Transaction Network Services (TNS) and Verifone have forged a new agreement with an eye towards security.
The two companies are integrating their payment security solutions — Managed POS Encryption from TNS and Verifone’s end-to-end encryption solution, VeriShield Protect — into a single interface, it was announced today. The express purpose of this alignment is to expedite the process of deploying point-to-point encryption (P2PE) technology.
“We’re delighted to be strengthening our relationship with Verifone to provide this acquirer-neutral solution to the marketplace,” said Lisa Shipley, executive vice president and managing director of TNS’ Payment Network Solutions, in a press release. “When we first began working together many years ago, we were seen as early adopters of P2PE in an industry that had yet to witness the headline grabbing data breaches of recent times. We’re proud that we had the foresight to be pioneers of this extremely beneficial technology and have continued to commit to and invest in its development.”
“Verifone shares this passion, and together we have delivered many active deployments in the field and established a proven track record for success. Today’s announcement is a natural next step for us as we seek to help acquirers provide the best range of solutions to their merchants and diversify their risk by using a third-party provider for encryption services.”
The release notes that TNS’ solution employs a number of high-capacity decryption gateways throughout the world to process transactions securely, and that the company offers connectivity to more than 400 payment-specific endpoints, including major card schemes, banks, acquirers and processors.
VeriShield Protect — which encrypts cardholder information from the moment it is captured at the terminal and keeps it as such until it is accessed behind TNS’ firewall — meanwhile is touted by the company as being used by more than 250 of the top merchants and nine of the top 10 payment processors in the U.S.
Joe Majka, chief security officer for Verifone, said in the release: “We’re pleased to partner with TNS to create a seamless experience for merchants to go live with P2PE and protect sensitive customer cardholder data at the terminal and beyond. Verifone advocates a multi-layered approach to security that incorporates end-to-end encryption, and together with TNS, we can further help merchants mitigate and reduce the risk of fraud and protect customers’ payment information all while simplifying their PCI DSS compliance obligations.”
With this new arrangement, the release adds that Managed POS Encryption and VeriShield Protect can be reinforced with tokenization to further strengthen the merchant payments infrastructure.