One of the first validated solutions in the payments industry

CINCINNATI, April 20, 2015 – Element Payment Services®, a leader in PCI compliant processing solutions, and a Vantiv, Inc. company (NYSE: VNTV), announced today its TransForm® P2PE Encompass solution has received the PCI Security Standards Council’s (SSC) P2PE solution validation. As one of the payment industry’s first validated solutions, TransForm P2PE Encompass continues to simplify and secure payment processing for developers and merchants by helping them minimize the risk and liability, associated with credit card acceptance.

“The PCI SSC should be commended for its efforts to extend P2PE beyond encryption technology and offer guidance on the entire solution delivery process, beginning-to-end,” says Coy Christensen, vice president, product management at Element. “This holistic approach that regulates key management, encryption, decryption, and data handling functions via approved software, hardware, and established processes, goes a long way in ensuring that value and accessibility of cardholder data (CHD) is completely removed from the process and protected.”

TransForm P2PE Encompass brings a variety of benefits to the point-of-sale. The process of demonstrating compliance, which all merchants that accept credit cards are required to do on an annual basis, is dramatically simplified due to a vast reduction in scope. The compliance burden is reduced from a 300 point Self-Assessment Questionnaire (SAQ) to an abbreviated form containing only 20 questions. Additionally, merchants are no longer required to complete vulnerability scans and penetration tests or purchase PCI policy and procedure documentation since the ISVs with applications leveraging a validated P2PE solution are considered “out-of-scope” for merchant PCI compliance requirements.

“Because P2PE Encompass is validated to fully eliminate a software application from transmitting and storing cardholder data, the burden of compliance can effectively be transferred from the merchant to Vantiv,” added Christensen.

TransForm P2PE Encompass was architected by leveraging industry-leading technologies which included the Element Payment Services’ TransForm P2PE, Infinite Peripherals’ Linea Pro PCI PTS 3.x, a secure reading and exchange of data (SRED)-certified device, and Spencer Technologies terminal management key injection and distribution services. The solution promises relief from the ongoing assault of cyber criminals.

To learn more about TransForm P2PE Encompass, please download Element’s White Paper entitled “PCI Validated Point-to-Point Encryption Reduces Compliance Requirements”. For more information about Element Payment Services and Vantiv please visit elementps.com and vantiv.com.

About Element Payment Services
Headquartered in Chandler, Arizona, Element Payment Services, Inc., a Vantiv company (NYSE: VNTV), is an industry leading software business that develops PCI DSS compliant technology designed to secure the processing, transmitting, and storing of payment card related data. Element’s technology is deployed through partnerships with Point of Interaction (POI) hardware vendors, business management software providers and systems dealers. Engineered using service-oriented architecture, Element’s Express Processing Interface allows for easy integration and supports advanced technologies including tokenization and point-to-point encryption.

About Vantiv, Inc.
Vantiv, Inc. (NYSE: VNTV) is a leading payment processor differentiated by an integrated technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes, enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the second largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company’s growth strategy includes expanding further into high-growth channels and verticals, including integrated payments, ecommerce, and merchant bank. For more information, visit www.vantiv.com.

© 2015 Vantiv, LLC. All Rights Reserved. All trademarks, service marks and trade names referenced herein are the property of their respective owners. Vantiv and other Vantiv products and services mentioned herein as well as their respective logos are registered trademarks or trademarks of Vantiv, LLC in the U.S. and other countries.

Contacts
Lori Stafford-Thomas
Director, Public Relations
970-335-4904
lori.stafford-thomas@vantiv.com

Beth Sullivan
Manager, External Communications
513-900-4212
elizabeth.sullivan@vantiv.com

Article Source:
https://finance.yahoo.com/news/element-receives-pci-councils-p2pe-130202893.html