Bayad has strengthened its cybersecurity framework while upgrading its backend and frontend solutions. The company has obtained the Payment Card Industry Data Security Standard 4.0 (PCIDSS 4.0), reinforcing its commitment to consumer protection.
Previously known as Bayad Center, the company has rebranded to Bayad, transitioning to a digital-first institution offering a wide range of services for consumers and enterprises. This transformation has expanded its payment ecosystem, connecting numerous billers with leading establishments and e-money players in the Philippines. As a fintech subsidiary of Meralco, the largest electric distribution utility in the country, Bayad plays a significant role in the fintech landscape.
“Bayad’s PCIDSS 4.0 certification attests to our commitment to harnessing technologies that will foster security, efficiency, and scalability in digital payments,” said Rolly Bañez, deputy chief information security officer, Bayad. “The robust cybersecurity measures we implement enable us to confidently innovate and co-create projects with various stakeholders centered on our goal of maintaining a frictionless customer experience.”
The PCIDSS 4.0 certification, awarded after a rigorous assessment by SISA, a cybersecurity firm specializing in risk assessment and security compliance, validates Bayad’s robust cybersecurity measures. SISA’s evaluation highlighted Bayad’s effective deployment of multi-factor authentication, key management systems, data encryption, secure wipe solutions, and web application firewalls — critical elements for passing the stringent security standards.
“Cybercrime remains one of the foremost risks confronting businesses and communities,” said Rocky Bacani, CISO, Bayad. “At Bayad, we recognize the role that cybersecurity plays in protecting our consumers and our business counterparts.”
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