Top Indonesian Bank Selects Hypercom for Point-to-Point Encryption
HONG KONG and SCOTTSDALE, Ariz, (PaymentsMarket) – Hypercom Corporation (NYSE: HYC) today announced that one of the largest banks in Indonesia with more than 1,200 retail branches and assets exceeding Rp 400 trillion (US$44.6 billion) will immediately make available Hypercom’s HyperSafe® Secure EFTSec Server™ point-to-point payment data encryption system to its merchant customers. A key component of Hypercom's HyperSafe Secure suite, EFTSec encrypts cardholder data during transaction processing, starting at the payment terminal and ending at a trusted point where the data is decrypted.
“The decision to move to Hypercom by one of the largest banks in Indonesia speaks to the strength of our payment transaction security systems,” said Jacques-Herve Maupin, Managing Director, Hypercom Asia-Pacific. “By working with this client and other top banks globally we are together taking a leading stance against cyberterrorism and helping make payment transactions safer worldwide by preventing thieves from tapping into card data transmissions.”
Hypercom’s EFTSec technology is the industry standard for payment terminal initiated link encryption in Asia and is the largest operational end-to-end encryption implementation worldwide. EFTSec is used by major banks with combined assets of nearly US$200 billion, and is licensed to and implemented by several major terminal manufacturers in Asia. EFTSec protects an estimated 3.4 million card payment transactions every month in the four countries whose financial institutions have adopted this solution as their de facto line encryption standard.
Hypercom’s HyperSafe Secure suite uses the proven industry standard Triple DES DUKPT algorithm and incorporates Hypercom's full X509 public key infrastructure HyperSafe security layer in every Hypercom Optimum payment terminal. HyperSafe protects the terminal and applications from hackers and malware, protects the terminal management system from communicating with fraudulent terminals, complies with industry best practices for data origin authentication requirements, and ensures the secure transport of cryptographic keys. Hypercom provides the HyperSafe security layer as standard in every Optimum payment terminal at no additional cost.
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Global payment technology leader Hypercom Corporation delivers a full suite of high security, end-to-end electronic payment products, software solutions and services. The Company's solutions address the high security electronic transaction needs of banks and other financial institutions, processors, large scale retailers, smaller merchants, quick service restaurants, and users in the transportation, petroleum, healthcare, prepaid, self-service and many other markets. Hypercom solutions enable businesses in more than 100 countries to securely expand their revenues and profits. Hypercom is a founding member of the Secure POS Vendor Alliance (SPVA) and is the second largest provider of electronic payment solutions and services in Western Europe and third largest provider globally.