RBI PAYMENT AND SETTLEMENT SYSTEMS
Concerns about the safety of customers’ personal information and the accountability of
service providers responsible for enabling cashless transactions have grown in tandem
with the growing trend toward cashless transactions among the general public.
Overview
The Reserve Bank of India has established guidelines for the payment system providers to follow in order to ensure that their customers can rely on proper and risk-free transaction methods, taking into account the common people's interest and the risks they would subject themselves to while availing themselves of the facilities of virtual transaction methods.
Concerns regarding the protection of consumer data have grown significantly as a result of the move toward more cashless transactions, which was fueled by demonetization and the subsequent ongoing epidemic. The Reserve Bank of India (RBI) has established a framework for the payment system providers to launch and update secure and effective ways of payment in order to address this and clarify the obligations of payment service providers.
RBI PSS Audit: What Is It?
According to the Payment Settlement Act of 2007, the Reserve Bank of India is in charge of overseeing the Indian banking payment and settlement system. In light of this, RBI issues a certificate of authority to any business establishing and running a payment system in India. The technology used to run the payment system must be safe, secure, and efficient, and it must follow the established process flow in order for a payment firm to maintain its authorization. An RBI PSS audit examines a variety of factors, including disaster recovery, access controls, hardware, operating systems, and security and controls.
Electronic Clearing Service Credit, Electronic Clearing Service Debit, Electronic Funds Transfer, Regional Electronic Clearing Service, Real Time Gross Settlement System, Pre- paid Payments System, and Mobile Banking System are the systems covered by this method.
Any deviation from the rules and any violation carried out by the RBI are crimes that may be prosecuted. In such case, if the system provider violates the rules and regulations, refuses to comply with the instructions and directives, or is found to have disregarded the rules and regulations for which they were granted permission, RBI may revoke their authorization.
According to the Payment Settlement Act of 2007, the Reserve Bank of India is in charge of overseeing the nation's banking payment and settlement system and approving any business that wants to run a payment system there. Payment businesses must follow the guidelines set out by the RBI in a timely manner to guarantee that the technology used to run the systems is secure and adheres to the authorised process flow.
The RBI PSS Audit assesses a variety of factors, including hardware, operating systems, applications, access restrictions, and disaster recovery. In order to maintain secure and risk-free transaction processes, the security framework strives to protect payment systems in a region with a broad network of financial systems that support such transactions.
The following payment methods are covered by this procedure:
Credit for Electronic Clearing Services
- Debit for Electronic Clearing Services
- Transfer of Funds Online
- Electronic Clearing Service for Regions
- System for Real-Time Gross Settlement
- System for Prepaid Payments
- System for mobile banking
Any deviation from the guidelines and violation of the norms established by the RBI are offences that may result in the authorisation being revoked.
Estabizz Fintech evaluates your company holistically while working with RBI & NPCI Guidelines, addressing Payment Systems and Settlement Systems regulations. Estabizz Fintech is a highly technological business that places a strong emphasis on constant service quality improvement. Because of this, our consumers like us and it helps us maintain the highest level of quality.
Important Conditions for RBI PSS Compliance
All payment systems that are permitted by the Payment and Settlement Systems Act of 2007 must conduct a recurring audit of their respective systems.
Each system provider is required to run the payment system in compliance with the PSS Act's requirements as well as any applicable rules and regulations.
The system providers must inform any current or prospective system participants of the terms and conditions, including fees and liability restrictions.
The audit should make sure that the technology used to run the payment system is operating in a safe, secure, and effective way in line with the authorised process flow in order to protect the safety of the clients.
System audits should take into account evaluating hardware, structure, operating systems, and important applications.
The contract regulating the connection between the system participants and the laws and regulations pertaining to the operation of the payment system must be followed by the system providers.
A solid disaster recovery plan, enhanced access controls in important applications, security and control measures, training for staff members in charge of systems and applications, among other things, should be part of the services.
The following describes our auditing strategy:
Expertise in the Field Evaluating the Company's Environment and Procedures to Understand the In-Scope Elements
- The Scope of the Audit Will Be Finished
- First, a Check for Readiness or Readiness Assessment
- Analysing Risk
- Analysis of Information Flow
- Examinations and Scans
- Analysis of the collected evidence for reliability and consistency is what we mean by "evidence review."
- Final Evaluation
- Snapshot Coverage
Information on the design, execution, and safeguards are acquired from your teams via the use of a comprehensive questionnaire and other materials.
Help our clients find all of the storage facilities that store any payment-related data by conducting a preliminary audit to get a feel for the organization's architecture.
The purpose of a risk assessment is to analyse and identify potential dangers to the state of information security.
Conducting a full-scale system analysis to detect and fix data leaks Compliance issues may be fixed with the help of Remediation Support.
To identify the most critical security holes in your system, you need use a comprehensive testing technique.
Find critical flaws in your system with the help of a rigorous testing technique.
Our team writes a comprehensive report that details all of the evaluation's findings.
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PSARA LICENSE – Estabizz Fintech
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SEBI ( Surveillance of Transaction Alerts) – Estabizz Fintech
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SEBI revises financial info filing formats for entities having listed non-convertible securities
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SEBI proposes to revise settlement rules
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