Bayad, the country’s most trusted brand in payments, has received recognition for continuously innovating its cybersecurity platform to effectively adapt to the dynamic digital financial landscape.
In the recently concluded Asia Pacific Cloud & Data Center Awards organized by W. Media, Bayad was conferred the Outstanding IT and Cloud Project Award under the Cybersecurity Implementation Category for its accelerated and efficient deployment of a full cloud system for its cybersecurity platform.
The upgraded platform enables the company to further improve its security solutions while keeping pace with its evolution from a traditional payment center into a full-fledged fintech player that facilitates both onsite and online financial transactions.
“This international achievement is a recognition of Bayad’s commitment to ensuring the integrity of our service and our relationship with our stakeholders. For us, maintaining, facilitating, and intensifying digital trust is critical as we help spur the country’s digital transformation journey,” said Bayad President and CEO Lawrence Y. Ferrer.
“We help shape the Philippine payments landscape by elevating the financial experience of Filipinos, and this rests heavily on ensuring that each and every transaction coursed through Bayad is not only reliable, but also secure,” he added.
Bayad’s advanced digital infrastructure is designed to support the growing service offerings of the company. It enables efficient risk management programs and cyber incident response systems that help strengthen the company’s capability to protect, detect, and respond to cyber threats.
Bayad Chief Information Security Officer Mel Migriño highlighted that “the upgraded cybersecurity posture of Bayad gives its stakeholders the confidence to continuously ideate, innovate, and initiate new projects while staying protected.”
“Cybersecurity is mission-critical as we process real-time bills payments and remittances, expand our partner network, and grow our e-wallet services,” she said.
Bayad is also one of the fastest growing subsidiaries of the Manila Electric Co. (Meralco), the Philippines’ largest electricity distributor.
“It is imperative that cybersecurity becomes core to the culture of all our companies in Meralco. This is especially true for Bayad as a major player in the Philippines’ financial and payments landscape. This award, conferred by an international pool of experts, is a confirmation that we are moving in the right direction,” said Meralco President and CEO Atty. Ray C. Espinosa.
“Bayad will continue to lead in bringing financial services closer to Filipinos by offering innovative solutions to better serve the public amid the continuing challenges posed by the global pandemic,” Espinosa, who is also the Chairman of Bayad, added.
From being the pioneer of over-the-counter payment collection service to becoming the largest multichannel payment provider in the Philippines today, Bayad has become a fintech trailblazer enabling Filipinos to reap the benefits of secure and innovative financial services.