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ReadersSpeak

Don't fly solo on security "Interoperable IoT payments with baked-in security also
enable merchants to strengthen their client offering in two
The following is a lightly edited excerpt from a note sent by key ways. First, best of breed systems combine end-to-end
Patrick Bermingham, CEO of digital payments specialist data encryption with tokenization, replacing sensitive
Adflex: "Complying with continuously evolving industry data with meaningless information. Second, by placing the
regulations such as the Payment Card Industry Data burden of payments interoperability on an independent
Security Standard is crucial for B2B merchants. Unless platform provider, companies can scale quickly. Agnostic
their payment systems are up to standard, they risk data platforms enable acceptance of a large variety of payment
breaches and fraud which can do irreparable damage methods. This means suppliers can work with more buyers,
to their brand and buyer relationships – not to mention regardless of these clients’ payments infrastructures.
heavy fines.
"A connected payments network can improve financial
"Compliance with these ever-changing regulations, processes. That’s why more buyers are looking for
however, is complex and expensive, requiring extensive innovative ways of paying their suppliers. But for B2B
penetration testing, hours of skilled developer time and merchants, ensuring they are accepting IoT payments
ongoing changes to internal payment infrastructure. as quickly, cost-effectively and securely as possible is a
But as data breaches continue to cause national security tricky path to navigate alone. Tried and tested third-party
concerns in the U.K. and across the world, such as those payment platforms can bridge the gap between buyers
that have led one of the world’s leading communications and suppliers, reducing costs, improving efficiency and
services companies to remove equipment from Chinese enhancing corporate relationships."
telecoms giant Huawei after concerns were raised about the
Chinese firm’s presence in critical telecoms infrastructure, Do you agree?
it’s simply not worth the risk.
Do you agree with the opinion expressed here? Let us
"Instead, integrating an independent, stakeholder-agnostic know, or broach another topic via email to greensheet@
payments platform that meets these requirements ‒ and greensheet.com. To share news, send your press releases to
accepts responsibility for maintaining them ‒ significantly press@greensheet.com.
minimizes these risks.

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