Sysnet and Lloyds Bank Cardnet Come Out on Top at PCI Europe Awards
January 28, 2024
By: Payment Week
Dublin, Ireland. 28 January 2024 – Sysnet Global Solutions and Lloyds Bank Cardnet have been honoured at the 2019 PCI Europe Awards.
The partnership received an award for PCI Excellence 2019 at an awards ceremony on 24th January at the Park Plaza Victoria in London. Now in its third year, the PCI awards recognise real-world examples of excellence in payment security and PCI DSS compliance.
The two companies took the crown for Lloyds Bank Cardnet’s Compliance Plus concierge service, which harnesses Sysnet’s Proactive Data Security (PDS) technology to assist merchants considered at most risk of a data breach.
It’s key for businesses of all sizes to be supported with their IT requirements in order to prevent a data breach. Compliance Plus helps Cardnet business customers ensure they have effective data security measures in place to reduce the risk of losing their customers’ payment card data. Failing to do this could lead to punitive non-compliance charges and penalties. As part of its security offering, it provides additional features such as anti-virus solutions, software patches and proactive record updating and task management.
Gabriel Moynagh, Sysnet CEO, continued: “PCI non-compliances charges can be an effective short term mechanism to drive PCI programme engagement and compliance. However, they should not be used as a long term solution. Cardnet is to be commended in its refusal to tolerate non-compliance and benefit from non-compliance charges.”
Three quarters of Cardnet’s customer base are benefitting from Compliance Plus, seeing conversion rates to compliance run at 94 per cent in the first three months. The solution is providing game-changing services to merchants who were struggling to achieve compliance and those who see the value in the additional features of the product, such as as anti-virus and software patches.
“Limiting non-compliance with the PCI DSS (Payment Card Industry Data Security Standard) is a key strategy for Cardnet. Having effective data security measures in place reduces the risk of losing payment card data and benefits everyone in the payments chain,” said Matt Martin, Head of Merchant Payment Security at Lloyds Bank Cardnet.
Moynagh added: “We’ve been working closely with Lloyds Bank Cardnet for several months now to establish a solution which works for its thriving customer base. I have no doubt this award win is just the tip of the iceberg for Cardnet and the partnership between our two organisations.”
Read more about how and why Lloyds Bank Cardnet worked with Sysnet to implement Compliance Plus at, https://sysnetgs.com/lloyds-bank-cardnet/.
About Sysnet
Sysnet Global Solutions provides payment card, cyber security and compliance solutions to help businesses improve security and enable acquiring organisations to reduce risk.
Sysnet provides services in more than 55 countries and six of the top ten global acquirers use its award-winning, proprietary solution, Sysnet.air, to manage the security and compliance of their small and mid-sized merchants. With more than 20,000 unique customer interactions every week, more than 2,000 businesses reach compliance on Sysnet’s systems every day.
