Verifone Systems, Inc. (NYSE: PAY), today announced that its Payments as a Service (PaaS) platform for the UK market—PAYware Ocius—has been certified by the PCI Security Standards Council (SSC) as an approved Point-to-Point Encryption (P2PE) solution. PCI SSC certification validates PAYware Ocius’ ability to help merchants enhance security and reduce the scope of PCI Data Security Standard (DSS) management through P2PE of cardholder data.
“Verifone has reached a major milestone in achieving PCI P2PE compliance for PAYware Ocius. The investment in time and effort that Verifone has made to achieve this milestone is commendable and will enable their clients to focus on building their businesses, safe in the knowledge that they have a secure, PCI compliant solution to process their card payments. We are proud to have supported Verifone through this certification process,” said Andrew Henwood, CEO, Foregenix.
P2PE is crucial for merchants in today’s retail landscape, as it encrypts cardholder data collected at the point of sale and keeps it encrypted until it is safely inside Verifone’s PCI compliant decryption environment. This means cardholder data remains secure across the retailer’s POS terminals, networks and systems. Using a P2PE validated managed payments service:
- Significantly reduces the scope of PCI compliance
- Makes security management more straightforward and less costly for merchants to maintain
- Delivers greater protection of cardholder data
- Helps protect merchant brands and reputations
PCI SSC certification represents a key milestone for Verifone’s drive to provide the UK market with a managed payments platform that is secured by P2PE. Certification of PAYware Ocius was based on 888 rigorous standards required by the PCI SSC across 6 domains, including the ability to securely ship and track terminals from Verifone facilities to the client locations to reduce the possibility of tampering.
“The Verifone brand stands for industrial strength security and this has been our number one priority since our inception 33 years ago,” said June Felix, President of Europe for Verifone. “PAYware Ocius’ PCI SSC certification allows us to extend our multilayered approach to security to the UK market, where we can help our clients simplify compliance management and protect their customers as well as their brands and reputations from cybercriminals.”
Verifone is one of the largest payments service providers in the UK, with more than 20,000 merchants using the PAYware Ocius managed service.
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: client adoption of the Verifone PAYware Ocius solution, 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 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.