End-to-end Encryption Solution Combines Secure Devices, Infrastructure and Applications to Offer Highest Level of Data Security for Merchants and their Customers
Toronto, ON – January 15, 2020 – Moneris Solutions Corporation (“Moneris”), Canada’s No. 1* processor of debit and credit card payments, is the first acquirer in Canada to develop its own end-to-end Payment Card Industry (PCI) Point-to-Point Encryption (P2PE) solution for merchants. Created without any third-party applications, Moneris’ P2PE solution helps ensure that all devices are securely set-up, installed, and payment data encrypted and protected at every point of interaction.
Managing and owning all the applications, hardware and security infrastructure that make up the P2PE solution allows Moneris to provide a single point of contact and support. Merchants that implement the solution can benefit from payment device security using a chain of custody process that ensures PCI compliance and stricter controls at the provider level. This solution will help merchants reduce the costs associated with PCI compliance and offer increased security of their POS solution.
“For large merchants, ensuring PCI compliance can be a time-consuming, costly process that can’t be avoided. With our P2PE solution, merchants can realize significant cost and time savings during PCI compliance audits,” said Patrick Diab, Chief Product Officer, Moneris. “Our ability to develop this solution entirely in-house and be the first acquirer in Canada to do so is a testament to Moneris’ commitment to provide secure, innovative solutions that help our merchants not only process payments but do so in the most secure way possible.”
P2PE is an encryption standard established by the PCI Security Standards Council, which outlines detailed security requirements that a solution has to meet to be considered a PCI validated P2PE solution. As defined by PCI, a PCI P2PE solution must include all of the following:
Currently, Moneris’ P2PE solution is compatible with the VeriFone P400 integrated PIN pad, and will be available on more payment devices in the future. These integrated payment terminals utilize Moneris Core Integrated (“Core”), which is powered by Moneris’ proprietary POSPAD API. The Core User Interface provides a unified customer experience across all Core devices. In addition, Core offers merchants a feature-rich application with the added security of the P2PE capabilities.
More information about Moneris’ validated P2PE solution can be found on the PCI Security Standard’s official website.
Moneris is Canada’s largest provider of innovative solutions for mobile, online and in-store payments, processing more than one in three transactions. Serving businesses of every size and industry, Moneris offers hardware, software and solutions to help transform the way businesses grow and operate, in payments and beyond.
For more information, please visit www.moneris.com and follow @moneris.
*Based on total number of transactions processed in Canada