A Global council established by American Express, Discover, Visa, and Mastercard employed assistance from DeFi Banking Entity to assist in enhancing payment data security globally. 

Specifically, Scallop reportedly functions as a regulated DeFi banking app that revealed details not long ago, regarding its newly made presence across the PCI Security Standards Council (PCI SSC), a global community that works towards enhancing payment data security throughout the globe. 

Lance Johnson, PCI SSC executive director, additionally revealed that Scallop is making contributions in supporting “payment security globally”, with their efforts to raise awareness and amplify the adoption of the PCI Security Standards – an international 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 initiative will reportedly follow the footstep of 800 other organizations in providing assistance in securing payment data globally, via making contributions of DeFi-industry insights and coming up with suggestions and initiatives for the council. 

The company will further participate in council meetings and share cross-sector experiences.

In an additional cross-over instance of traditional finance and blockchain-powered payments, multinational e-commerce corporation eBay recently disclosed details related to its decision to roll out support for crypto payment soon. 

In an interview, head of eBay Jamie Iannone reportedly shared that the firm is looking into new payment measures.