Let’s imagine you are swiping your payment card. You give your card to the cashier after receiving your desired service or product. The cashier asks “What’s your code?” and most of us just answer “1234”.
In very few cases, the customers are stunned by the question and asks the cashier to bring the card swipe machine close to them. This is the first and foremost rule and ethic in electronic payment.
There are significantly more issues other than just telling your code to others. A card swipe machine, that little grey gadget with wi-fi connection, can access into your bank account data through your magnetic taped card.
Safe and fail-safe process of web server is most important for customers. However, when the system operates safely and fail-safe, it is often unnoticed by the customers because there is nothing to trigger customers’ attention and there is no problem. It can only observed by a simple message of “payment approved”.
Come to think of it, the more system is safer and fail-safe, the more customers are unaware of it.
Financial relations started from barter then turned into currency notes and now it is transformed into lengthy array of ones and zeros. This transformation brought us fast and convenient financial relations; however, it also brought the same amount of risks.
Five most prominent payment card issuers Visa, MasterCard, American Express, Discover and JCB initiated and created The Payment Card Industry Data Security Standard (PCI DSS) in 2004.
Since then, all entities that transfers, saves and processes card owners’ information have started to apply this standard. In other words, network safety has been improved through regular supervision.
Today most banks and financial institutions meet this standard and iTools JSC is the first Mongolian company to apply this standard.
Starting from this year, iTools JSC started to use its data center in Ulaanbaatar city as a financial data center.
For instance, it connected to the Bank of Mongolia and Mongolian stock exchange through mix and network; also commercial banks, broker-dealer firms, and non-banking financial institutions’ data started to be allocated in iTools JSC’s data center.
Since QPay service’s all data is transferred through their server, safety must become the priority.
iTools JSC’s CEO Mr. Tamir B. stated “Last June, we fulfilled PCI Data Security Standards and were approved by Trustwave Holdings, a leading information security company that has over 200 thousand partners in 96 countries. Hence, we prove that we secure the safety of our Mongolian clients’ financial data and its process.
iTools is brining world-class services to our clients by achieving Level 1 of PCI DSS’s four merchant levels.”
Aside from applying PCI DSS, the company has been working to launch the first Cloud service for public since 2019. “ISC” service, which will be launched during Naadam 2019, will operate in the same mode as Google drive, Amazon Web services and Microsoft OneDrive.
In this era of rapid developments in information technology, data security and its secure allocation took top priority. And yet, Mongolian regular Internet users are allocating their data in their computer, smart phone or foreign Cloud services.
“Therefore, allocating and keeping these data safely in our homeland becomes an issue of protecting human rights” said CEO Mr. Tamir B. This service, which is to be launched in September, is preeminent as it is launched by domestic entity and has limitless access speed.