DSS 1.1 Standards of Compliance also covers all of Avenues solutions that are currently live - CCAvenue India for INR processing, CCAvenue World for Multicurrency processing and EventAvenue: the registration and venue management solution for the MICE vertical.
The Founder - CEO of Avenues, Mr. Vishwas Patel
says, “We have always strived to go beyond the norm in every aspect of our business. Only then can we bring about significant value addition to our hoteliers. Achieving the PCI Standards is just another example of how we like to push the envelope that much further here in Avenues”.
*Avenues CEO Vishwas Patel honored with the prestigious Asia Pacific Information Security Leadership Achievements Award for initiatives such as the PCI certification.
Consumers have enjoyed using credit and debit cards for many years. However, sophisticated thieves have been able to extract credit and debit card information from unsecured databases and other means. This has resulted in a higher incidence of identity theft, a crime that affects merchant companies, financial institutions, e-commerce companies and individuals.
Because of these security breaches, the major credit card companies - American Express, Discover, MasterCard and Visa - decided to create regulations to help prevent theft of consumers' data. The Payment Card Industry (PCI) Data Security Standards were created by MasterCard and agreed to in 2004 by the four major credit card companies. Each of the credit card companies has its own term for these standards. On June 30, 2005, the regulations took effect.
The American Express program is called Data Security Operating Policy (DSOP); the Discover program is called Discover Information Security and Compliance (DISC);The MasterCard program is called MasterCard Site Data Protection (SDP); and the Visa program is called Cardholder Information Security Program (CISP).
About PCI Security Standards Council:
In September of 2006, the five leading payment brands formed an independent council to manage the Payment Card Industry (PCI) Data Security Standard. American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International saw the need to secure payment account data in a globally consistent manner. The new council worked to develop a system that would be more accessible and efficient. As a result, the ongoing monitoring and development will benefit more than one billion payment card users.
The Goals of PCI Standards:
- Develop and maintain a global, industry-wide technical data security standard for the protection of accountholder account information;
- Reduce costs and lead times for Data Security Standard implementation and compliance by establishing common technical standards and audit procedures for use by all payment brands;
- Provide a list of globally available, qualified security solution providers via its Web site to help the industry achieve compliance;
- Lead training, education, and a streamlined process for certifying Qualified Security Assessors (QSAs) and Approved Scanning Vendors (ASVs), providing a single source of approval recognized by all five founding members; and
- Provide a transparent forum in which all stakeholders can provide input into the ongoing development, enhancement and dissemination of data security standards.
Incorporated in the year 2001, Avenues is a zero-debt company, which has been profitable from its inception. Avenues is head quartered in Mumbai, India and has subsidiary companies and offices in USA, Singapore and China. Avenues has developed several innovative, cutting-edge ASP hosted solutions that are used by thousands of eMerchants globally. Beginning as a single product company that catered to the local market, Avenues has become a multi-product company that operates on a global scale. The Avenues support and development center is based in Mumbai, India. The total strength of the Avenues team is currently 125 persons spanning across all offices. Avenues has three Business Units namely– Avenues Commercial Services, Avenues Travel Industry Services and Avenues Community Related Services. www.Avenues.info