SAN DIEGO, CA / ACCESSWIRE / April 29, 2020 / GreenBox POS (OTC PINK:GRBX) ("GreenBox", "GRBX", the "Company") is pleased to announce the successful completion of an audit of its technology infrastructure resulting in PCI Level 1 Compliance Certification. GreenBox's Level 1 compliance certification verifies to the public that it diligently follows the data security standards applicable to cardholder data for the highest volume of transactions. The Company followed a strong execution of its business model in the third quarter of 2019, bolstered by a major update to its technical, operational and security standards. Following six months of effort, on-site visits, and updates to its technology stack, GreenBox is proud to report has achieved full PCI Level 1 certification across all its servers.
What is PCI: The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed, managed, and enforced by the PCI Security Standards Council (PCI SSC), an independent body of major payment card brands, to ensure that companies process, store, and transmit card information in a secure environment.. Adherence to these standards protect consumer data by eliminating the storage and/or transmission of certain data points as well as strategically storing other data points.
Why is PCI important to GreenBox: Passing sensitive information is the heart of transacting between two parties. There are several major advantages of GreenBox‘s PCI Level 1 Compliance Certification, including:
- GreenBox will no longer need to rely on a third-party vendor for PCI Compliance. This independence is financially beneficial to the Company, and of equal important, places GreenBox in exclusive control of the flow of information within GreenBox's software.
- GreenBox's clients are now "out of scope." Being "out of scope" is a popular term in the Payment Industry, meaning that GreenBox's clients are no longer individually burdened with certain compliance standards, but can instead benefit from GreenBox's compliance efforts, essentially "riding" GreenBox's PCI compliance. This unique benefit is critical to GreenBox's signature fast onboarding of new clients, and further serves to guarantee that existing client data is handled securely.
- PCI Level 1 is the highest possible PCI level certification reserved for companies transacting at high volumes.
"One of the first questions large companies ask when vetting GreenBox as a solution, is where we stand in regard to PCI Compliance," said Dan Nusinovich, Director of Product Development for the Company. "Being able to report and evidence to prospective clients that we are PCI Level 1 Certified is a game changer. It shows we take data security and software seriously and we are here for the long term."
About GreenBox POS:
GreenBox POS ("GRBX", "GreenBox") is a groundbreaking technology company that builds customized payment solutions for a variety of industries. GreenBox develops individual disruptive applications integrated in an end-to-end suite of financial products, supporting multitude of industries with an emphasis on Blockchain secured ledger technology. A main business focus is in blockchain ledgering services, capable of handling large commercial processing volumes for its merchant clients in myriad of business verticals. GreenBox is now capable of managing both legacy currency transactions as well as crypto payouts. GreenBox's main operating geography remains the USA, with additional capacity, clientele and technology availability developing in other countries.
For more information, visit the Company's website at https://www.greenboxpos.com/
Forward-Looking Statements Disclaimer:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
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SOURCE: GreenBox POS, LLC
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