WAKEFIELD, Mass. – Last week, card companies American Express, Discover Financial Services, JCB, MasterCard and Visa announced that they are teaming to form an independent council to manage the ongoing evolution of the Payment Card Industry (PCI) Data Security Standard.

According to a press release, the founding of the PCI Security Standards Council “marks a significant milestone in the payment industry's efforts to secure payment account data in a globally consistent manner,” noting that more than a billion card users “will benefit from a higher level of security protection against data theft and fraud.”

“The payment brands that founded the council are committed to ensuring the ongoing development of data security standards that are both efficient and effective,” says Seana Pitt, chairperson of the PCI Security Standards Council. “The creation of this council is a significant step forward in protecting cardholder information and it underscores the critical nature of this effort.”

Founding council members are developing a system “that is more accessible and efficient” for merchants, processors, POS vendors and financial institutions, notes the release.

“Ensuring the security of electronic payments is of paramount importance to all stakeholders, not just the payment brands,” adds Pitt.

According to the release, the council is extending an invitation to all parties “with a role to play in securing payment account data,” such as including merchants, to participate in the new group, which will allow them to “recommend changes, provide input on future initiatives, have access to and the ability to comment on drafts of potential changes to security standards in advance, as well as influence the organization's overall direction.” Participants will also be able to elect or serve as a member of the council’s Board of Advisors

For more information about the PCI Security Standards Council, log on to the group’s Web site.