VeriFone signs agreement with CardNET for transaction protection solution

- Monday, January 31, 2011

VeriFone signs agreement with CardNET for transaction protection solution

US e-payment solutions provider VeriFone Systems (NYSE: PAY) has signed an agreement with Dominican Republic credit card transaction processor Consorcio de Tarjetas Dominicanas (CardNET) for the deployment of the former's VeriShield Total Protect solution, VeriFone said in a statement.

CardNET processes an estimated 80% of the total value of card transactions in the country and will use VeriShield Total Protect to implement end-to-end encryption of card data.

Insurance group RSA, the security division of EMC and VeriFone signed a strategic partnership last year 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 remains encrypted throughout the enterprise until it is transmitted to a secure decryption server, eliminating any risk of usable cardholder data being compromised by a breach.

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"VeriShield Total Protect, secured by RSA, is already the de facto industry standard for card protection in the US and on its way to achieve the same status in Latin America and the Caribbean," said VeriFone VP and general manager of integrated systems for Latin America & the Caribbean, Gustavo Jiménez.