Welcome Bank of America, a new Principal Participating Organization (PPO) at the PCI Security Standards Council! In this special spotlight edition of our PCI Perspectives Blog, Tim Thomas, VP, Sr. Product Manager, PCI Programs, at Bank of America introduces us to his company and how they are helping to shape the future of payment security.
Tell us about your company.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATM and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking, and trading across a broad range of asset classes, serving corporations, governments, institutions, and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Why did your company decide to become a Principal Participating Organization?
We decided to become a Principal Participating Organization so that we could participate in discussions around the future of the payment card industry and bring the perspective of small merchants, acquirers, and large enterprises to those discussions.
Which benefits are you most looking forward to as a Principal Participating Organization?
We are looking forward to meeting with the Roadmap Roundtable Group and the Technology Guidance Group, as well as continuing our role in the Small Merchant Task Force and participating in the Request for Comments (RFC) process. We also look forward to the opportunity to speak with our peers and others in the FinTech community about the evolution of the industry. We will certainly take advantage of all the additional benefits, but those stand out as we start our PPO journey.
Why is it important for companies to get more involved with the PCI Security Standards Council, especially at the Principal Participating Organization level?
At the PPO level, organizations across the spectrum of payments and security can have their voices heard, help influence the direction of the PCI Security Standards Council, and be informed early about upcoming changes. At this level, you can truly bring to the table your experience and views on the issues around payment security for discussion.
What are some payment security topics that you’re interested in collaborating on?
Currently, we are interested in PCI DSS v4.0 issues around SAQ A and how small merchants can understand their obligations. Additionally, eCommerce continues to be a source of much confusion with small merchants and is worth discussing.