Element Payment Services Announces Market Availability of the ID TECH SecureKey M Series Featuring TransForm P2PE
Driverless Point-of-Entry Devices Encrypt Both Swiped and Key-entered Transactions Solving a Previously Unaddressed Security Vulnerability
Phoenix, AZ (PRWEB) September 13, 2011
Element Payment Services, the industry leader in PCI compliant payment processing, announces market availability of the ID TECH SecureKey™ M Series featuring Element TransForm™ point-to-point encryption (P2PE), a family of keyboard-emulated (driverless), point-of entry devices that encrypt both key-entered and MagStripe card data. Element TransForm™ P2PE, SecureKey devices protect cardholder data immediately upon entry, simplifying PCI compliance for merchants and software providers.
As industry innovators of P2PE technology, Element and ID TECH have a long track record of providing secure hardware devices, paired with leading technology, to the marketplace. For several years, Element has supported ID TECH’s SecureMag™ encrypted card reader via its hosted Express Processing Platform, providing both merchants and Independent Software Vendors (ISVs) with this and other scope-reducing/removing technologies. Recognizing a gap in the marketplace for a device to encrypt manually keyed transactions, which has long complicated PCI compliance and increased security costs, ID TECH and Element conceptualized and developed the SecureKey M series.
“SecureKey featuring TransForm™ P2PE solves a previously unaddressed security vulnerability—the protection of manually keyed transactions at the point of sale. Using this technology, merchants can now realize the PCI compliance scope reducing benefits of P2PE technology across all payment transactions processed, not just those that are swiped,” said Sean Kramer, president and CEO of Element Payment Services.
All devices supported by Element that leverage TransForm™ P2PE use the same XML message format. “Unlike other solutions, where protocols vary between devices and require individual integration efforts, ISVs can offer Element’s entire suite of devices after completing a single, simple integration,” said Kramer.
The market need for increased credit card security has never been greater, with cardholder data breaches costing companies more than ever. According to the Poneman Institute’s 2010 Annual Study: U.S. Cost of a Data Breach, the average organizational cost of a data breach in 2010 increased to $7.2 million, up seven percent from $6.8 million in 2009. And, total breach costs have grown every year since 2006. To remedy post-data breach environments, businesses are turning to encryption to prevent recurrences and secure payment processing. According to the study, encryption is the second most adopted preventative measure following a data breach, with 61 percent of merchants reporting the implementation of encryption post-breach, second only behind training and awareness programs.
In addition to its suite of scope eliminating hardware devices, Element was the first company to offer out-of-scope processing for ISVs through its award-winning Hosted Payments technology. Hosted Payments, which debuted in 2008, recently received third-party validation as a PCI compliance scope removing technology by Trustwave.
For more information on the SecureKey M Series featuring TransForm™ P2PE and Element’s other scope removing/reducing technologies, contact Element today.
About Element Payment Services
Headquartered in Phoenix, Arizona, Element Payment Services, Inc. is the industry-leading provider of fully integrated PCI DSS compliant payment processing solutions for merchants and business management software providers. Engineered using service-oriented architecture, Element's Express Processing Platform allows for easy integration, supports advanced technologies and manages more than $6 billion in transaction volume annually.
Element's TransFormTM approach to payment processing is built on a simple idea – remove the value and accessibility of cardholder data to eliminate the risk. Leveraging advanced point-to-point encryption and tokenization, Element’s suite of payment solutions transform how payments are secured in a simplified way-delivering optimal security that not only meets but exceeds PCI DSS/PA-DSS compliance requirements. Element's innovative technology, Hosted Payments, was the first payment processing solution on the market to take software providers out of scope for PA-DSS/PCI DSS compliance requirements.
More information about Element Payment Services can be found at http://www.elementps.com.
About ID TECH
ID TECH is a global leader in the Auto ID industry with sales, manufacturing and R&D facilities around the world. The company has become a well-established payment solutions provider with extensive experience in data capturing and encryption products and services. Designing dependable, feature-rich products has made ID TECH a leading supplier of MagStripe readers/writers, mobile payment readers, smart card readers, barcode readers, POS keyboards, signature capture devices, PCI-compliant PIN pads, and other specialty products for OEMs, VARs, resellers, distributors, and key end users. ID TECH provides both standard and custom solutions to support customer requirements. For more information about ID TECH, please call 1-800-984-1010 or visit http://www.idtechproducts.com.
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