RBI Guidelines For Payment Aggregators & Payment Gateway

Overview

As a CERT-In Empanelled Security Auditor, assistance is provided to organizations in adapting to the updated regulations issued by the RBI, including recent amendments. On March 17, 2020, the RBI introduced new regulations for Payment Aggregators (PAs) and Payment Gateways (PGs), emphasizing the importance of user data and transaction security. These guidelines mandate that the highest security standards be implemented to support the RBI’s efforts in enhancing digital payment security.
Understanding RBI guidelines for PAs and PGs is crucial for the payments industry, as these regulations set the standards for payment gateway companies. They ensure that service providers use stringent security measures to protect sensitive information and secure financial transactions from unauthorized access. These regulations also foster trust between service providers and consumers, strengthening various aspects of the payment ecosystem. Effective management of these requirements is essential for compliance with RBI standards.
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Methodology

A methodology is followed to ensure complete conformity to RBI guidelines for PAs & PGs. This process starts by reviewing and approving the organization’s security policies for compliance with PCI-DSS and PA-DSS requirements. It includes contractual relations with merchants on customer data security and common security and risk assessment review meetings, preferably during contractors ’ renewal. The approach is complemented by a highly effective fraud prevention and risk management system to protect the client and prevent fraudulent occurrences. It encompassed having adequate safeguards about the student’s records and following a board-endorsed policy on information security. Moreover, the methodology includes technology recommendations focused on governance, data security, and incident reporting.

Major Regulations

Regulation of PAs and PGs (March 17, 2020)

The guidelines released on March 17, 2020, define the regulatory measures for the Payment Aggregators (PAs) and Payment Gateways (PGs) businesses. They lay down very demanding standards in security, risk, and customer protection, which helps corroborate that PAs and PGs conform to higher standards when it comes to protecting customers’ data and promoting secure transactions.

Account Operation Payment Settlement (2009-10)

These directions govern the opening and conduct of accounts for the delivery of electronic payment transactions with third parties. It gives elaborate procedures for payment settlement, underlining the importance of security and efficiency of electronic money transactions while safeguarding the clientele’s interests.

Clarifications on PA/PG Guidelines (Updated)

This regulation also consists of additions and modifications to the first guidelines provided on March 17, 2020. It can help PAs and PGs to stay aligned with the new and emerging guidelines, which are beneficial in meeting the recent changing security factors and functional chains in the payments space.

Our Approach.

Implementing RBI Guidelines for Payment Aggregators & Payment Gateways

To effectively implement RBI guidelines, ensure regular security assessments, maintain up-to-date encryption standards, and enforce strict access controls. Develop a comprehensive risk management framework that includes fraud prevention measures and a robust incident response plan. Regularly train staff on security protocols and compliance requirements. Collaborate with certified auditors for periodic reviews and stay informed about any updates to the guidelines to ensure ongoing compliance.

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