The prestigious award recognises BSP for excellence in payment system risk management and supporting Visa's efforts to maintain trust and security in the payments industry in the Asia Pacific region.
"We extend our congratulations to BSP for an outstanding performance in security efforts. The Visa Champion Security Award is presented to our financial institution partners who have demonstrated the highest standards of payment security excellence, in line with international best practices. BSP is the first bank from the South Pacific to win the Award and joins a stellar group of financial institutions in Asia Pacific that have each made a significant contribution to the security and reliability of electronic payments," said Andy McCowan, Head of South Pacific at Visa.
"The Bank has made notable investments into implementing chip technology for cards and terminals. Around the world, chip technology is proven to substantially reduce fraud at the point-of-sale. With BSP's initiative, cardholders and merchants can look forward to transactions that are fast, secure and convenient."
BSP Group Chief Operating Officer Robert Loggia commended the members of the BSP Teams involved in the chip implementation project and fraud monitoring saying: "the Champion Security Award by Visa is a testament of our commitment to creating a secure and seamless payment experience for our customers. I take this opportunity to recognise and thank the efforts of our Teams and business partners for the wonderful recognition and trust toward BSP."
BSP Group COO Robert Loggia (Centre-back row) and the BSP team behind the Visa chip card upgrade
"As a leading bank in the South Pacific, we believe that secure transactions and frictionless payments, gives the best payment experience and trust from our customers and users," said Mr Loggia. "The bank has demonstrated great improvement in terms of gross fraud basis points over the past year largely as a result of investment in chip technology for our cards, ATMs and EFTPoS terminals."
Mr Loggia added that the effort to further sharpen and evolve with the landscape by implementing the best standards and practices in risk management and payment security is a priority in BSP. "BSP is proud to be among the best international financial institutions to receive this award by applying international best practices to every aspect of keeping electronic transactions secure."
BSP Head of Transaction and Channel John Wakeham (back row-right) and the BSP team