MYHSM announces the first dedicated payments hardware security module (HSM) hosted service using Thales payShield HSMs.
MYHSM enables merchants, acquirers, Payment Service Providers (PSP), Payment Facilitators (PayFac), and issuers, to utilise security as a service to simplify operations as well as leverage cloud services while focusing on improving the consumer digital payment experience.
MYHSM is the first company to offer dedicated payShield HSMs as a hosted service, allowing organisations to achieve their ambitions and meet the growing demand for SaaS solutions for complex payment systems. For the first time it is possible to offer a fully certified and managed payShield HSM-as-a-service. This solution benefits banks, merchants and acquirers alike by removing capital infrastructure constraints and the need for highly skilled resource usually associated with payment platforms - enabling payment transaction processing and payment credential issuing with trusted key management for the dynamic payments industry.
The service will provide hosting and management functions for Thales payShield HSMs to enable both existing and new entrants to the payments world to comply with regulatory and applicable Payment Card Industry (PCI) standards. This will provide an ideal platform for those intending to take advantage of current and emerging standards such as mobile payments, 3DS 2.0, PCI’s new PIN on Mobile standard, which permits secure PIN entry into commercial off-the-shelf (COTS) devices such as smartphones and tablets, and secure remote commerce.
o No dedicated in-house infrastructure investment
o No requirement for advanced and secure hosting environment
o No need to hire and train dedicated skilled staff
o No trusted key custodianship obligations
o Reduced certification costs.
Justin Pike, Director, MYHSM and Founder, MYPINPAD says: “As new user experiences are created and existing experiences enhanced, consumer trust and expectations regarding the replication of physical world experiences in the digital world have also evolved. Mobile commerce is expected to dominate online sales by 2021 and the challenge for the payments industry is to find the right balance between providing a seamless user experience and meeting vital security requirements. MYHSM provides a bank-grade HSM-as-a-service solution without the need for expensive infrastructure.”