|By Business Wire||
|August 19, 2014 07:00 AM EDT||
FreedomPay®, creator of the world’s most innovative commerce platform, unveiled North America’s first PCI certified fully-functional, point-to-point encryption (P2PE) payment technology as part of its cloud-based FreedomPay Commerce Platform™.
With the certification of its P2PE technology by the PCI Security Standards Council – and through key alliances with hardware vendors and validated secure distribution channels – FreedomPay offers a streamlined, cost-effective way for merchants to put their point-of-sale systems (POS) and networks 100 percent out of scope for Payment Card Industry Data Security Standard (PCI DSS) compliance.
The solution includes:
- The most advanced protection against breaches through PCI certified P2PE,
- EMV technology, ensuring that merchants are prepared for pending EMV requirements,
- All current payment technology standards including: NFC, Magnetic Stripe and PIN Debit,
- A dramatic reduction in the compliance burden from 280+ Controls to just 19,
- A path to broader payment and customer engagement solutions via the platform.
The FreedomPay Commerce Platform, which is modular and expandable, is designed as a one-stop solution for merchants who need secure POS transactions and want the capability to expand their commerce options today or in the future. Through its deployment, customers can reap the benefits of P2PE and easily tap FreedomPay’s portfolio of services, such as mobile payments, incentive programs, and robust reporting and analytics.
Tom Durovsik, the CEO of FreedomPay said, “By offering the P2PE-integrated solutions of the FreedomPay Commerce Platform, with leading POS devices and secure distribution systems, we lock down security and enable merchants relying on POS credit card transactions to gain nearly instantaneous PCI compliance for their POS systems and networks. This saves money by eliminating the need for network scans and segmented networks by sharply reducing the amount of time for vendors to come online securely.”
Durovsik noted that some large food service vendors, who rely on FreedomPay Stored Value, are utilizing the FreedomPay Commerce Platform to gain the security benefits of P2PE including support for NFC, EMV and magnetic stripe. This security layer gives food service customers the comfort of knowing that their credit card details are being handled via the safest technology available.
FreedomPay recently announced a consortium partnership with Ingenico (Euronext: FR0000125346-ING) and ScanSource (NASDAQ: SCSC) in releasing North America’s first fully-functional P2PE solution leveraging best-of-breed technology from each partner. Ingenico devices were integrated into the FreedomPay platform to support true point-to-point encryption, which instantly reduces merchants’ scope for PCI DSS compliance and gives merchants options for future payment system expansion. The solution is delivered through ScanSource’s secure distribution methods.
Point-of-sale vendors interested in providing this solution to their customers should inquire to [email protected] for more information on joining the consortium.
The FreedomPay Commerce Platform is a multi-patented solution portfolio designed to enable companies to embrace current trends and accelerate innovation. FreedomPay delivers a high-performance, secure user experience driven from the cloud to any device, anytime, anywhere. The platform seamlessly bridges the gap across in-store, web and mobile by interconnecting POS systems, transaction hosts, incentive engines and other disparate systems to a cutting edge transaction superhighway. The FreedomPay Commerce Platform P2PE solution provides merchants complete payment data security, including EMV and NFC compliance, in accordance with the coveted certification from the PCI Security Standards Council. For more information, visit www.FreedomPay.com.
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