Tuesday, December 19, 2006

Isn't Compliance Cool? :-)

At least, PCI compliance is: where else you can win a large bonus cash prize for doing something that is mandatory (and you'd be fined if you don't do it)

"Earlier this week, the company announced that it has created a new $20 million incentive program under which it will monetarily reward "acquiring" financial institutions if their members are fully compliant with PCI requirements by Aug. 31, 2007. At the same time, acquiring banks that fail to ensure compliance by Sept. 30, 2007, will be assessed fines starting at $5,000 a month for each noncompliant merchant. The fines increase to $25,000 per month for each noncompliant merchant after Dec. 31, 2007."

Dr Anton Chuvakin