RBI PPI Compliance Audit

Introduction

The digital ways of transactions, particularly e-wallet services, have gained momentum with the invention of the digitization of payment methods in India. how utilising these internet payment methods for regular people became riskier. For consumers to make payments using the correct risk-free transaction techniques, the Reserve Bank of India has established a framework for the providers of payment equipment.

Need of RBI PPI Compliance Audit

The RBI updated all prepaid payment instruments for its customers and the organisation on December 9th, 2016. They had a specific audit and undergone PPI Licensing. The PPI Technical Audits help users, nevertheless, by providing all the crucial updates needed to improve the security posture. The RBI has made this audit mandatory in order to limit unwanted access and speed up digital transactions. Therefore, the audit of all businesses using prepaid payment instruments must be conducted while safeguarding your company’s priceless assets.

Our Process to Perform RBI PPI Compliance Audit

Our team at Precise Testing Solution performs RBI PPI Compliance Audits for the issuers and offers them the advice and solutions they need to improve their security posture by following the below mentioned process:

Security controls must be put to the test for both the efficiency of the control design (Test of Design – ToD) and the efficiency of the control operation (Test of Operating Effectiveness – ToE).

A thorough review of the hardware architecture, operating systems, and essential applications, the security measures in place, such as access restrictions on important applications, disaster recovery plans, training programmes for the staff members in charge of systems and apps, documentation, etc.

Assessing the effectiveness of the procedures and information security governance used by those that support payment systems.

Compliance with security best practices, in particular the application security lifecycle, patch/vulnerability and change management components for the authorised system and adherence to the RBI-approved procedure flow.

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The Precise Testing Solution is a STQC & CERT-IN empanelled company that is a member of the Data Security Council of India and NASSCOM, and is also certified under ISO 9001:2008 and ISO 27001:2013 standards & licensed IT services software testing company that provides cyber security services as well along with information security solutions that include VAPT Services, Penetration Testing Services, and Vulnerability Assessment Services.

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