Double Diamond Group and Rich Consulting Launch Strategic Partnership with ControlScan to Help PFs Easily Tackle PCI
Payment Facilitators Have Reduced PCI Scope by as Much as 96%
Double Diamond Group and Rich Consulting help to simplify the process of becoming a payment facilitator, which often involves implementing strong risk management, compliance, and underwriting policies and procedures. As the safety and security of the entire payments system is of vital importance, offering trusted guidance for PCI compliance has never been more important.
ControlScan, a leader in managed security and compliance solutions that help secure networks and protect payment card data, will offer a complementary PCI DSS consultation to Double Diamond Group and Rich Consulting clients. In the payment facilitator ecosystem, compliance with the Payment Card Industry Data Security Standard (PCI DSS) is required of the payment facilitator as well as their sub-merchants.
During the ControlScan consultation, clients will talk with a PCI Qualified Security Assessor (QSA) to understand their business’s unique scope of compliance as well as ways they can more quickly and easily achieve compliance. ControlScan will also provide guidance on the risk associated with the unique processing environment(s) being implemented (or contemplated) by the payment facilitator.
ControlScan notes that identifying payment facilitators’ potential for PCI scope reduction up-front helps demystify the compliance process as well as reduce fear and uncertainty surrounding payment security in general. In recent consulting engagements, ControlScan has helped payment facilitators achieve a PCI scope reduction of as much as 96%.
In addition to the consultation, Double Diamond Group and Rich Consulting clients can leverage the ControlScan partnership to become a Level 1 PCI Compliant Service Provider, implement a PCI program across their sub-merchant base, and more. Payment facilitators can also choose a combination program of PCI and security best practices, or just security best practices, based on their risk environment.
“The payment facilitator ecosystem continues to grow exponentially. It is estimated that payment facilitators will generate more than half a trillion dollars in gross payment volume (GPV) by 2021, representing $4.4 billion in their net revenue,” said Todd Ablowitz, Chief Executive Officer and Founder of Double Diamond Group. “Having a strategic partnership with ControlScan and being able to offer their world-class PCI compliance services to our client base is a huge win and will be an incredible value for our clients.”
“Protecting the payment facilitator ecosystem from the bad guys is all of our responsibility especially protecting credit and debit card information, and PCI compliance is a big component of that protection,” said Deana Rich, Chief Executive Officer and Founder of Rich Consulting.
“PCI compliance is a necessity, but it’s not always straightforward for payment facilitators and their sub-merchants,” said Chris Bucolo, Vice President of Market Strategy for ControlScan. “This strategic partnership is an excellent match, because it helps put PayFac businesses on a well-informed path to data security success.”
Double Diamond Group and Rich Consulting have partnered since 2012 to offer a full suite of consulting services to companies interested in the payment facilitator model. The advisory firms offer powerful insights into risk management, underwriting and compliance, as well as deep business knowledge and operational execution for SaaS-based companies, ISOs, acquirers, banks, regulators and other payment organizations around the world. The companies were founded by payments industry veterans, Todd Ablowitz and Deana Rich, who have unparalleled knowledge and experience working with this revolutionary payments strategy that is rapidly changing the payments landscape. Rich Consulting and Double Diamond Group are wholly owned brands of DoubleRich, Inc.
ControlScan managed security and compliance solutions help secure networks and protect payment card data. Our “We’ve Got Your Back” promise supports thousands of companies by combining deep-seated expertise with superior technologies for services such as managed UTM firewall, network log monitoring and management, and advanced endpoint security. Processors, acquirers, ISOs and payment facilitators also utilize our strategic PCI compliance programs to reduce portfolio risk and strengthen merchant relationships. Headquartered in Atlanta, ControlScan is globally connected through a worldwide base of customers, partners and strategic alliances. Our team has over 25 industry certifications, and ControlScan is a certified Level 1 compliant PCI-DSS Service Provider. For more information about our company and its solutions, please visit ControlScan.com.