Overview
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.
We begin with an audit draft report that highlights the initial findings of our comprehensive security assessment. This report details any discrepancies or areas of concern identified during the preliminary evaluation. It serves as a foundation for further analysis and helps in understanding the initial security posture of the organization, providing a clear direction for necessary improvements and remediation steps.
Our team offers robust remediation support through a GAP Assessment Report. This report outlines specific recommendations to address non-compliant controls and vulnerabilities discovered during the audit. We provide actionable insights and step-by-step guidance to help your organization rectify these issues, ensuring a secure and compliant operational environment.
Following the remediation phase, we compile a final audit report that encapsulates the comprehensive findings of our security assessment. This detailed report includes evaluating all controls, systems, and processes, highlighting any residual risks, and providing a thorough analysis of the organization’s security posture. It is a critical document for demonstrating compliance and ensuring ongoing security.
Upon successful completion of the audit and remediation process, we issue a compliance letter. This letter certifies that your organization meets all applicable controls and regulatory requirements. It serves as an official confirmation of compliance, reassuring stakeholders and regulatory bodies of your commitment to maintaining a secure and compliant environment.
We provide a detailed report and attestation, which serves as an official document validating the findings and remediation actions taken. This report includes all necessary documentation required by regulatory authorities and is a testament to the thoroughness of our audit process. The attestation confirms that your organization has met all specified security standards and compliance requirements.
We offer ongoing compliance monitoring services to ensure that your organization continues to meet regulatory requirements. This includes periodic reviews, updates on new regulatory changes, and continuous support to address any emerging security challenges. Our proactive approach helps maintain a high level of security and compliance, mitigating risks and ensuring the safety of your critical data and systems.
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.
