Why is ISO 27001 important for cross-border payments?

ISO 27001 is an international standard that provides a framework for information security management systems (ISMS). It is important for cross-border payment technology firms because these companies handle sensitive financial information, and ensuring the security and privacy of this information is critical to their business operations and maintaining customer trust.

Here are a few reasons why ISO 27001 is important for a global payment technology SaaS firm like Fable Fintech:

Compliance: ISO 27001 is a globally recognized standard for information security management. By implementing and being certified to the standard, cross-border payment technology firms can demonstrate compliance with international regulations and industry standards, such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS).

Risk Management: ISO 27001 requires companies to conduct a risk assessment and implement appropriate controls to manage and mitigate identified risks. This helps cross-border payment technology firms identify potential threats and vulnerabilities to their systems and data, and take steps to reduce the likelihood and impact of security incidents.

Customer Trust: Cross-border payment technology firms handle sensitive financial information, and customers expect their data to be secure and protected. ISO 27001 certification can demonstrate a company's commitment to security and help build customer trust.

Competitive Advantage: Achieving ISO 27001 certification can differentiate cross-border payment technology firms from their competitors and demonstrate their commitment to security and compliance. This can help them win new business and retain existing customers.

Fable Fintech creates customizable international remittance SaaS solutions / white-label money transfer software / open banking APIs / white-label global payments platforms (SaaS/PaaS)/ Forex rate systems for banks and financial institutions. Fable Fintech also provides cross border B2B, DTC remittance solutions for businesses along with Fx rate systems. Learn more about cross-border remittances and international payment technology on Fable Fintech's cross border payments blog