The board, formed by the traditional financial conglomerates American Express, Discover, Visa and Mastercard, welcomes the decentralized banking company (DeFi) to a forum of participating organizations that help improve the security of payment data around the world.

Regulated DeFi Banking App Scallop recently announced its membership in the PCI Security Standards Council (PCI SSC), a global community dedicated to improving the security of payment data worldwide. According to DeFi, it will work with PCI SSC to assist in the ongoing development and implementation of PCI security standards.

Lance Johnson, CEO of PCI SSC, says that Scallop helps to “improve payment security on a global scale” by helping to raise awareness and promote the use of PCI Security Standards, the global payment security standard administered by PCI SSC.

“In an age of increasingly sophisticated attacks on systems, PCI security standards and resources help organizations protect payment information and prevent, detect and reduce attacks that could lead to costly data breaches.”
As a member, the DeFi Banking Project will join 800 other organizations to help secure payment data around the world by providing information on the DeFi industry and recommending initiatives to the council. The company will also attend board meetings and share experiences across sectors.

Related: Coinbase offers cryptotechnology to increase compliance with global sanctions

In yet another case of traditional finance and blockchain-based payments, the multinational e-commerce company eBay recently announced that the market may soon add payments with cryptocurrency. In an interview, eBay CEO Jamie Iannone mentioned that the company is considering new payment methods.

In the meantime, a clearer regulatory environment can encourage more institutions to adopt cryptocurrency, according to a head of digital asset banking. In a recent interview with Cointelegraph, Christian Borrell, CEO of CIBA Bank, said that institutional investors need regulated partners so that they can operate safely. This means that as the rules become clearer, institutions can start pouring more money into the crypto sector.

Source: CoinTelegraph