The payment industry is constantly evolving to provide safer and more secure transactions for users. Field Level Encryption in payments is set to revolutionise the way we make payments online.
It is an advanced encryption technique that can supplement the existing methods of encryption such as encryption in transit or encryption at rest.
It allows for sensitive information to be encrypted at the individual field level. This means that, in addition to encrypting the entire payment data, specific fields are encrypted individually with separate encryption keys so even in the highly unlikely event the payment initiation is intercepted this additional layer of security ensures that the information that is particularly sensitive and vulnerable to exploitation remains protected.
In addition to security, Field Level Encryption in payments offers several other benefits. It simplifies the process of compliance with industry standards and regulations, such as PCI DSS, allowing businesses to focus on their core operations, rather than worrying about compliance and security.
It also provides a seamless user experience for customers, as the encryption process happens in the background without affecting the speed or efficiency of the payment process. This means that consumers can continue to make payments quickly and easily, without having to worry about security
Field Level Encryption in payments has been met with great excitement by both consumers and businesses alike. Consumers can now have peace of mind knowing that their sensitive payment information is protected at all times, while businesses can be confident in the security of their payment systems and reduce their risk of fraud.
The launch of Field Level Encryption in payments is a major step forward in the world of secure online transactions. With its advanced security features and added benefits, it is set to become the new standard in payment security. Businesses and consumers alike can look forward to a future of safer, more secure payments.
At Banked : as part of our commitment to offer the best security and data protection to our customers as a partner / merchant you can add this feature to your offering with us. We provide a way for you to ensure we use public and private keys to encrypt and decrypt your data so we only see what is needed. To find out more about this and any of our other features contact us.
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