Transaction Network Services (NYSE:TNS) has joined forces with Semtek to provide managed decryption and communication services as part of a comprehensive end-to-end card processing encryption solution for the payments industry.
TNS' PCI DSS certified global backbone network will support Semtek's Cipher Hidden Encryption (CHETM), providing a seamless security solution for both large retailers and processors alike. TNS will facilitate the underlying network management, transaction decryption and encrypted connectivity to defined processors and acquirers, working closely with secure data capture firm Semtek.
The end-to-end encryption solution, which will help prevent fraudulent card transactions, will be available from this summer and is compatible with existing processing environments, making its implementation easy for participating retailers, acquirers and processers. In addition to strong security for card information and protection from data breaches, merchants and acquirers will also benefit from fast implementation time by utilizing TNS' extensive network, which is one of the largest in the payments industry.
Jim Foster, Senior Vice President of TNS' Point of Sale division, said: "By joining forces with Semtek we can provide new security solutions for the payments industry which can be installed without disrupting day-to-day business activities. The TNS managed service will offer additional protection to merchants and acquirers against data breaches similar to the ones experienced by businesses in recent years.
"Unscrupulous people are becoming more inventive and so it has never been more crucial to implement the latest and best security solutions available. After evaluating commercial alternatives for end-to-end encryption, we determined that Semtek's CHE was a best in class provider and a great partner to go to market with. CHE is the only strong encryption solution that can be deployed end-to-end without disrupting merchants existing data and its structure. We're excited about the opportunity to offer end-to-end encryption in a managed service model that makes it readily accessible to processors and their merchants."
"Our Cipher technology provides an end-to-end security solution that is, we believe, the most efficient and powerful means of securing card data available in the world today," said Patrick Hazel, Semtek's Chief Executive Officer. "Our clients have been looking for options to streamline the implementation process and TNS will be a superb partner to make this happen."