Shenzhen (China), 1st April 2016
PAX Technology (HKEx: 00327 – PAX GLOBAL), a global leader in the provision of secure electronic payment terminal solutions, together with Optomany, PAX’s channel partner in the United Kingdom and a leading payment acceptance solutions provider, obtained the successful passing of the newly launched version 2.0 of the PCI Point to Point Encryption(P2PE) standard for Optomany’s axept® payment application running on PAX payment terminals, making them the first globally to achieve this certification.
Working with Optomany, Foregenix, an independent information security business, assessed all aspects of the axept® application including development practices, encryption key management and the handling of sensitive cardholder and authentication data, resulting in an Attestation of Validation (AOV) from Foregenix and the Payment Card Industry (PCI) Security Standards Council confirming compliance with the new internationally recognised standard.
Version 2.0 is the next evolution of the P2PE standard from the Payments Card Industry Security Standards Council, which came into effect in September 2015 and is far more comprehensive than its predecessor.
Key Benefits of P2PE include:
• Makes account data unreadable by unauthorized parties
• “De-values” account data because it can’t be abused – even if stolen
• Simplifies compliance with PCI DSS
• The P2PE Self-Assessment Questionnaire includes only 26 PCI DSS requirements
• Offers a powerful, flexible solution for all stakeholders
Mr. Marc White, Chief Security Officer at Optomany, said, “As a leading payment acceptance solution provider, security is in our DNA and the protection of customer data is integral to our business. A global first is a fantastic achievement, but of far more importance to us are the benefits we can bring to our customers through simplified PCI DSS compliance and risk reduction.”
Mr. Mark O’Flynn, Sales Director at PAX, said, “This certification is a real credit to the team at Optomany and we are delighted to be part of this global first. We look forward to building on the successful relationship we have with Optomany as we see ever increasing numbers of PAX devices in use in the U.K. and across Europe.”
Mr. Jeremy King, International Director at the PCI Security Standards Council, said, “Expanding the availability of solutions for merchants that make account data unreadable and less valuable to criminals if stolen in a breach is a key priority for the PCI Security Standards Council. In achieving the first PCI P2PE version 2.0 validated application to be used as part of a PCI P2PE solution, Optomany joins a selective group of industry leaders that are driving merchant adoption of PCI validated P2PE products to devalue cardholder data.”
Mr. Andrew Henwood, CEO at Foregenix, said, “Achieving compliance with the PCI P2PE standard is a significant challenge for any organisation. As the first PCI P2PE version 2.0 validated application, both the Optomany and Foregenix teams have achieved a world first and the effort and commitment to do so is highly commendable. Many congratulations to the team at Optomany for this achievement.”
He added, “As can be seen from the all too regular news headlines concerning hacked businesses losing their client data, businesses are struggling to compete in a highly competitive market, while still protecting their client data effectively. The benefits that PCI P2PE version 2.0 brings to merchants are significant from a security improvement and risk reduction perspective as well as drastically simplifying their PCI DSS challenge. We would strongly advise any merchant looking at their payment security to consider the merits of PCI P2PE, especially the newly released PCI P2PE version 2.0 with many great enhancements over the prior versions.”
About PAX (www.pax.com.cn)
PAX Technology is an innovative global provider of electronic payment solutions, offering world-class, cost-effective and superior quality products. Building on its service excellence and proven leadership position, PAX is one of the fastest growing payment industry suppliers with state-of-the-art manufacturing facilities, excellent R&D capabilities and a worldwide network of sales and channel partners. PAX is listed on the Hong Kong stock exchange as PAX Global Technology Ltd. (0327.HK).
About Optomany (www.optomany.com)
Optomany is a leading provider of payment acceptance solutions for retailers trading through stores, on-line, or via mobile. Accepting all major payment schemes and certified by all major UK acquirers, Optomany’s solutions operate as either stand-alone payment systems or as an integrated part of a retailer’s point of sale or e-commerce platform.
Part of the CR7 Services Group – one of the fastest growing payment solutions providers in Europe – Optomany offer a full range of solutions for cardholder present, cardholder not present and e-commerce environments, as well as a broad selection of value added support services.
About Foregenix (www.foregenix.com)
Foregenix is an independent, specialist information security business, with offices in the United Kingdom, United States, South Africa and Latin America, with a global service capability.
The Foregenix team has been intimately involved with the Payment Card Industry since the inception of the security standards in 2004, and has carried out forensic investigations and compliance assessments on hundreds of organisations, ranging from national banks and multi-national corporations, right down to online and high street stores. Foregenix is a global leader in assisting and certifying over 40% of the PCI P2PE solutions and 80% of the PCI P2PE Payment Applications globally.