The digital payments environment has rapidly become more dynamic over the last few years, creating greater challenges for financial institutions. 

Whether it’s to meet complex regulatory requirements or keep up with the evolving needs of consumers, financial institutions continue having to look at ways to innovate. 

A common denominator between those two aforementioned challenges is security, as local and international regulations are often centred on the protection of money and information, while customers often only choose to work with digital banking platforms that are proven to not only be convenient but, just as importantly, secure.

As digital banking evolves, so does its security risks

Unfortunately, the growing usage of digital banking solutions has also come with a growth in security risks. 

Payment frauds such as multiple phishing, malware, fake UPI links and OTP linked frauds are a constant concern both providers and consumers face, and the overall rise in cybercrime is a menace to the global economy, leading to pernicious effects on businesses and communities. 

Disruptions in the processing of payment flows is also an additional threat to the payment systems. 

As financial institutions continue with digital transformation, it is imperative that each create robust and scalable payment infrastructure with security measures that can keep up with, if not be a step ahead of, emerging security risks.

Facing the challenge…

Digital banking institutions are expectedly a top target for online thieves and fraudsters due to both the high monetary values they maintain and the exceptionally sensitive nature of the information they collect, process, and store. 

Expectedly, when an institution has exceptionally high revenues or a significantly large consumer base, or both, it likely also has to deal with multiple security risks.

Such is the case with Black Banx, a fully digital global banking platform with a substantial presence in countries across Asia, Latin America and North America, as well as in the Middle East and Europe. 

Since being launched in 2015 by German billionaire and CEO Michael Gastauer, Black Banx has earned the patronage of over 20 million retail customers and over 1.5 million business customers and counting.

Trusted to safekeep the money and data of an ever-growing customer base, Black Banx understands the need to continue taking urgent action and maintain a secure online environment that will strengthen consumer trust in its systems.

…With global diversification and the latest data protection

Black Banx develops and maintains strong relationships with the leading banks in the world as a means to ensure the safety of the funds of its customers. 

The money of Black Banx customers is never held in one singular bank or country. 

By segregating accounts across multiple locations, the highest level of protection is provided as customers’ funds are globally diversified and enjoy the security of multiple jurisdictions.

In terms of Data Protection, Black Banx maintains a full PCI DSS 3.2 certification. Complying with the highest Data Security Standards, the company employs its own team of security experts solely for the comprehensive protection of customer data. 

The Black Banx payment software uses fully encrypted and secured ISO 20022 certified messaging schemes for payment execution and data transfers.

Complying with the highest of standards in the banking industry, Black Banx’s servers are situated only in ISO certified data centres.

For more on Black Banx’ security policies and technologies, or to open an account, contact Black Banx today.