Global council adds DeFi banking firm Scallop to help secure payment data

Scallop will help create awareness and drive the adoption of the PCI Security Standards.

A council formed by traditional finance conglomerates American Express, Discover, Visa and Mastercard welcomes a decentralized finance (DeFi) banking firm to its participating organizations that help improve payment data security worldwide.

Scallop, a regulated DeFi banking app recently announced its entry to the PCI Security Standards Council (PCI SSC), a global community with a goal to improve payment data security worldwide. According to the DeFi firm, it will be working with the PCI SSC by assisting in the ongoing development and adoption of the PCI Security Standards.

Lance Johnson, PCI SSC Executive Director says that Scallop is doing its part in “improving payment security globally” as they help create awareness and drive the adoption of the PCI Security Standards, a global standard for payment security administered 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.”

As a participant, the DeFi banking project will be joining 800 other organizations in helping secure payment data worldwide by contributing DeFi-industry insights and recommending initiatives for the council. The firm will also be taking part in council meetings and sharing cross-sector experiences.

Related: Coinbase proposes crypto tech to promote global sanctions compliance

In another cross-over instance of traditional finance and blockchain-based payments, multinational e-commerce corporation eBay recently announced that the marketplace may add crypto payments soon. In an interview, eBay CEO Jamie Iannone mentioned that the company is looking into new payment methods.

Meanwhile, according to a digital asset banking executive, a clearer regulatory environment may spur crypto adoption from more institutions. In a recent interview with Cointelegraph, SEBA Bank executive Christian Borel said that institutional investors need regulated partners so that they could operate securely. This means that as rules become more clear, institutions may begin putting more money into the crypto sector.