Pax Technology has joined the non-profit Secure POS Vendor Alliance (SPVA), created by Hypercom (NYSE: HYC), Ingenico S.A. (EURONEXT: ING) and VeriFone (NYSE: PAY) to foster widespread compliance of existing security standards to protect cardholder information and defend merchants and acquirers against security breaches.
With this addition, SPVA's membership includes twenty payment and enterprise security companies. In addition, Thomas Xu, PAX vice president of marketing and sales, will serve as the general member director on the board for the remainder of the year.
"As one of the fastest growing POS suppliers in China, we are committed to proactively operating on the front lines of payment security," said Xu. "Joining the SPVA strengthens our promise to our clients that we are relentless about not only looking for ways to improve our own products and services, but working to positively influence the entire payment industry."
Tiger Nie, PAX chairman, added, "PAX is honored that Thomas will join the SPVA board. Having spent more than a decade of his career in the payments industry, his expertise will be a great complement to SPVA's mission to develop a common understanding of global payment security and ensure best-practice implementation of existing security standards."
SPVA membership is open to all vendors that develop secure POS payment systems or have products or solutions that interact with secure POS payment devices such as retailers, acquirers and banks. The organization works to evolve security enhancements and interoperability required to reduce fraud and lower risk for all participants in card payment transactions.
"We are pleased to welcome PAX Technology to the SPVA and we look forward to their input, expertise and perspective to our technical working groups," said Steven Hughes, SPVA president.