A global council named ‘PCI Security Standards Council’ (PCI SSC) has welcomed a decentralised finance (DeFi) banking business to a forum of participating firms. The newly added member is Scallop which is a regulated DeFi banking app. The PCI SSC is a global group dedicated to improving payment data security throughout the world. Its forum helps to improve payment data security globally. According to Scallop, the company will collaborate with the group in the development and implementation of the PCI Security Standards. The council was founded by traditional finance multinationals American Express, Visa, Discover, and Mastercard,
According to Lance Johnson, executive director of the PCI SSC, Scallop is working to improve payment security internationally. It will raise awareness and drive compliance to PCI Security Standards. PCI SSC has a global standard for payment security.
As a participant, the DeFi banking project will join 800 other businesses in assisting with the global security of payment data by giving DeFi-industry insights and suggesting actions to the council. The company will also participate in council meetings and share cross-sector experiences.
Meanwhile, a digital asset banking executive believes that a better regulatory framework would encourage more institutions to use cryptocurrency. As per experts, institutional investors want licensed partners in order to operate safely. This implies that when the laws become clearer, institutions may begin to invest more heavily in the crypto business.