NEW YORK--(BUSINESS WIRE)--(NRF Big Show 2015, Booth #3731) – Verifone (NYSE: PAY) today announced that Vantiv, Inc. (NYSE: Vantiv), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, has approved Verifone’s Secure Commerce Architecture (SCA) solution for connecting Verifone’s line of commerce-enabled MX 900 payment terminals directly with Vantiv’s class leading processing platform.
Vantiv’s support of SCA ensures that merchants using Verifone’s MX 900 series of terminals and Vantiv’s processing services can enhance payment data security and reduce the scope of EMV certification.
HOW SCA WORKS
Large-scale theft of consumer payment data from merchants’ integrated point of sale (IPOS) systems (e.g., cash register) is one of the biggest challenges facing the payments industry. Another challenge comes from the significant number of merchants’ POS integrators and other payment providers looking to certify new EMV-capable devices in response to the mandated fraud liability shift from bank to merchant in October 2015.
SCA from Verifone decouples payment data from the merchant’s IPOS system, and enables encrypted delivery of this data from the payment terminal directly to the merchant’s processor.
HOW VANTIV CLIENTS BENEFIT
Connecting directly to Vantiv’s host using SCA from Verifone provides Vantiv’s larger retailers with two key benefits:
- Enhanced Payment Security: SCA is designed to prevent consumer payment data from entering the IPOS, which eliminates the potential for the data to be stolen at scale. Instead, card data is encrypted and transmitted directly to the merchant’s payment processor.
- Streamlined EMV Certification: By decoupling payment data from the IPOS, SCA is designed to reduce the IPOS from scope of EMV certification, greatly reducing the burden for merchants.
“Vantiv is intent on providing our merchant customers with the best payment security options available,” said Robert McMillon, vice president of Product Security for Verifone. “Use of Verifone’s SCA with Vantiv’s payment host reduces the complexity of the merchant payments infrastructure and makes it easier to achieve compliance requirements.”
GROWING SUPPORT FOR SCA
“Vantiv’s certification of SCA from Verifone combined with Point-to-Point Encryption ensures many more merchants can significantly reduce their exposure to large scale payment data breaches, and further reduce the complexity associated with EMV certification,” said Rob McMillon, vice president of Product Security for Verifone. “Certification from such a large processor demonstrates the growth in popularity of SCA, which will likely continue to increase as we approach the EMV liability shift deadline. SCA is a core element of Verifone’s overall commitment to providing merchants with the tools they need to grow their businesses by creating secure, compelling customer experiences at the POS.”
“Semi-Integrated solutions like SCA creates an easy path to adoption for complex technologies like Point-to-Point Encryption and EMV Chip enablement,” said James Zerfas, vice president of Security and Risk Products for Vantiv. “A number of Vantiv merchants have already deployed the SCA solution, experiencing significant cost and time savings.”
The MX series’ ability to enhance the customer experience at the POS while supporting all types of payments has made it exceptionally popular among well-known merchants and retailers in North America. The terminals are used by seventy percent of larger retailers in the US. The MX 900 series features stunning digital color displays, high-speed graphic processors and large memory capacities that enable retailers to deliver targeted promotional content to consumers at the POS.
ON DISPLAY AT THE NRF BIG SHOW
To learn more about SCA and to see the MX 900 series of terminals, visit Vantiv’s booth (#4415) and Verifone’s booth (#3731).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: successful rollout of our secure commerce architecture with Vantiv, market acceptance of our product and services offerings, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements speak only as of the date such statements are made. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
About Verifone
Verifone is transforming everyday transactions into opportunities for connected commerce. We’re connecting more than 27 million payment devices to the cloud—merging the online and in-store shopping experience and creating the next generation of digital engagement between merchants and consumers. We are built on a 30-year history of uncompromised security. Our people are known as trusted experts that work with our clients and partners, helping to solve their most complex payments challenges. We have clients and partners in more than 150 countries, including the world’s best-known retail brands, financial institutions and payment providers.
Verifone.com | (NYSE: PAY) | @verifone
About Vantiv, Inc.
Vantiv, Inc. (NYSE: VNTV) is a leading, integrated payment processor differentiated by a proprietary technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes in the U.S., enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the third largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high growth payment segments, such as ecommerce, payment facilitation (PayFacTM), mobile, prepaid and information solutions, and attractive industry verticals such as business-to-business, ecommerce, healthcare, gaming, government and education. For more information, visit www.vantiv.com.
