Verisec Modernizes Key Management in Cooperation with Point

2011-09-20

Verisec has developed a new key management system that electronically keeps track of all the processes that govern the generation, storage and distribution of cryptographic keys. The system is called Chiave and it will make it safer and easier for banks and payment processors to manage cryptographic keys in large volumes.

Cryptographic keys are used to ensure the identity of credit card holders, secure ATM and POS transactions, and to protect information sent over the payment network. Based on requirements and specifications drawn up in dialogue with Point and other leaders in the payments industry, Verisec has created a new system for managing these keys.

”Secure key management is critical when creating safe electronic payments, and the system we have developed sets a new standard when it comes to meeting the industry’s security requirements. Chiave replaces manual processes with automated ones, which reduces the risk of human error and minimizes the risk of interruptions in the payment networks. We have centralized key management and use advanced hardware encryption that greatly enhances security.

Meanwhile, as the processes associated with the generation, storage and distribution of keys become more efficient, significant environmental benefits are created”, says Johan Henrikson, Verisec’s CEO.

Dimitri Binazzi, Chief Security Officer at Point, comments on the collaboration:

”Point is the European leader in electronic payments and is at the forefront when it comes to incorporating security into payment systems. Our POS terminals always meet the industry’s rigorous security requirements largely because we work with manufacturers and suppliers when formulating demands and specifications. This is also how we worked with Verisec, and we are very pleased with the end result. Chiave is a state of the art key management system that solves most of the problems that the payment industry demands Point be able to handle.”

For further information, please contact:

Johan Henrikson, CEO, Verisec, +46 8 723 09 00,

Dimitri Binazzi, Chief Security Officer, Point International, +46 8 566 288 24,

ABOUT VERISEC

Verisec is an international IT security company that provides innovative security solutions for banking, government and medium to large corporations worldwide. Through a combination of products and services, Verisec offers end-to-end solutions in order to secure digital identities and mitigate threats facing the digital world. The company was established in 2002 and has delivered products to more than 6 million users worldwide. For more information, please visit www.verisec.com.

ABOUT POINT

Point is the leading provider of electronic payment solutions in Europe focusing on payment services to merchants. Point installations handle 10 million transactions per day, and the Point Group provides service to approximately 530,000 payment terminals. Customers include some of the largest retail companies in Europe, as well as small independent stores and online merchants. Point has more than 800 employees and a local presence in Denmark, Estonia, Finland, France, Iceland, Latvia, Lithuania, Norway, Sweden and the UK. For more information, please visit www.pointinternational.com.