SAN JOSE, Calif.--()--VeriFone Systems, Inc. (NYSE: PAY), today announced that Consorcio de Tarjetas Dominicanas, S.A. (CardNET), the largest card transaction processor in the Dominican Republic, is the first customer in the Latin America and Caribbean region for VeriShield Total Protect secured by RSA.
“CardNET is to be commended for leading the region in employing the most secure card processing solution available today”
CardNET processes an estimated 80 percent of the total value of card transactions in the country and will utilize VeriShield Total Protect to implement end-to-end encryption of card data. RSA, The Security Division of EMC (NYSE: EMC), and VeriFone in 2010 announced a strategic partnership to market their end-to-end encryption and tokenization solutions as an integrated payment security offering. With VeriShield Total Protect, cardholder information is encrypted at the exact instant of acceptance and encrypted throughout the enterprise until it is transmitted to a secure decryption server, eliminating any risk of usable cardholder data being compromised by a data breach.
“CardNET is to be commended for leading the region in employing the most secure card processing solution available today,” said Gustavo Jimenez, Vice President and General Manager of Integrated Systems for VeriFone Latin America & the Caribbean. “VeriShield Total Protect, secured by RSA, is already the de facto industry standard for card protection in the United States and on its way to achieve the same status in Latin America and the Caribbean.”
CardNET selected VeriShield Total Protect following an extensive competitive review and determined that VeriFone’s solution provided for the most secure operations, incorporates the best manageability and monitoring capabilities, and ensures access to VeriFone’s expertise and best practices in card data security.
“VeriFone’s leadership in secure payment systems is without question the best in the market, so we are extremely confident that the utilization of VeriShield Total Protect, secured by RSA, will make CardNET one of, if not the most, secure card processing operations in this region,” said Eduardo Del Orbe, Executive Vice President of CardNET.
VeriFone’s patented, format-preserving VeriShield Hidden Encryption (VHE) uses sophisticated AES encryption and enables existing payment applications to deal with encrypted cardholder data that is unusable by hackers, but does not impact existing transaction message formats. That makes it possible to integrate VeriShield Total Protect without costly changes to existing POS, back-office and acquirer software.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc. This press release includes certain forward-looking statements related to VeriFone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on VeriFone management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc. These risks and uncertainties include: customers’ acceptance and adoption of VeriFone’s encryption solution and other new product and service offerings, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. VeriFone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About VeriFone Systems, Inc. (www.verifone.com)
VeriFone Systems, Inc. (“VeriFone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. VeriFone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. VeriFone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.