Bayad upgrades cybersecurity system

MANILA, Philippines — Bayad, the multichannel payment subsidiary of Manila Electric Co. (Meralco), continues to upgrade its cybersercurity system as it brings financial service closer to Filipinos.

Bayad chairman and Meralco president Ray Espinosa said the multichannel payment provider continues 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 pandemic.

“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,” Espinosa said.

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 said the company’s upgraded cybersecurity gives stakeholders the confidence to continuously 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,” Migriño said.

Bayad is also one of the fastest growing subsidiaries of Meralco.

It has become a fintech trailblazer, enabling Filipinos to reap the benefits of secure and innovative financial services, transforming from being the pioneer of over-the-counter payment collection service to becoming the largest multichannel payment provider in the country.

Bayad was conferred the Outstanding IT and Cloud Project Award under the Cybersecurity Implementation Category during the recently concluded Asia Pacific Cloud & Data Center Awards organized by W. Media 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.

Bayad resident and CEO Lawrence Ferrer said the company is steadfast in ensuring the integrity of its service and relationship with stakeholders.

“For us, maintaining, facilitating, and intensifying digital trust is critical as we help spur the country’s digital transformation journey. 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,” Ferrer said.