Merchant service provider Elavon, a sub of US Bancorp and the bank’s merchant acquiring division, has launched an upgrade to Safe-T Suite—the firm’s point-to-point encryption and tokenization product for securing payment card transactions at the data level—that incorporates compatibility with the EMV chip card standard. The firm’s dedicated website focused on Safe-T Suite has additional details and updated content to reflect the changes.
SAFE-T Suite helps businesses protect card data at every step of the transaction process: when it is in use, in transit, or at rest. EMV terminals read advanced algorithms contained on Chip cards to authenticate that the card is not a counterfeit. Point-to-point encryption secures the data from the time a card is presented and as it travels across the payment processing networks. Tokenization replaces actual card data with a unique identifier to protect data at rest in a merchant’s environment, while still allowing it to be used for subsequent business purposes.
“Hackers target businesses that process and store cardholder data because it is both valuable and portable,” said Tom Donlea, managing director of the Americas at the Merchant Risk Council. “PCI compliance alone does not guarantee security. To successfully combat evolving security threats, companies must adapt, update and modernize their security strategies.”
Tokenization vendor Protegrity also has an announcement today regarding its support for Elavon.
“We are consistently looking to bring the highest level of security to our customers,” said Robert McMillon, vice president, Global Security Solutions, Elavon. “Protegrity’s tokenization technology is a key component of our end-to-end solution that helps merchants protect sensitive data throughout the transaction lifecycle: while it is in use, in transit and at rest.”
Click here to read more from the press release.