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The companies will work together to market and distribute VeriFone's VeriShield Protect solution to the Chase Paymentech base of retail merchants. The encryption solution is designed to help merchants reduce the costs to comply with Payment Card Industry (PCI) requirements and associated security risk by protecting card information from the point of swipe to the Chase Paymentech authorization host.
VeriShield Protect, which is compliant with Visa's best practices for data field encryption, also known as end-to-end encryption, is based on the AES encryption standard.
"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're eager to offer it to our retail customers," said Chase Paymentech president Mike Duffy.
"Chase Paymentech's leadership will make it easier for merchants to employ end-to-end encryption," said VeriFone CEO Douglas G. Bergeron. "The industry is coalescing around this solution as the best means to protect cardholder data in the retail environment."
"Joining forces with Chase Paymentech will ensure that a significant merchant population will have full access to the best proven security solution available," said Semtek CEO Patrick Hazel. "This is very good news for retailers and for consumers."
VeriFone Hidden Encryption, or VHE, 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.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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