Chase Paymentech, VeriFone and Semtek to offer end-to-end encryption solution

Thu. October 29, 2009; Posted: 09:10 AM

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Oct 29, 2009 (Datamonitor via COMTEX) -- PAY | Quote | Chart | News | PowerRating -- Chase Paymentech, a business unit of JPMorgan Chase, has announced a joint initiative with VeriFone Holdings and magnetics technology provider Semtek to provide end-to-end encryption technologies for merchants to combat threats to security.

The companies will work together to market and distribute VeriFone's VeriShield Protect solution to the Chase Paymentech base of retail merchants. VeriShield Protect is based on the AES encryption standard.

The end-to-end encryption solution is reportedly designed to help merchants reduce the costs to comply with payment card industry requirements and associated security risk by protecting card information from the point of swipe to the Chase Paymentech authorization host.

VeriFone Hidden Encryption, based on Semtek's proprietary encryption technology, preserves the format of the card data, ensuring that the encrypted card data can be used by typical point-of-sale software systems with minimal modifications or disruption to the merchant.

Mike Duffy, president of Chase Paymentech, said: "Protecting cardholder data and providing secure transaction processing for our merchants is paramount to the success of our business. As the newest component of our overall security suite of products, we are excited to be offering it to our retail customers."

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For full details on VeriFone Holdings Inc (PAY) click here. VeriFone Holdings Inc (PAY) has Short Term PowerRatings of 5. Details on VeriFone Holdings Inc (PAY) Short Term PowerRatings is available at This Link.

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