Credit card companies form security council

This isn’t exciting news. I thought it worth noting for those in the industry. CNET News.com reports…

American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International announced Thursday the creation of an organization to develop and maintain security standards for credit and debit card payments. It's the first time the five brands have agreed on a single, common framework.

The newly formed Payment Card International (PCI) Security Standards Council will manage the PCI Data Security Standard, first established in January 2005 with the intention of making its implementation more efficient for all parties involved in a payment card transaction. That includes merchants, payment processors, point-of-sale vendors, financial institutions and more than a billion card holders worldwide.