Hypercom Corporation (NYSE: HYC) today announced that Inversiones Platco C.A., the fastest growing electronic payment network in Venezuela, will immediately make available Hypercom's EFTSec point-to-point payment data encryption protection to member banks and more than 46,000 merchant customers.
EFTSec encrypts cardholder data during transaction processing, starting at the payment terminal and ending at a trusted point where the data is decrypted.
"EFTSec is the largest operational point-to-point encryption implementation globally and Inversiones Platco C.A. is to be applauded for employing the most advanced futureproof technology to prevent data theft," said Samia Bounaira, Managing Director, Mexico, Caribbean and Central America (MCCA), Hypercom Corporation.
Hypercom teamed with system integrator PandaID Soluciones, Hypercom's authorized distributor in Venezuela.
EFTSec is the industry standard for payment terminal initiated link encryption in Asia. EFTSec is used by major banks with combined assets of nearly US$200 billion, and is licensed to and implemented by several major terminal manufacturers in Asia. An estimated 3.4 million or more card payment transactions are protected every month in the five countries whose financial institutions have adopted EFTSec as their de facto point-to-point encryption standard.
Hypercom's EFTSec is easy to install and is activated by simply plugging it into an existing Hypercom network infrastructure without disruption to data flows. Additionally, it requires minimal operational or administrative overhead to run.