Electronic Payment Exchange (EPX) has released a new end-to-end encryption system for unsurpassed merchant security. The system incorporates both tokenisation and encryption for securing cardholder data from the card reader through the entire transaction lifecycle.
According to EPX, using encrypted card readers with its BuyerWall credit card data tokenisation technology, it has virtually removed merchants’ point-of-sale systems and card readers from the scope of PCI compliance and has substantially eliminated merchant liability associated with the risk of processing, transmitting, and storing sensitive cardholder data.
The company said that the encryption built into hardware and software at the point of sale provides protection against potential breaches before card numbers enter into the authorisation process encoding credit card numbers upon the card swipe. Further securing the transactions, tokenisation provides security against data breaches and identity theft after the initial card swipe by replacing account numbers with values that are meaningless to hackers and identity thieves.
Ray Moyer, chief executive officer of EPX, said: “There no longer needs to be any debate over encryption versus tokenisation. Quite simply, the answer is to use both. Merchants deserve the best possible solution that incorporates the benefits of both technologies.
Rather than creating regulation and expecting merchants to absorb the costs and burdens of securing payment data, we in the payment industry must lead the way in developing and delivering the most secure and cost-effective solutions to facilitate PCI compliance, to protect merchants, and to ultimately enhance consumer confidence.”
The company said that FasTraxPOS, a retail automation company, is one of the first organisations to adopt EPX’s new tokenised end-to-end encryption system.
Darren Schwartz, chief executive officer of FasTraxPOS, said: “We realise the importance of protecting our customers from the costs and liabilities associated with compromised credit card information. Using EPX’s processing with our new point-of-sale system will give our merchants affordable protection and virtually ensure PCI compliance.”
