The RBI Payment Aggregators and Payment Gateways Audit is a critical regulatory requirement for businesses operating in the digital payment industry in India. The Reserve Bank of India (RBI) has implemented this audit framework to ensure the security, efficiency, and reliability of payment systems offered by payment aggregators and payment gateways. With the rapid growth of digital transactions, it is essential for businesses in this sector to adhere to stringent guidelines and maintain robust security measures.
The Reserve Bank of India (RBI) in March 2020, introduced a new directive regarding the regulation of Payment Aggregators and Payment Gateways. This directive made it mandatory for these entities to obtain authorization from the RBI in order to facilitate the settlement of payments to merchants at fixed transaction times.
In line with the 'Guidelines on Regulation of Payment Aggregators and Payment Gateways,' the RBI has taken the decision to comprehensively regulate the activities of payment aggregators while providing fundamental technology recommendations for payment gateways. The primary objective of these guidelines is to establish a standardized technology framework for payment gateways, thereby assisting and supporting payment aggregators in ensuring consistent technology practices across the industry.
Ampcus Cyber follows a comprehensive and tailored approach to deliver the RBI Payment Aggregators and Payment Gateways Audit for businesses. Our team of experienced professionals understands the specific requirements and challenges faced by payment aggregators and payment gateways in complying with RBI guidelines. Here is an overview of our approach:
We begin by understanding your business objectives, existing processes, and technology infrastructure related to payment systems. This helps us align our audit approach with your unique needs.
Our experts conduct a thorough risk assessment to identify potential vulnerabilities and gaps in your payment systems. We analyze factors such as data security, fraud prevention, transaction monitoring, and compliance with regulatory guidelines.
Based on the risk assessment, we develop a comprehensive audit plan that outlines the scope, objectives, and timelines of the audit. We ensure that all relevant areas, including technology infrastructure, information security, and compliance processes, are covered.
Based on the risk assessment, we develop a comprehensive audit plan that outlines the scope, objectives, and timelines of the audit. We ensure that all relevant areas, including technology infrastructure, information security, and compliance processes, are covered.
Our team conducts an in-depth examination of your payment systems, processes, and controls. We review documentation, interview key stakeholders, and perform technical assessments to evaluate compliance with RBI guidelines.
We identify any gaps or non-compliance areas and provide actionable recommendations to address them. Our experts offer guidance on strengthening data protection, enhancing security measures, improving risk management practices, and ensuring regulatory compliance.
We prepare a comprehensive audit report that highlights the findings, recommendations, and areas of improvement. The report is presented in a clear and concise manner, enabling you to understand the audit outcomes and take necessary actions.
Ampcus Cyber provides post-audit support to help you implement the recommended measures effectively. We assist in designing and implementing robust security controls, enhancing processes, and monitoring compliance with RBI guidelines.
Our team assesses your existing systems, processes, and controls to determine their compliance with RBI guidelines. We identify any gaps or areas of improvement to ensure you are prepared for the audit.
We conduct a thorough review of your payment aggregator or payment gateway operations to ensure compliance with RBI regulations. Our experts examine aspects such as licensing requirements, transaction processing, data security, fraud prevention, and customer protection measures.
We perform a detailed gap analysis, comparing your current practices with the RBI requirements. We provide clear and actionable recommendations to address any identified gaps, helping you enhance your compliance posture.
Our team assesses your technology infrastructure, including network security, system architecture, data storage, and encryption protocols. We identify vulnerabilities and suggest measures to strengthen your cybersecurity defenses.
We assist you in developing or enhancing policies, procedures, and documentation to align with RBI guidelines. This includes data protection policies, incident response plans, risk management frameworks, and customer dispute resolution processes.
We offer customized training sessions and awareness programs to educate your employees about RBI regulations, cybersecurity best practices, and data privacy. This ensures that your workforce is knowledgeable and compliant with regulatory requirements.
Ready to ensure compliance and secure payment aggregator or payment gateway operations? Connect with Ampcus Cyber today and experience our expert services for RBI-Payment Aggregators and Payment Gateways Audit.
Let us help you navigate the complexities of regulatory requirements, enhance your cybersecurity measures, and provide peace of mind for your business. Don't leave your compliance to chance – take proactive steps towards a secure and compliant future. Contact us now to get started!
An RBI-Payment Aggregators and Payment Gateways Audit is an assessment conducted by the Reserve Bank of India (RBI) to ensure compliance and security in the operations of payment aggregators and payment gateways. It involves a thorough evaluation of the systems, processes, and controls in place to handle financial transactions, protect customer data, and adhere to RBI guidelines.
Payment aggregators and payment gateways operating in India are required to undergo an RBI audit to ensure compliance with regulatory requirements and safeguard the interests of customers. This includes entities involved in facilitating online transactions, processing payments, and providing payment services.
The primary objectives of an RBI-Payment Aggregators and Payment Gateways Audit are to assess the security, reliability, and compliance of the systems and processes involved in payment operations. The audit aims to identify any vulnerabilities, gaps in controls, or non-compliance with RBI guidelines, and recommend measures to mitigate risks and enhance security.
The baseline technology-related recommendations for PAs (mandatory) and PGs (recommended) under RBI's guidelines include:
Information Security Governance: PAs and PGs should conduct comprehensive security risk assessments to identify and address risk exposures. Reports on risk assessment, security compliance posture, audit reports, and security incidents should be presented to the Board.
Data Security Standards: Implement data security standards and best practices such as PCI-DSS (Payment Card Industry Data Security Standard) and PA-DSS (Payment Application Data Security Standard). This includes adopting the latest encryption standards, ensuring transport channel security, and other relevant data security measures.
Security Incident Reporting: PAs and PGs must report security incidents or cardholder data breaches to RBI within the stipulated timeframe. Monthly cybersecurity incident reports, including root cause analysis and preventive actions, should be submitted to RBI.
Merchant Onboarding: PAs and PGs should conduct comprehensive security assessments during the merchant onboarding process to ensure adherence to baseline security controls.
Cyber Security Audit and Reports: Quarterly internal and annual external audit reports, vulnerability assessment and penetration test reports, PCI-DSS compliance reports, and inventory of applications storing or processing customer sensitive data should be submitted to the IT Committee.
Information Security: PAs and PGs should have a board-approved information security policy that aligns with business objectives and covers aspects such as asset inventory, data classification, authorization, training, compliance review, and penal measures for non-compliance.
IT Governance: Establish an IT policy for the regular management of IT functions and ensure the involvement of the Board and an IT Steering Committee. Implement an enterprise information model, develop a cyber crisis management plan, and maintain an enterprise data dictionary.
Risk Assessment: Conduct risk assessments for each asset, identifying threats, vulnerabilities, and the likelihood of impact on confidentiality, availability, or integrity from a business, compliance, or contractual perspective.
Competency of Staff: Ensure that IT staff have the necessary training and skill sets for their roles, and periodically assess their training requirements.
Vendor Risk Management: Include regulatory access clauses in technology support service level agreements (SLAs) and consider vendor risk management in areas such as business continuity planning and data management.
