Launch of Safetech(SM) Encryption in Canada Delivers New Option for Improving Data Security Risk
TORONTO, Oct 26, 2011 (BUSINESS WIRE) -- Chase Paymentech, a leading merchant acquirer and payment processor, today announced the launch of its Safetech(SM) Encryption in Canada, a solution to help protect merchants and consumers from payment card fraud and data theft. Available to Chase Paymentech Canada point-of-sale (POS) retail customers, Safetech Encryption is breakthrough technology designed to secure cardholder data for card-present transactions.
Safetech Encryption is designed to eliminate the processing, transmission and storage of unprotected payment card account information on retailers' systems. The customer's card data is encrypted and formatted so that the retailer's POS systems process the transaction in typical fashion, but the card data is rendered useless to any other person or system that obtains it. The encrypted data is then transmitted to Chase Paymentech, where it is decrypted and processed through the payment brand networks, such as MasterCard(R) or Visa(R).
Source: MarketWatch
