FreedomPay Announces New Encryption Technology for Merchants

Commerce platform maker FreedomPay has revealed its new point-to-point encryption technology with the company’s cloud commerce platform, a first in North America.

The FreedomPay Commerce Platform is the first PCI (News - Alert)-certified encrypted platform for commerce in North America, says the company.

FreedomPay says the technology allows merchants to prepare for the forthcoming EMV requirements in 2015, while still functioning with current standards like NFC, magnetic stripe and PIN debit.

It says point-to-point encryption (P2PE) is the “most advanced technology” for protecting against breaches and reduces compliance controls from over 280 to 19. The service, which is expandable, comes with reporting and analytics functions as well.

“By offering the P2PE-integrated solutions of the FreedomPay Commerce Platform, with leading POS devices and secure distribution systems, we lock down security and enable merchants relying on POS credit card transactions to gain nearly instantaneous PCI compliance for their POS systems and networks,” says FreedomPay CEO Tom Durovsik.

“This saves money by eliminating the need for network scans and segmented networks by sharply reducing the amount of time for vendors to come online securely,” he adds.

Security of payment systems for merchants has become more and more scrutinized in recent times, especially since the Target (News - Alert) breach of late last year, which put a spotlight on the lax security measures in retail.

The certification from PCI Security Standards Council for FreedomPay’s newest technology gives the FreedomPay Commerce Platform renewed official status.

This is the latest in a string of new business moves for FreedomPay since it appointed Marc Pereira as its new vice president of technology, who says the company will be expanding into Europe and Latin America.

“I’m excited to join FreedomPay as it continues its rapid growth into Europe and Latin America,” said Pereira a number of months ago. “My unique skill set will be an important asset to the company in managing its expanding development pipeline, and I plan to act as the liaison between our business development and sales functions to make sure our message comes across at all levels for this aggressive and innovative company.”