Verifone Systems, Inc., (NYSE: PAY) and RSA, The Security Division of EMC (NYSE: EMC), today announced a strategic partnership to market their end-to-end encryption and tokenization solutions as an integrated payment security offering to be branded VeriShield Total Protect.
When implemented, VeriShield Total Protect will use industry-proven security technology and leverage electronic payment systems deployed in the majority of merchants world-wide to provide a consistent, consolidated approach to protecting payment card data from end-to-end, both pre- and post-authorization.
“Until today, merchants have had to navigate among a variety of technical offerings in order to protect customers and meet compliance requirements for credit card transactions,” said Verifone CEO Douglas G. Bergeron. “RSA and Verifone are combining to solve this problem and let merchants focus on meeting customer needs, not mastering security protocols. Verifone’s and RSA’s industry pedigrees create a gold-standard offering that processors and merchants can unify around as a single, stable answer to their security concerns.”
In addition to proven technology, the goal of the strategic partnership is to bring extensive implementation and business enablement resources to processors to ensure successful deployment of the service within their infrastructure and sales channels. This will ensure broad availability and a deployment model that offers the greatest degree of risk reduction and PCI DSS scope reduction.
Processors will market the solution to merchants as a means to reduce cost and effort associated with PCI compliance, gain new abilities to safely use transaction data to support customer analytics and drastically reduce their overall risk profile. Verifone’s VeriShield Hidden Encryption (VHE) preserves both data format and data field structure, so end-to-end encryption can be implemented without major retrofit with existing retailer POS systems. Elements of RSA’s SafeProxy™ architecture tokenize card data for safe storage and use by merchants post-authorization.
RSA President Art Coviello added, “Our collaboration advances the development of a payment industry ecosystem with pervasive built-in security. Our joint solution will ensure that payment processors don’t have to make compromises and can deliver a service that confidently answers their customers data security concerns. By delivering this service, we will enable processors to focus on innovating to serve their merchant customer base, not on becoming security experts.”
Verifone will be offering VHE algorithms royalty-free to any point-of-sale producer interested in offering their customers compatibility with VeriShield Total Protect.
RSA, The Security Division of EMC, is the premier provider of security, risk and compliance management solutions for business acceleration. RSA helps the world’s leading organizations succeed by solving their most complex and sensitive security challenges. These challenges include managing organizational risk, safeguarding mobile access and collaboration, proving compliance, and securing virtual and cloud environments.
Combining business-critical controls in identity assurance, encryption & key management, SIEM, Data Loss Prevention and Fraud Protection with industry leading eGRC capabilities and robust consulting services, RSA brings visibility and trust to millions of user identities, the transactions that they perform and the data that is generated. For more information, please visit www.RSA.com and www.EMC.com .
RSA, SafeProxy and EMC are either registered trademarks or trademarks of EMC Corporation in the United States and/or other countries. All other company and product names may be trademarks of their respective owners.
This release contains “forward-looking statements” as defined under the Federal Securities Laws. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including but not limited to: (i) adverse changes in general economic or market conditions; (ii) delays or reductions in information technology spending; (iii) our ability to protect our proprietary technology; (iv) risks associated with managing the growth of our business, including risks associated with acquisitions and investments and the challenges and costs of integration, restructuring and achieving anticipated synergies; (v) competitive factors, including but not limited to pricing pressures and new product introductions; (vi) the relative and varying rates of product price and component cost declines and the volume and mixture of product and services revenues; (viii) component and product quality and availability; (viii) the transition to new products, the uncertainty of customer acceptance of new product offerings and rapid technological and market change; (ix) insufficient, excess or obsolete inventory; (x) war or acts of terrorism; (xi) the ability to attract and retain highly qualified employees; (xii) fluctuating currency exchange rates; (xiv) litigation that we may be involved in; and (xiii) other one-time events and other important factors disclosed previously and from time to time in the filings of EMC Corporation, the parent company of RSA, with the U.S. Securities and Exchange Commission. EMC and RSA disclaim any obligation to update any such forward-looking statements after the date of this release.
About Verifone Systems, Inc. (www.verifone.com)
Verifone Systems, Inc. (“Verifone”) (NYSE: PAY) is the global leader in secure electronic payment solutions. Verifone provides expertise, solutions and services that add value to the point of sale with merchant-operated, consumer-facing and self-service payment systems for the financial, retail, hospitality, petroleum, government and healthcare vertical markets. Verifone solutions are designed to meet the needs of merchants, processors and acquirers in developed and emerging economies worldwide.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Verifone Systems, Inc.
This press release includes certain forward-looking statements related to Verifone Systems, Inc. within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Verifone management’s current expectations or beliefs 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. These risks and uncertainties include: the successful and timely introduction by Verifone and RSA of the proposed joint end to end encryption solution, customers’ acceptance and adoption of Verifone’s new product and service offerings, our ability to protect against fraud, the status of our relationship with and condition of third parties upon whom we rely in the conduct of our business, our dependence on a limited number of customers, uncertainties related to the conduct of our business internationally, our dependence on a limited number of key employees, short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our payment solution offerings. For a further list and description of such risks and uncertainties, 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. 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.