U.S. Bancorp : Elavon's SAFE-T Suite Adds EMV for Even Greater Data Protection
06/26/2012| 08:05am US/Eastern
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EMV, Encryption and Tokenization protect card data at every point in
the transaction lifecycle
Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and a
leading global payment solutions provider, has announced that its SAFE-T
Suite security solution now includes support for EMV, providing
businesses that process and store cardholder data with greater security
for payment transactions.
SAFE-T Suite helps businesses protect card data at every step of the
transaction process: when it is in use, in transit, or at rest. EMV
terminals read advanced algorithms contained on Chip cards to
authenticate that the card is not a counterfeit. Point-to-point
encryption secures the data from the time a card is presented and as it
travels across the payment processing networks. Tokenization replaces
actual card data with a unique identifier to protect data at rest in a
merchant's environment, while still allowing it to be used for
subsequent business purposes.
"Hackers target businesses that process and store cardholder data
because it is both valuable and portable," said Tom Donlea, managing
director of the Americas at the Merchant Risk Council. "PCI compliance
alone does not guarantee security. To successfully combat evolving
security threats, companies must adapt, update and modernize their
security strategies."
Payment Card Industry Data Security Standards (PCI DSS) establish
consistent security measures for businesses; however, data breaches
remain a threat. Merchants can face high costs from data breaches, from
fines to lost customers and damaged reputations. Businesses that don't
capture or store actual data are at reduced risk for a data breach.
"By removing actual card data from the payment stream, SAFE-T Suite
provides businesses with an added layer of data security, protecting
both their bottom line and their reputation if a breach were to occur,"
said Rob McMillon, vice president, Global Security Products for Elavon.
"SAFE-T Suite also reduces the scope of a merchant's card data
environment, thereby reducing the costs and labor typically associated
with annual PCI compliance assessments."
For any business that processes card-on-file transactions, has a loyalty
program, or needs data for customer analytics, SAFE-T Suite offers added
peace of mind. It allows for these processes to continue without the
risk of exposing actual card data, while making the tokenized data
available for future use.
SAFE-T Suite is an extension of Elavon's full portfolio of payment
solutions, and is built on 20 years of experience delivering flexible
and secure payment solutions to more than one million businesses around
the world.
About Elavon (www.elavon.com):
Elavon is wholly owned by U.S. Bancorp (NYSE: USB) and provides
end-to-end payment processing solutions and services to more than one
million merchants in the United States, Europe, Canada, Mexico, Brazil
and Puerto Rico. Elavon markets solutions including credit and debit
card processing, electronic gift cards, dynamic currency conversion,
multi-currency support, and cross-border acquiring through multiple
alliance channels including financial institutions, trade associations,
and third party sales agents. Elavon's suite of solutions is tailored to
meet the needs of merchants in specialized markets such as retail,
hospitality/T&E, health care, education and the public sector.
About the Merchant Risk Council (www.merchantriskcouncil.org):
The Merchant Risk Council (MRC) is a merchant-led trade association with
over 300 major global players focused on electronic commerce risk and
e-payments. The MRC leads industry networking, education, benchmarking
and advocacy programs to make electronic commerce more efficient, safe
and profitable. The MRC is headquartered in Seattle, Washington and
maintains a European office in Madrid, Spain.
About U.S. Bancorp (www.usbank.com):
U.S. Bancorp (NYSE: USB), with $341 billion in assets as of March 31,
2012, is the parent company of U.S. Bank, the fifth-largest commercial
bank in the United States. The company operates 3,080 banking offices in
25 states and 5,061 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp and its
employees are dedicated to improving the communities they serve, for
which the company earned the 2011 Spirit of America Award, the highest
honor bestowed on a company by United Way. Visit U.S. Bancorp on the web
at usbank.com.
Elavon Media Relations
Holly Lytle, 404-606-0129
holly.lytle@elavon.com
© Business Wire 2012
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